Rule2023-13555
Electronic-Filing Requirements for Specified Returns and Other Documents; Correction
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 27, 2023
Effective
June 27, 2023
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
This document contains corrections to final regulations (TD 9972) that were published in the Federal Register on Thursday, February 23, 2023. Those final regulations amend the rules for filing electronically and affect persons required to file partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain information returns, registration statements, disclosure statements, notifications, actuarial reports, and certain excise tax returns. The final regulations reflect changes made by the Taxpayer First Act (TFA) and are consistent with the TFA's emphasis on increasing electronic filing.
Full Text
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<title>Federal Register, Volume 88 Issue 122 (Tuesday, June 27, 2023)</title>
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[Federal Register Volume 88, Number 122 (Tuesday, June 27, 2023)]
[Rules and Regulations]
[Pages 41499-41500]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-13555]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9972]
RIN 1545-BN36
Electronic-Filing Requirements for Specified Returns and Other
Documents; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
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SUMMARY: This document contains corrections to final regulations (TD
9972) that were published in the Federal Register on Thursday, February
23, 2023. Those final regulations amend the rules for filing
electronically and affect persons required to file partnership returns,
corporate income tax returns, unrelated business income tax returns,
withholding tax returns, certain information returns, registration
statements, disclosure statements, notifications, actuarial reports,
and certain excise tax returns. The final regulations reflect changes
made by the Taxpayer First Act (TFA) and are consistent with the TFA's
emphasis on increasing electronic filing.
DATES: This correction is effective on June 27, 2023 and is applicable
beginning February 23, 2023.
FOR FURTHER INFORMATION CONTACT: Casey R. Conrad of the Office of the
Associate Chief Counsel (Procedure and Administration), (202) 317-6844
(not a toll-free number). The phone number above may also be reached by
individuals who are deaf or hard of hearing or who have speech
disabilities through the Federal Relay Service toll-free at (800) 877-
8339.
SUPPLEMENTARY INFORMATION: The final regulations included in TD 9972
(88 FR 11754, Feb. 23, 2023) that are the subject of this correction
are under section 6050I of the Internal Revenue Code. Both the Notice
of Proposed Rulemaking (NPRM) that was published in the Federal
Register on July 23, 2021 (86 FR 39910), and TD 9972 inadvertently
omitted two sentences from Sec. 1.6050I-1(a)(3)(ii) and (c)(1)(iv) in
the drafting process, which resulted in the two sentences being removed
from the Code of Federal Regulations. The first omitted sentence has
been included in Sec. 1.6050I-1 since the original publication of the
final regulation (TD 8098) on September 4, 1986 (51 FR 31611). The
second omitted sentence was added to Sec. 1.6050I-1 in final
regulations (TD 8373) published on November 15, 1991 (56 FR 57976,
57977). The 1986 and 1991 final regulations that included these two
sentences were both submitted as NPRMs for public comments and a public
hearing was held for both NPRMs before they were published as final
regulations.
The inadvertent omission of these two sentences has no material
impact on TD 9972 or the electronic-filing rules included in the
regulation. The omitted sentences are favorable to cash recipients and
provide safe-harbors to cash recipients who receive cash in excess of
$10,000 but who may be exempt from reporting under Sec. 1.6050I-
1(a)(1)(i). The removal of these safe-harbors may cause a cash
recipient who would otherwise be exempt from reporting under Sec.
1.6050I-1(a)(1)(i) to report the cash transaction out of an abundance
of caution, which would impose additional burdens on the cash recipient
and the IRS.
The Treasury Department and the IRS received one public comment on
the NPRM that addressed the proposed amendments to the regulations
under section 6050I. The comment addressed the situation of certain
filers for whom using the technology required to file electronically
conflicts with their religious beliefs being nevertheless obligated to
file Form 8300, Report of Cash Payments Over $10,000 Received in a
Trade or Business, electronically. The final regulations acknowledge
that comment and adopt a rule that a waiver granted under Sec.
301.6011-(c)(6) for any return required to be filed under Sec.
301.6011-2(b)(1) or (2) will be deemed to have waived the electronic-
filing requirement for any Form 8300 the filer is required to file
during the calendar year. See Sec. 301.6011-2(c)(6)(i).
The Treasury Department and the IRS believe that the inclusion of
these two sentences in the NPRM would not have resulted in substantive
comments from the public that recommended the sentences be removed from
the regulation.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is corrected by making the following
correcting amendments:
PART 1--INCOME TAXES
0
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
[[Page 41500]]
0
Par. 2. Section 1.6050I-1 is amended by adding a sentence to the end
of paragraphs (a)(3)(ii) and (c)(1)(iv) to read as follows:
Sec. 1.6050I-1 Returns relating to cash in excess of $10,000 received
in a trade or business.
(a) * * *
(3) * * *
(ii) * * * An agent will be deemed to have met the disclosure
requirements of this paragraph (a)(3)(ii) if the agent discloses only
the name of the principal and the agent knows that the recipient has
the principal's address and taxpayer identification number.
* * * * *
(c) * * *
(1) * * *
(iv) * * * The recipient may rely on a copy of the loan document, a
written statement from the bank, or similar documentation (such as a
written lien instruction from the issuer of the instrument) to
substantiate that the instrument constitutes loan proceeds.
* * * * *
Oluwafunmilayo A. Taylor,
Branch Chief, Legal Processing Division, Associate Chief Counsel
(Procedure and Administration).
[FR Doc. 2023-13555 Filed 6-26-23; 8:45 am]
BILLING CODE 4830-01-P
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</html>Indexed from Federal Register on June 27, 2023.
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