[Federal Register Volume 59, Number 240 (Thursday, December 15, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-30773]
[[Page Unknown]]
[Federal Register: December 15, 1994]
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DEPARTMENT OF THE TREASURY
26 CFR Parts 1 and 602
[IA-57-94]
RIN 1545-AT06
Cash Reporting by Court Clerks
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking by cross-reference to temporary
regulations and notice of public hearing.
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SUMMARY: In the Rules and Regulations section of this issue of the
Federal Register, the IRS is issuing temporary regulations relating to
the information reporting requirements of court clerks upon receipt of
more than $10,000 in cash as bail for any individual charged with a
specified criminal offense. The text of those temporary regulations
also serves as the text of these proposed regulations. This document
also provides notice of a public hearing on these proposed regulations.
DATES: Written comments must be received by February 13, 1995. Outlines
of oral comments to be presented at the public hearing scheduled for
Monday, March 13, 1995, must be received by Monday, February 20, 1995.
ADDRESSES: Send submissions to: CC:DOM:CORP:T:R (IA-57-94), room 5228,
Internal Revenue Service, POB 7604, Ben Franklin Station, Washington,
DC 20044. In the alternative, submissions may be delivered between the
hours of 8 a.m. and 5 p.m. to: CC:DOM:CORP:T:R (IA-57-94), Courier's
Desk, Internal Revenue Service, 1111 Constitution Avenue NW,
Washington, DC. The public hearing will be held in the IRS Auditorium,
7th Floor, Internal Revenue Building, 1111 Constitution Avenue NW,
Washington, DC.
FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Susie K.
Bird at (202) 622-4960 of the Office of Assistant Chief Counsel (Income
Tax and Accounting); concerning submissions and the hearing, Carol
Savage of the Regulations Unit, (202) 622-8452 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
The collection of information contained in this notice of proposed
rulemaking has been submitted to the Office of Management and Budget
for review in accordance with the Paperwork Reduction Act (44 U.S.C.
3504(h)). Comments on the collection of information should be sent to
the Office of Management and Budget, Attn: Desk Officer for the
Department of the Treasury, Office of Information and Regulatory
Affairs, Washington, DC 20503, with copies to the Internal Revenue
Service, Attn: IRS Reports Clearance Officer, PC:FP, Washington, DC
20224.
The collection of information in this regulation is in
Sec. 1.6050I-2T. This information is required by the IRS to implement
section 20415 of the Violent Crime Control and Law Enforcement Act of
1994. The information will be used to identify taxpayers with large
cash incomes. The respondents are governmental institutions.
The collection of information in Sec. 1.6050I-2T is satisfied by
including the required information on a Form 8300 filed with the IRS
and on written statements furnished to the United States Attorney for
the jurisdiction in which the individual charged with the specified
criminal offense resides and the jurisdiction in which the specified
criminal offense occurred, and to each person posting bail whose name
is required to be reported to the IRS. The burden for these
requirements is reflected in the burden estimates for Form 8300.
Background
Temporary regulations in the Rules and Regulations portion of this
issue of the Federal Register amend 26 CFR parts 1 and 602 relating to
section 6050I. The temporary regulations contain rules relating to the
cash reporting requirements of court clerks with respect to the receipt
of bail.
The text of those temporary regulations also serves as the text of
these proposed regulations. The preamble to the temporary regulations
explains the temporary regulations.
Special Analyses
It has been determined that this notice of proposed rulemaking is
not a significant regulatory action as defined in EO 12866. Therefore,
a regulatory assessment is not required. It has also been determined
that section 553(b) of the Administrative Procedure Act (5 U.S.C.
chapter 5) and the Regulatory Flexibility Act (5 U.S.C. chapter 6) do
not apply to these proposed rules, and, therefore, a Regulatory
Flexibility Analysis is not required. Pursuant to section 7805(f) of
the Internal Revenue Code, this notice of proposed rulemaking will be
submitted to the Chief Counsel for Advocacy of the Small Business
Administration for comment on its impact on small businesses.
Comments and Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any written comments that are submitted
timely (a signed original and eight (8) copies) to the IRS. All
comments will be available for public inspection and copying.
A public hearing has been scheduled for Monday, March 13, 1995 at
10 a.m. in the IRS Auditorium, 7th Floor, Internal Revenue Building,
1111 Constitution Avenue NW, Washington, DC. Because of access
restrictions, visitors will not be admitted beyond the building lobby
more than 15 minutes before the hearing starts.
The rules of Sec. 601.601(a)(3) apply to the hearing.
Persons that have submitted written comments by February 13, 1995
and want to present oral comments at the hearing must submit, by
Monday, February 20, 1995, an outline of the topics to be discussed and
the time to be devoted to each topic (signed original and eight (8)
copies). A period of 10 minutes will be allotted to each person for
making comments. An agenda showing the scheduling of the speakers will
be prepared after the deadline for receiving outlines has passed.
Copies of the agenda will be available free of charge at the hearing.
Drafting Information
The principal author of the temporary regulations is Susie K. Bird
of the Office of Assistant Chief Counsel (Income Tax and Accounting).
However, other personnel from the IRS and Treasury Department
participated in their development.
List of Subjects
26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
26 CFR Part 602
Reporting and recordkeeping requirements.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 is amended by adding
an entry in numerical order to read as follows:
Authority: 26 U.S.C. 7805 * * *
Section 1.6050I-2 also issued under 26 U.S.C. 6050I. * * *
Par. 2. Sections 1.6050I-0 and 1.6050I-2 are added to read as
follows:
Sec. 1.6050I-0 Table of contents.
[The text of this proposed section is the same as the text of
Sec. 1.6050I-0T published elsewhere in this issue of the Federal
Register.]
Sec. 1.6050I-2 Returns relating to cash in excess of $10,000 received
as bail by court clerks.
[The text of this proposed section is the same as the text of
Sec. 1.6050I-2T published elsewhere in this issue of the Federal
Register.]
Margaret Milner Richardson,
Commissioner of Internal Revenue.
[FR Doc. 94-30773 Filed 12-12-94; 8:45 am]
BILLING CODE 4830-01-U