[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