[Federal Register Volume 70, Number 40 (Wednesday, March 2, 2005)]
[Proposed Rules]
[Page 10062]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-3945]


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 Proposed Rules
                                                 Federal Register
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 This section of the FEDERAL REGISTER contains notices to the public of 
 the proposed issuance of rules and regulations. The purpose of these 
 notices is to give interested persons an opportunity to participate in 
 the rule making prior to the adoption of the final rules.
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  Federal Register / Vol. 70, No. 40 / Wednesday, March 2, 2005 / 
Proposed Rules  

[[Page 10062]]



DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-122847-04]
RIN 1545-BD40


Qualified Amended Returns

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking by cross-reference to temporary 
regulations.

-----------------------------------------------------------------------

SUMMARY: In the Rules and Regulations section of this issue of the 
Federal Register, the IRS is issuing temporary regulations relating to 
the definition of qualified amended returns. The text of those 
regulations also serves as the text of these proposed regulations.

DATES: Written or electronically generated comments and requests for a 
public hearing must be received by May 31, 2005.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-122847-04), Room 
5203, Internal Revenue Service, POB 7604, Ben Franklin Station, 
Washington, DC 20044. Submissions may be hand delivered Monday through 
Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-
122847-04), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue, NW., Washington, DC. Alternatively, taxpayers may submit 
comments electronically via the IRS Internet site at http://www.irs.gov/regs or via the Federal eRulemaking Portal at http://www.regulations.gov (indicate IRS and REG-122847-04).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
Nancy M. Galib, (202) 622-4940; concerning submissions of comments and 
requests for a public hearing, Sonya Cruse of the Regulations Unit at 
(202) 622-4693 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

    Temporary regulations in the Rules and Regulations section of this 
issue of the Federal Register amend the Income Tax Regulations (26 CFR 
part 1) regarding rules relating to qualified amended returns. The text 
of the temporary regulations also serves as the text of these proposed 
regulations. The preamble to the temporary regulations explains the 
regulations.

Special Analyses

    It has been determined that this notice of proposed rulemaking is 
not a significant regulatory action as defined in Executive Order 
12866. Therefore, a regulatory assessment is not required. It also has 
been determined that section 553(b) of the Administrative Procedure Act 
(5 U.S.C. chapter 5) does not apply to these regulations, and, because 
these regulations do not impose a collection of information on small 
entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not 
apply. 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 their 
impact.

Comments and Requests for a Public Hearing

    Before these proposed regulations are adopted as final regulations, 
consideration will be given to any written (a signed original and 8 
copies) and electronic comments that are submitted timely to the IRS. 
The IRS and Treasury specifically request comments on the clarity of 
the proposed regulations and how they can be made easier to understand. 
All comments will be available for public inspection and copying. A 
public hearing will be scheduled if requested in writing by any person 
that timely submits comments. If a public hearing is scheduled, notice 
of the date, time, and place for the public hearing will be published 
in the Federal Register.

Drafting Information

    The principal author of these regulations is Nancy M. Galib of the 
Office of Associate Chief Counsel, Procedure and Administration 
(Administrative Provisions and Judicial Practice Division).

List of Subjects in 26 CFR Part 1

    Income taxes, 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 continues to read in 
part as follows:

    Authority: 26 U.S.C. 7805 * * *

    Par. 2. In Sec.  1.6664-1, paragraph (b)(3) is added to read as 
follows:


Sec.  1.6664-1  Accuracy-related and fraud penalties; definitions and 
special rules.

* * * * *
    [The text of proposed Sec.  1.6664-1(b)(3) is the same as the text 
of Sec.  1.6664-1T(b)(3) published elsewhere in this issue of the 
Federal Register].
    Par. 3. In Sec.  1.6664-2, paragraph (c) is revised to read as 
follows:


Sec.  1.6664-2  Underpayment.

* * * * *
    [The text of proposed Sec.  1.6664-2(c) is the same as the text of 
Sec.  1.6664-2T(c) published elsewhere in this issue of the Federal 
Register].
* * * * *

Mark E. Matthews,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 05-3945 Filed 3-1-05; 8:45 am]
BILLING CODE 4830-01-P