[Federal Register Volume 75, Number 39 (Monday, March 1, 2010)]
[Proposed Rules]
[Pages 9141-9142]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-4125]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-117501-09]
RIN 1545-BI67


Reduced 2009 Estimated Income Tax Payments for Individuals With 
Small Business Income

AGENCY: Internal Revenue Service (IRS), Treasury.

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

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SUMMARY: In the Rules and Regulations section of this issue of the 
Federal Register, the IRS is issuing temporary regulations that provide 
guidance as to qualified individuals with small business income who 
certify that they satisfy the gross income requirement for purposes of 
claiming a reduction in their required 2009 estimated income tax 
payments. The temporary regulations implement section 1212 of the 
American Recovery and Reinvestment Act of 2009, which amended section 
6654(d) of the Internal Revenue Code (Code) to provide for reduced 2009 
estimated income tax payments for certain qualified individuals. The 
text of the temporary regulations also serves as the text of these 
proposed regulations.

DATES: Written or electronic comments and requests for a public hearing 
must be received by June 1, 2010.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-117501-09), Room 
5203, Internal Revenue Service, P.O. Box 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-
117501-09), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue, NW., Washington, DC, or sent electronically via the Federal 
eRulemaking Portal at http://www.regulations.gov/ (IRS REG-117501-09).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
Adrienne Mikolashek at (202) 622-4940; concerning submission of 
comments and a request for a public hearing, Regina Johnson at (202) 
622-7180 (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) relating to section 6654. Section 6654 imposes an addition to 
tax in the case of an individual taxpayer's underpayment of estimated 
tax. The temporary regulations provide guidance on reduced estimated 
income tax payments for qualified individuals with small business 
income for any taxable year beginning in 2009. The text of those 
regulations also serves as the text of these proposed regulations. The 
preamble to the temporary regulations explains the temporary 
regulations and these proposed regulations.

Proposed Effective Date

    The regulations, as proposed, apply to any taxable year that begins 
in 2009 or after the date of publication of the Treasury decision 
adopting these rules as final regulations in the Federal Register.

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 
the 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 Code, these regulations have 
been submitted to the Chief Counsel for Advocacy of the Small Business 
Administration for comment on its impact on small business.

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 eight 
(8) copies) or electronic comments that are submitted timely to the 
IRS. The IRS and the Treasury Department request comments on the 
substance of the proposed regulations, as well as on the clarity of the 
proposed rules 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 proposed regulations is Adrienne 
Mikolashek, Office of the Associate Chief Counsel, Procedure and 
Administration.

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 * * *

    Section 1.6654-2 also issued under 26 U.S.C. 6654(d) * * *

    Par. 2. Section 1.6654-2 is amended by revising paragraph (a) 
introductory text, and paragraphs (a)(1)(ii) and (f) to read as 
follows:


Sec.  1.6654-2  Exceptions to imposition of the addition to the tax in 
the case of individuals.

    (a) [The text of the proposed amendment to Sec.  1.6654-2(a) is the 
same as the text of Sec.  1.6654-2T(a) published elsewhere in this 
issue of the Federal Register].
    (1)(i) * * *
    (ii) [The text of the proposed amendment to Sec.  1.6654-
2(a)(1)(ii) is the same as the text of Sec.  1.6654-2T(a)(1)(ii) 
published elsewhere in this issue of the Federal Register].
* * * * *
    (f) [The text of the proposed amendment to Sec.  1.6654-2(f) is the 
same

[[Page 9142]]

as the text of Sec.  1.6654-2T(f) published elsewhere in this issue of 
the Federal Register].

 Steven T. Miller,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2010-4125 Filed 2-26-10; 8:45 am]
BILLING CODE 4830-01-P