[Federal Register Volume 85, Number 182 (Friday, September 18, 2020)]
[Proposed Rules]
[Pages 58307-58308]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-20606]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-132766-18]
RIN 1545-BP53


Small Business Taxpayer Exceptions Under Sections 263A, 448, 460 
and 471; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to a notice of proposed rulemaking.

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SUMMARY: This document contains a correction to a notice of proposed 
rulemaking (REG-132766-18) that was published in the Federal Register 
on August 5, 2020. The proposed regulations to implement legislative 
changes to sections 263A, 448, 460, and 471 of the Internal Revenue 
Code (Code) that simplify the application of those tax accounting 
provisions for certain businesses having average annual gross receipts 
that do not exceed $25,000,000, adjusted for inflation.

DATES: Written or electronic comments and requests for a public hearing 
are still being accepted and must be received by September 14, 2020.

ADDRESSES: Commenters are strongly encouraged to submit public comments 
electronically. Submit electronic submissions via the Federal 
eRulemaking Portal at www.regulations.gov (indicate IRS and REG-132766-
18) by following the online instructions for submitting comments. Once 
submitted to the Federal eRulemaking Portal, comments cannot be edited 
or withdrawn. The IRS expects to have limited personnel available to 
process public comments that are submitted on paper through mail. Until 
further notice, any

[[Page 58308]]

comments submitted on paper will be considered to the extent 
practicable. The Department of the Treasury (Treasury Department) and 
the IRS will publish for public availability any comment submitted 
electronically, and to the extent practicable on paper, to its public 
docket. Send paper submissions to: CC:PA:LPD:PR (REG-132766-18), Room 
5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, 
Washington, DC 20044.

FOR FURTHER INFORMATION CONTACT: Concerning proposed Sec. Sec.  1.460-1 
through 1.460-6, Innessa Glazman, (202) 317-7006; concerning all other 
proposed regulations in this document, Anna Gleysteen, (202) 317-7007; 
concerning submissions of comments and requests for a public hearing, 
Regina L. Johnson, (202) 317-5177 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

    The proposed regulations that are the subject of this correction 
are under sections 263A, 448, 460, and 471 of the Internal Revenue 
Code.

Need for Correction

    As published, the notice of proposed regulations (REG-132766-18) 
contains errors which may prove to be misleading and need to be 
clarified.

Correction of Publication

    Accordingly, the notice of proposed rulemaking (REG-132766-18) that 
was the subject of FR Doc. 2020-16364, published at 85 FR 47508 (August 
5, 2020), is corrected to read as follows:
    1. On page 47513, the second column, the fifth line from the bottom 
of the first full paragraph under the heading ``ii. De Minimis 
Exception to Look-Back Rules,'' the language, ``Proposed Sec.  1.460-
3(b)(3)'' is corrected to read ``Proposed Sec.  1.460-6(b)(3)''.
    2. On page 47530, the first column, in Sec.  1.460-3, the eighth 
line of paragraph (b)(3)(ii)(B), the language ``receipts the'' is 
corrected to read ``receipts of the''.

Crystal Pemberton,
Senior Federal Register Liaison, Publications and Regulations Branch, 
Legal Processing Division, Associate Chief Counsel, (Procedure and 
Administration).
[FR Doc. 2020-20606 Filed 9-16-20; 4:15 pm]
BILLING CODE 4830-01-P