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CFR Citation: 26 CFR Part 1

RIN ID: RIN 1545-BD40

REG ID: [REG-122847-04]

NOTICE: PROPOSED RULES

ACTION: Income taxes:

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

SUBJECT CATEGORY: Qualified Amended Returns

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

DOCUMENT 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.

SUMMARY: Qualified amended returns; temporary regulations; cross-reference,

SUPPLEMENTAL INFORMATION

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 1INCOME 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. 1.66641, paragraph (b)(3) is added to read as follows:
Sec. 1.66641 Accuracyrelated and fraud penalties; definitions and special rules.
* * * * *
[The text of proposed Sec. 1.66641(b)(3) is the same as the text of Sec. 1.66641T(b)(3) published elsewhere in this issue of the Federal Register].

Par. 3. In Sec. 1.66642, paragraph (c) is revised to read as follows:
Sec. 1.66642 Underpayment.
* * * * *
[The text of proposed Sec. 1.66642(c) is the same as the text of Sec. 1.66642T(c) published elsewhere in this issue of the Federal Register].
* * * * *
Mark E. Matthews,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 053945 Filed 3105; 8:45 am]
BILLING CODE 483001P

FOR FURTHER INFORMATION CONTACT Concerning the proposed regulations, Nancy M. Galib, (202) 6224940; concerning submissions of comments and requests for a public hearing, Sonya Cruse of the Regulations Unit at (202) 6224693 (not tollfree numbers).