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CFR Citation: 26 CFR Part 1

RIN ID: RIN 1545-AY92

TD ID: [TD 9253]

NOTICE: RULES

ACTION: Income taxes:

DOCUMENT ACTION: Correcting amendment.

SUBJECT CATEGORY: Revisions to Regulations Relating to Withholding of Tax on Certain U.S. Source Income Paid to Foreign Persons and Revisions of Information Reporting Regulations; Correction

DATES: This correction is effective March 14, 2006.

DOCUMENT SUMMARY: This document corrects final regulations and removal of temporary regulations (TD 9253) that was published in the Federal Register on Tuesday, March 14, 2006 (71 FR 13003) relating to the withholding of tax under section 1441 on certain U.S. source income paid to foreign persons and related requirements governing collection, deposit, refunds, and credits of withheld amounts under sections 1461 through 1463.

SUMMARY: Consolidated group regulations—; Tax withholding on payments to foreign persons; information reporting requirements; correction,

SUPPLEMENTAL INFORMATION

The final regulations and removal of temporary regulations (TD 9253) that is the subject of this correction are under section 1441 of the Internal Revenue Code.

Need for Correction

As published, TD 9253 contains an error that may prove to be misleading and is in need of clarification.

List of Subjects in 26 CFR Part 1

Income taxes, Reporting and recordkeeping requirements. [[Page 25748]]
Correction of Publication
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment:
PART 1INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read, in part, as follows:

Authority: 26 U.S.C. 7805 * * *
Sec. 1.14416 [Corrected]
Par. 2. Section 1.14416(b)(1) is amended by removing the language ``If the beneficial owner is related to the person obligated to pay the income, within the meaning of section 267(b) or 707(b), the withholding certificate must also contain a representation that the beneficial owner will file the statement required under Sec. 301.61141(d) of this chapter (if applicable). The requirement to file an information statement under section 6114 for income subject to withholding applies only to amounts received during the taxpayer's taxable year that, in the aggregate, exceed $500,000. See Sec. 301.61141(d) of this chapter.''.
Guy R. Traynor,
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. 064088 Filed 5106; 8:45 am]
BILLING CODE 483001P

FOR FURTHER INFORMATION CONTACT Ethan Atticks, (202) 622-3840 (not a tollfree number).