28370 Federal Register / Vol. 66, No. 100 / Wednesday, May 23, 2001 / Rules and Regulations

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 31

[TD 8946]

RIN 1545–AY47

Federal Employment Tax Deposits—De

Minimis Rule

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Final regulations and removal of

temporary regulations.

SUMMARY: This document contains final

regulations relating to the deposit of

Federal employment taxes. The final

regulations adopt the rules of the

temporary regulations that change the

de minimis deposit rule for quarterly

and annual periods from $1,000 to

$2,500. The regulations affect taxpayers

required to make deposits of Federal

employment taxes.

DATES: Effective Date: These regulations

are effective May 23, 2001.

Applicability Date: For dates of

applicability, see § 31.6302–1(f)(4).

FOR FURTHER INFORMATION CONTACT:

Brinton T. Warren, (202) 622–4940 (not

a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

This document contains amendments

to 26 CFR part 31, Employment Taxes

and Collection of Income Tax at the

Source. On December 6, 2000,

temporary and final regulations (TD

8909) relating to the deposit of Federal

employment taxes under section 6302 of

the Internal Revenue Code were

published in the Federal Register (65

FR 76152). A notice of proposed

rulemaking (REG–114423–00) crossreferencing the temporary regulations

was published in the Federal Register

for the same day (65 FR 76194). No

comments were received from the

public in response to the notice of

proposed rulemaking.

Explanation of Provisions

These final regulations adopt the rules

of the temporary regulations. Under

these rules, a taxpayer does not have to

make deposits of Federal employment

taxes for a quarterly or annual return

period if the tax for the period is less

than $2,500 and the taxpayer remits its

full liability with a timely filed return

for the period. The regulations are

applicable with respect to quarterly and

annual periods beginning on or after

January 1, 2001.

Special Analyses

It has been determined that this

Treasury decision 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, the notice of proposed rulemaking

preceding these regulations was

submitted to the Chief Counsel for

Advocacy of the Small Business

Administration for comment on its

impact on small business.

Drafting Information

The principal author of the

regulations is Brinton T. Warren of the

Office of Associate Chief Counsel,

Procedure and Administration

(Administrative Provisions and Judicial

Practice Division). However, other

personnel from the IRS and Treasury

Department participated in their

development.

List of Subjects in 26 CFR Part 31

Employment taxes, Income taxes,

Penalties, Pensions, Railroad retirement,

Reporting and recordkeeping

requirements, Social security,

Unemployment compensation.

Adoption of Amendments to the

Regulations

Accordingly, 26 CFR part 31 is

amended as follows:

PART 31—EMPLOYMENT TAXES AND

COLLECTION OF INCOME TAX AT

SOURCE

Paragraph 1. The authority citation

for part 31 is amended by removing the

entry for Section 31.6302–1T to read in

part as follows:

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

Par. 2. In § 31.6302–1, paragraph (f)(4)

is revised to read as follows:

§ 31.6302–1 Federal tax deposit rules for

withheld income taxes and taxes under the

Federal Insurance Contributions Act (FICA)

attributable to payments made after

December 31, 1992.

* * * * *

(f) * * *

(4) De Minimis rule. For quarterly and

annual return periods beginning on or

after January 1, 2001, if the total amount

of accumulated employment taxes for

the return period is less than $2,500 and

the amount is fully deposited or

remitted with a timely filed return for

the return period, the amount deposited

or remitted will be deemed to have been

timely deposited.

* * * * *

§ 31.6302–1T [Removed]

Par. 3. Section 31.6302–1T is

removed.

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

Approved: May 10, 2001.

Mark A. Weinberger,

Assistant Secretary for Tax Policy.

[FR Doc. 01–12864 Filed 5–22–01; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Parts 100 and 165

[USCG–2001–9668]

Safety Zones, Security Zones, and

Special Local Regulations

AGENCY: Coast Guard, DOT.

ACTION: Notice of temporary rules

issued.

SUMMARY: This document provides

required notice of substantive rules

adopted by the Coast Guard and

temporarily effective between January 1,

2001 and March 31, 2001 which were

not published in the Federal Register.

This quarterly notice lists temporary

local regulations, security zones, and

safety zones of limited duration and for

which timely publication in the Federal

Register was not possible.

DATES: This notice lists temporary Coast

Guard regulations that became effective

and were terminated between January 1,

2001 and March 31, 2001. This notice

also lists three regulations that were

effective and terminated between

September and December, 2000.

ADDRESSES: The Docket Management

Facility maintains the public docket for

this notice. Documents indicated in this

notice will be available for inspection or

copying at the Docket Management

Facility, U.S. Department of

Transportation, Room PL–401, 400

Seventh Street SW., Washington, DC

20593–0001 between 9 a.m. and 5 p.m.,

Monday through Friday, except Federal

Holidays. You may electronically access

the public docket for this notice on the

Internet at http://dms.dot.gov.

FOR FURTHER INFORMATION CONTACT: For

questions on this notice, contact

Christena Green, Office of Regulations