Source: http://www.thefederalregister.com/d.p/2004-02-09-04-2644
Timestamp: 2013-05-21 08:43:56
Document Index: 360470288

Matched Legal Cases: ['art 7114', 'art 3944', 'art 6726', 'art 140', 'art 5250', 'art 1739', 'art 30206', 'art 514', 'art 9740', 'art 180', 'art 1', 'art 1', 'ART 1', 'art 1', 'art 1']

Business electronic filing; guidance, Daily Rules, Proposed Rules, and Notices of the Federal Government
14 CFR Part 7114 CFR Part 3944 CFR Part 6726 CFR Part 140 CFR Part 5250 CFR Part 1739 CFR Part 30206 CFR Part 514 CFR Part 9740 CFR Part 180	Federal Register: February 9, 2004 (Volume 69, Number 26)
DOCID: FR Doc 04-2644
RIN ID: RIN 1545-BD03
REG ID: [REG-167217-03]
DOCUMENT ACTION: Notice of proposed rulemaking, notice of proposed rulemaking by crossreference to temporary regulations, and notice of public hearing.
SUBJECT CATEGORY: Electronic Filing of Duplicate Forms 5472 DATES: Written or electronic comments must be received by May 10, 2004. Outlines of topics to be discussed at the public hearing scheduled for May 27, 2004, must be received by May 6, 2004.
DOCUMENT SUMMARY: In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations providing that a Form 5472 that is timely filed electronically is treated as satisfying the requirement timely to file a duplicate Form 5472 with the Internal Revenue Service [[Page 5941]]
Center in Philadelphia, Pennsylvania. This action is necessary to clarify how the duplicate filing requirements for Form 5472 apply when a reporting corporation electronically files its income tax return (including any attachments such as Form 5472). This document affects corporations subject to the reporting requirements in sections 6038A and 6038C that file Form 5472 electronically. The text of those temporary regulations also serves as the text of these proposed regulations. This document also provides notice of a public hearing on these proposed regulations.
SUMMARY: Business electronic filing; guidance, SUPPLEMENTAL INFORMATION
Background and Explanation of Provisions The temporary regulations in the Rules and Regulations section of this issue of the Federal Register amend 26 CFR part 1. To clarify how the duplicate filing requirements for Form 5472 apply when a reporting corporation electronically files its income tax return (including any attachments such as Form 5472), the temporary regulations amend Sec. 1.6038A2(d) to provide that a Form 5472 that is timely filed electronically is treated as satisfying the requirement timely to file a duplicate Form 5472 with the Internal Revenue Service Center in Philadelphia, Pennsylvania. The text of the temporary regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the temporary regulations and these proposed regulations.
A public hearing has been scheduled for May 27, 2004, in the IRS Auditorium, Internal Revenue Building, 1111 Constitution Avenue, NW., Washington, DC. Due to building security procedures, visitors must enter at the Constitution Avenue entrance. In addition, all visitors must present photo identification to enter the building. Because of access restrictions, visitors will not be admitted beyond the immediate entrance area more than 30 minutes before the hearing starts. For information about having your name on the building access list to attend the hearing, see the FOR FURTHER INFORMATION CONTACT section of this preamble. The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who wish to present oral comments must submit written or electronic comments by May 10, 2004, and an outline of the topics to be discussed and the time to be devoted to each topic (a signed original and eight (8) copies) by May 6, 2004. A period of 10 minutes will be allotted to each person for making comments. An agenda showing the scheduling of the speakers will be prepared after the deadline for receiving outlines has passed. Copies of the agenda will be available free of charge at the hearing.
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. Section 1.6038A1 is amended by revising paragraph (n)(2) to read as follows: Sec. 1.6038A1 General requirements and definitions. * * * * * (n) * * * (1) * * *
(2) Section 1.6038A2. Section 1.6038A2 (relating to the requirement to file Form 5472) generally applies for taxable years beginning after July 10, 1989. However, Sec. 1.6038A2 as it applies to reporting corporations whose sole trade or business in the United States is a banking, financing, or similar business as defined Sec. 1.8644(c)(5)(i) applies for taxable years beginning after December 10, 1990. The final sentence of Sec. 1.6038A2(d) applies for taxable years ending on or after January 1, 2003. For taxable years ending prior to January 1, 2003, see Sec. 1.6038A2(d) in effect prior to January 1, 2003 (see 26 CFR part 1 revised as of April 1, 2002).
Par. 3. Section 1.6038A2 is amended by revising paragraph (d) to read as follows: Sec. 1.6038A2 Requirement of return. * * * * *
(d) [The text of the proposed amendment to Sec. 1.6038A2(d) is the same as the text for Sec. 1.6038A2T(d) [[Page 5942]]
published elsewhere in this issue of the Federal Register.] * * * * * Mark E. Matthews, Deputy Commissioner for Services and Enforcement. [FR Doc. 042644 Filed 2604; 8:45 am]
Concerning the proposed regulations, Edward Barret, (202) 4355265; concerning submissions and the hearing, Robin Jones, (202) 6227180 (not tollfree numbers).