Source: https://www.federalregister.gov/documents/2001/08/09/01-19927/deposits-of-excise-taxes
Timestamp: 2017-11-19 01:26:18
Document Index: 170049324

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A Rule by the Internal Revenue Service on 08/09/2001
TD 8963
https://www.federalregister.gov/d/01-19927 https://www.federalregister.gov/d/01-19927
This document contains the final regulations relating to the requirements for excise tax returns, payments, and deposits. These regulations affect persons required to report liability for excise taxes on Form 720, “Quarterly Federal Excise Tax Return.”
Effective Date: These regulations are effective August 9, 2001.
Written comments responding to the notice were received from one commentator. The comments requested that the safe harbor rule based on look-back quarter liability be modified to be applicable: To each semimonthly period in a quarter if one-sixth of look-back quarter liability is deposited during that semimonthly period; when a taxpayer's liability includes new or reinstated taxes; and when a new legal entity includes a party that filed a Form 720 for the second preceding quarter. The final regulations do not adopt the requested modifications to the look-back safe harbor rule because doing so could significantly reduce the percentage of excise tax liability deposited without any corresponding reduction in the complexity of the deposit rules.
It has been determined that this Treasury decision is not a significant regulatory action as defined in Executive Order 12866. Therefore, a Start Printed Page 41776regulatory 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 on small entities a collection of information requirement, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not apply. Therefore, a Regulatory Flexibility Analysis is not required. 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.
Authority: 26 U.S.C. 7805 * * * Section 40.6071(a)-1 also issued under 26 U.S.C. 6071(a). * * * Section 40.6302(c)-2 also issued under 26 U.S.C. 6302(a). Section 40.6302(c)-3 also issued under 26 U.S.C. 6302(a). * * *
1. Paragraphs (d) and (e) are removed.
2. Paragraph (f) is redesignated as new paragraph (d).
§ 40.6011(a)-1
§ 40.6011(a)-2
1. In paragraph (b)(2), the language “§ 40.6302(c)-1(f)(2)” is removed and “§ 40.6302(c)-1(e)(2)” is added in its place.
§ 40.6071(a)-1
(a) Quarterly returns. Each quarterly return required under § 40.6011(a)-1(a)(2) must be filed by the last day of the first calendar month following the quarter for which it is made.
(2) Semimonthly returns. Each semimonthly return required under § 40.6011(a)-1(b) must be filed by the last day of the semimonthly period (as defined in § 40.0-1(c)) following the semimonthly period for which it is made.
§ 40.6071(a)-2
§ 40.6091-1
§ 40.6101-1
See § 40.6011(a)-1(a)(2) for the rules relating to the period covered by the return.
§ 40.6109(a)-1
Every person required under § 40.6011(a)-1 to make a return must provide the identifying number required by the instructions applicable to the form on which the return is made.
§ 40.6151(a)-1
Time and place for paying tax shown on return.
Except as provided by statute, the tax must be paid at the time prescribed in § 40.6071(a)-1 for filing the return, and at the place prescribed in § 40.6091-1 for filing the return.
Use of Government depositaries.
(a) In general—(1) Semimonthly deposits required. Except as provided by statute or by paragraph (e) of this section, each person required under § 40.6011(a)-1(a)(2) to file a quarterly return must make a deposit of tax for each semimonthly period (as defined in § 40.0-1(c)) in which tax liability is incurred.
(2) Safe harbor rules—(i) Applicability. The safe harbor rules of this paragraph (b)(2) are applied separately to taxes deposited under the alternative method provided in § 40.6302(c)-3 (alternative method taxes) and to the other taxes for which deposits are required under this section (regular method taxes).
(D) The person's liability does not include any regular method tax that was Start Printed Page 41777not imposed at all times during the look-back quarter or a tax on a chemical not subject to tax at all times during the look-back quarter.
(iv) Modification for tax rate increase. The safe harbor rules of this paragraph (b)(2) do not apply to regular method taxes or alternative method taxes for the first and second calendar quarters beginning on or after the effective date of an increase in the rate of any tax to which this part 40 applies unless the deposit of those taxes for each semimonthly period in the calendar quarter is not less than 1/6 of the tax liability the person would have had with respect to those taxes for the look-back quarter if the increased rate of tax had been in effect for the look-back quarter.
(2) Exceptions. See § 40.6302(c)-2 for the special rules for September. See § 40.6302(c)-3 for the special rules for deposits under the alternative method.
(d) Remittance of deposits—(1) Deposits by federal tax deposit coupon. A completed Form 8109, “Federal Tax Deposit Coupon,” must accompany each deposit. The deposit must be remitted, in accordance with the instructions applicable to the form, to a financial institution authorized as a depositary for federal taxes (as provided in 31 CFR part 203).
(2) Deposits by electronic funds transfer. For the requirement to deposit excise taxes by electronic funds transfer, see § 31.6302-1(h) of this chapter. A taxpayer not required to deposit by electronic funds transfer pursuant to § 31.6302-1(h) of this chapter remains subject to the rules of this paragraph (d).
(iii) Section 4682(h) (relating to floor stocks tax on ozone-depleting chemicals); and
(2) One-time filings. No deposit is required in the case of any taxes reportable on a one-time filing (as defined in § 40.6011(a)-2(b)).
(ii) Safe harbor rules. The safe harbor rules in § 40.6302(c)-1(b)(2) do not apply for the third calendar quarter unless—
(A) The deposit of taxes for the period September 16th through 26th is not less than 11/90 of the net tax liability for regular method taxes reported for the look-back quarter; and
(ii) The deposit required for the period ending September 30th must be made at the time prescribed in § 40.6302(c)-1(c).
(2) Amount of deposit. In computing the amount of deposit required under paragraph (a)(2)(i)(B) of this section, the applicable fraction is 10/15. In computing the amount of deposit required under paragraph (a)(2)(ii)(A) of this section, the applicable fraction is 10/90.Start Printed Page 41778
1. In paragraph (b)(1)(ii), the language “9-day rule of § 40.6302(c)-1(b)(6)” is removed and “rule of § 40.6302(c)-1(c)(1)” is added in its place.
2. In paragraph (b)(3), last sentence, the language “6th” is removed and “16th” is added in its place.
3. In paragraph (d), first sentence, the language “not less than” is removed and “not less than 95 percent of” is added in its place.
4. In paragraph (f)(4) introductory text, the language “§ 40.6302(c)-1(c)(2)(i)” is removed and “§ 40.6302(c)-1(b)(2)” is added in its place.
5. Paragraphs (f)(5) and (f)(7) are removed.
6. Paragraph (f)(6) is redesignated as paragraph (f)(5).
7. Paragraph (g) is revised.
8. Paragraph (h) is removed.
§ 40.6302(c)-4
§ 40.9999-1
Approved: July 31, 2001.
[FR Doc. 01-19927 Filed 8-8-01; 8:45 am]