Reporting for Premium, 23183-23184 [2013-09084]

Download as PDF sroberts on DSK5SPTVN1PROD with PROPOSALS Federal Register / Vol. 78, No. 75 / Thursday, April 18, 2013 / Proposed Rules operations and retained earnings, a statement of cash flows, an analysis of the mortgagee’s net worth adjusted to reflect only assets acceptable to the Secretary, and an analysis of escrow funds; and (B) Such other financial information as the Secretary may require to determine the accuracy and validity of the audit report. (ii) Submit a report on compliance tests prescribed by the Secretary. (c) Financial statements requirements for small supervised lenders and mortgagees. (1) Definitions. For the purposes of this section, the following definitions apply: (i) Federal banking agency means the Board of Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation; and the National Credit Union Administration; or any successor agency thereof. (ii) Small supervised lender or mortgagee means a supervised lender or mortgagee possessing consolidated assets below the threshold for required audited financial reporting as established by the federal banking agency that is responsible for the oversight of that supervised lender or mortgagee. (2) Financial statement requirements. Small supervised lenders and mortgagees shall not be subject to the requirement to submit a copy of an audited financial statement under § 202.5(g) and the audit report requirements under paragraph (b)(4) of this section. Small supervised lenders and mortgagees are required, within 90 days of their fiscal year end, to furnish to the Secretary the unaudited financial regulatory report—a consolidated or fourth quarter Report of Condition and Income (Federal Financial Institutions Examination Council forms 031 and 041, also known as the ‘‘Call Report’’), a consolidated or fourth quarter Thrift Financial Report, or a consolidated or fourth quarter NCUA Call Report (NCUA Form 5300 or 5310), or such other financial regulatory report as may be required—that aligns with the small supervised lender’s or mortgagee’s fiscal year end and that the small supervised lender or mortgagee is required to submit to their respective federal banking agency. (3) Requirement for audited financial statement and other information based on determination of heightened risk to the FHA insurance fund. If the Secretary determines that a small supervised lender or mortgagee poses a heightened risk to the FHA insurance fund, the lender or mortgagee must provide upon request, additional financial VerDate Mar<15>2010 18:52 Apr 17, 2013 Jkt 229001 documentation, up to and including an audited financial statement, and other information as the Secretary determines necessary. The Secretary may determine that a small supervised lender or mortgagee poses a heightened risk to the FHA insurance fund based upon, but not limited to, one or more of the following factors: (i) Failing to provide required financial submissions under § 202.6(c)(2) within the required 90-day period following the lender’s or mortgagee’s fiscal year end; (ii) Maintaining insufficient adjusted net worth or unrestricted liquid assets as required by § 202.5(n); (iii) Reporting opening cash and equity balances that do not agree with the prior year’s reported cash and equity balances; (iv) Experiencing an operating loss of 20 percent or greater of the lender’s or mortgagee’s net worth for the annual reporting period as governed by § 202.5(m)(1); (v) Experiencing an increase in loan volume over the prior 12-month period, determined by the Secretary to be significant; (vi) Undertaking significant changes to business operations, such as a merger or acquisition; and (vii) Other factors that the Secretary considers appropriate in indicating a heightened risk to the FHA insurance fund. Dated: March 25, 2013. Carol J. Galante, Assistant Secretary for Housing—Federal Housing Commissioner. [FR Doc. 2013–09131 Filed 4–17–13; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–154563–12] RIN 1545–BL46 Reporting for Premium 23183 also serves as the text of these proposed regulations. DATES: Written or electronic comments must be received by July 17, 2013. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–154563–12), room 5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be handdelivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG–154563–12), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC, or sent electronically via the Federal eRulemaking Portal at www.regulations.gov (IRS REG–154563– 12). FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, Pamela Lew, (202) 622–3950; concerning submissions of comments, Oluwafunmilayo (Funmi) Taylor, (202) 622–7180 (not toll-free numbers). SUPPLEMENTARY INFORMATION: Background and Explanation of Provisions Temporary regulations in the Rules and Regulations section of this issue of the Federal Register amend the Income Tax Regulations (26 CFR part 1) relating to section 6049. The temporary regulations set forth information reporting requirements related to bond premium and acquisition premium. The text of the temporary regulations also serves as the text of these proposed regulations. Consideration of Administrative Burdens Related to Basis Reporting A number of commenters have indicated that compliance with basis reporting requirements and the use of basis and other information reported by brokers will require considerable resources and effort on the part of return preparers and information recipients. The Treasury Department and the IRS are continuing to review all aspects of the information reporting process and are exploring ways to reduce the compliance burden for both brokers and for information recipients. AGENCY: Special Analyses In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations relating to the reporting of bond premium and acquisition premium. The text of those regulations It has been determined that this notice of proposed rulemaking is not a significant regulatory action as defined in Executive Order 12866, as supplemented by Executive Order 13563. 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 the regulations Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking by cross-reference to temporary regulations. SUMMARY: PO 00000 Frm 00022 Fmt 4702 Sfmt 4702 E:\FR\FM\18APP1.SGM 18APP1 23184 Federal Register / Vol. 78, No. 75 / Thursday, April 18, 2013 / Proposed Rules published elsewhere in this issue of the Federal Register]. 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 has been submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small businesses. Steven T. Miller, Deputy Commissioner for Services and Enforcement. [FR Doc. 2013–09084 Filed 4–17–13; 8:45 am] BILLING CODE 4830–01–P Comments and Request for Public Hearing Before these proposed regulations are adopted as final regulations, consideration will be given to any written (a signed original and eight (8) copies) or electronic comments that are submitted timely to the IRS as prescribed in the preamble under the ‘‘ADDRESSES’’ heading. The Treasury Department and the IRS welcome comments on the clarity of the proposed rules and how they can be made easier to understand. All comments will be available at www.regulations.gov for public inspection and copying. A public hearing may be scheduled if requested in writing by any person that timely submits written comments. If a public hearing is scheduled, notice of the date, time, and place for a public hearing will be published in the Federal Register. Drafting Information The principal author of these regulations is Pamela Lew, Office of Associate Chief Counsel (Financial Institutions and Products). However, other personnel from the IRS and the Treasury Department participated in their development. 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 1—INCOME TAXES Paragraph 1. The authority citation for part 1 is amended by adding an entry in numerical order to read in part as follows: sroberts on DSK5SPTVN1PROD with PROPOSALS ■ Authority: 26 U.S.C. 7805 * * * Section 1.6049–9 also issued under 26 U.S.C. 6049(a). * * * Par. 2. Section 1.6049–9 is added to read as follows: ■ § 1.6049–9 Premium subject to reporting for a debt instrument acquired on or after January 1, 2014. [The text of proposed § 1.6049–9 is the same as the text of § 1.6049–9T VerDate Mar<15>2010 18:52 Apr 17, 2013 Jkt 229001 ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 721 [EPA–HQ–OPPT–2012–0740; FRL–9377–8] RIN 2070–AB27 Proposed Significant New Use Rules on Certain Chemical Substances Environmental Protection Agency (EPA). ACTION: Proposed rule. AGENCY: EPA is proposing significant new use rules (SNURs) under the Toxic Substances Control Act (TSCA) for eight chemical substances which were the subject of premanufacture notices (PMNs) P–11–327, P–11–328, P–11–329, P–11–330, P–11–331, P–11–332, P–12– 298, and P–12–299. This action would require persons who intend to manufacture, import, or process any of the chemical substances for an activity that is designated as a significant new use by this proposed rule to notify EPA at least 90 days before commencing that activity. The required notification would provide EPA with the opportunity to evaluate the intended use and, if necessary, to prohibit or limit the activity before it occurs. DATES: Comments must be received on or before May 20, 2013. ADDRESSES: Submit your comments, identified by docket identification (ID) number EPA–HQ–OPPT–2012–0740, by one of the following methods: • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the online instructions for submitting comments. • Mail: Document Control Office (7407M), Office of Pollution Prevention and Toxics (OPPT), Environmental Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460– 0001. • Hand Delivery: OPPT Document Control Office (DCO), EPA East Bldg., Rm. 6428, 1201 Constitution Ave. NW., Washington, DC. ATTN: Docket ID Number EPA–HQ–OPPT–2012–0740. The DCO is open from 8 a.m. to 4 p.m., Monday through Friday, excluding legal holidays. The telephone number for the DCO is (202) 564–8930. Such deliveries are only accepted during the DCO’s SUMMARY: PO 00000 Frm 00023 Fmt 4702 Sfmt 4702 normal hours of operation, and special arrangements should be made for deliveries of boxed information. Instructions: Direct your comments to docket ID number EPA–HQ–OPPT– 2012–0740. EPA’s policy is that all comments received will be included in the docket without change and may be made available online at http:// www.regulations.gov, including any personal information provided, unless the comment includes information claimed to be Confidential Business Information (CBI) or other information whose disclosure is restricted by statute. Do not submit information that you consider to be CBI or otherwise protected through regulations.gov or email. The regulations.gov Web site is an ‘‘anonymous access’’ system, which means EPA will not know your identity or contact information unless you provide it in the body of your comment. If you send an email comment directly to EPA without going through regulations.gov, your email address will be automatically captured and included as part of the comment that is placed in the docket and made available on the Internet. If you submit an electronic comment, EPA recommends that you include your name and other contact information in the body of your comment and with any disk or CD–ROM you submit. If EPA cannot read your comment due to technical difficulties and cannot contact you for clarification, EPA may not be able to consider your comment. Electronic files should avoid the use of special characters, any form of encryption, and be free of any defects or viruses. Docket: All documents in the docket are listed in the docket index available at http://www.regulations.gov. Although listed in the index, some information is not publicly available, e.g., CBI or other information whose disclosure is restricted by statute. Certain other material, such as copyrighted material, will be publicly available only in hard copy. Publicly available docket materials are available electronically at http://www.regulations.gov, or, if only available in hard copy, at the OPPT Docket. The OPPT Docket is located in the EPA Docket Center (EPA/DC) at Rm. 3334, EPA West Bldg., 1301 Constitution Ave., NW., Washington, DC. The EPA/DC Public Reading Room hours of operation are 8:30 a.m. to 4:30 p.m., Monday through Friday, excluding legal holidays. The telephone number of the EPA/DC Public Reading Room is (202) 566–1744, and the telephone number for the OPPT Docket is (202) 566–0280. Docket visitors are required to show photographic identification, pass through a metal detector, and sign E:\FR\FM\18APP1.SGM 18APP1

Agencies

[Federal Register Volume 78, Number 75 (Thursday, April 18, 2013)]
[Proposed Rules]
[Pages 23183-23184]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-09084]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-154563-12]
RIN 1545-BL46


Reporting for Premium

AGENCY: Internal Revenue Service (IRS), Treasury.

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

-----------------------------------------------------------------------

SUMMARY: In the Rules and Regulations section of this issue of the 
Federal Register, the IRS is issuing temporary regulations relating to 
the reporting of bond premium and acquisition premium. The text of 
those regulations also serves as the text of these proposed 
regulations.

DATES: Written or electronic comments must be received by July 17, 
2013.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-154563-12), room 
5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, 
Washington, DC 20044. Submissions may be hand-delivered Monday through 
Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-
154563-12), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue NW., Washington, DC, or sent electronically via the Federal 
eRulemaking Portal at www.regulations.gov (IRS REG-154563-12).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
Pamela Lew, (202) 622-3950; concerning submissions of comments, 
Oluwafunmilayo (Funmi) Taylor, (202) 622-7180 (not toll-free numbers).

SUPPLEMENTARY INFORMATION: 

Background and Explanation of Provisions

    Temporary regulations in the Rules and Regulations section of this 
issue of the Federal Register amend the Income Tax Regulations (26 CFR 
part 1) relating to section 6049. The temporary regulations set forth 
information reporting requirements related to bond premium and 
acquisition premium. The text of the temporary regulations also serves 
as the text of these proposed regulations.

Consideration of Administrative Burdens Related to Basis Reporting

    A number of commenters have indicated that compliance with basis 
reporting requirements and the use of basis and other information 
reported by brokers will require considerable resources and effort on 
the part of return preparers and information recipients. The Treasury 
Department and the IRS are continuing to review all aspects of the 
information reporting process and are exploring ways to reduce the 
compliance burden for both brokers and for information recipients.

Special Analyses

    It has been determined that this notice of proposed rulemaking is 
not a significant regulatory action as defined in Executive Order 
12866, as supplemented by Executive Order 13563. 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 the regulations

[[Page 23184]]

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 has been submitted to the Chief Counsel 
for Advocacy of the Small Business Administration for comment on its 
impact on small businesses.

Comments and Request for Public Hearing

    Before these proposed regulations are adopted as final regulations, 
consideration will be given to any written (a signed original and eight 
(8) copies) or electronic comments that are submitted timely to the IRS 
as prescribed in the preamble under the ``ADDRESSES'' heading. The 
Treasury Department and the IRS welcome comments on the clarity of the 
proposed rules and how they can be made easier to understand. All 
comments will be available at www.regulations.gov for public inspection 
and copying. A public hearing may be scheduled if requested in writing 
by any person that timely submits written comments. If a public hearing 
is scheduled, notice of the date, time, and place for a public hearing 
will be published in the Federal Register.

Drafting Information

    The principal author of these regulations is Pamela Lew, Office of 
Associate Chief Counsel (Financial Institutions and Products). However, 
other personnel from the IRS and the Treasury Department participated 
in their development.

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 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 is amended by adding an 
entry in numerical order to read in part as follows:

    Authority: 26 U.S.C. 7805 * * * Section 1.6049-9 also issued 
under 26 U.S.C. 6049(a). * * *

0
Par. 2. Section 1.6049-9 is added to read as follows:


Sec.  1.6049-9  Premium subject to reporting for a debt instrument 
acquired on or after January 1, 2014.

    [The text of proposed Sec.  1.6049-9 is the same as the text of 
Sec.  1.6049-9T published elsewhere in this issue of the Federal 
Register].

Steven T. Miller,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2013-09084 Filed 4-17-13; 8:45 am]
BILLING CODE 4830-01-P