Electronic-Filing Requirements for Specified Returns and Other Documents; Correction, 41499-41500 [2023-13555]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 88, Number 122 (Tuesday, June 27, 2023)]
[Rules and Regulations]
[Pages 41499-41500]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-13555]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9972]
RIN 1545-BN36


Electronic-Filing Requirements for Specified Returns and Other 
Documents; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains corrections to final regulations (TD 
9972) that were published in the Federal Register on Thursday, February 
23, 2023. Those final regulations amend the rules for filing 
electronically and affect persons required to file partnership returns, 
corporate income tax returns, unrelated business income tax returns, 
withholding tax returns, certain information returns, registration 
statements, disclosure statements, notifications, actuarial reports, 
and certain excise tax returns. The final regulations reflect changes 
made by the Taxpayer First Act (TFA) and are consistent with the TFA's 
emphasis on increasing electronic filing.

DATES: This correction is effective on June 27, 2023 and is applicable 
beginning February 23, 2023.

FOR FURTHER INFORMATION CONTACT: Casey R. Conrad of the Office of the 
Associate Chief Counsel (Procedure and Administration), (202) 317-6844 
(not a toll-free number). The phone number above may also be reached by 
individuals who are deaf or hard of hearing or who have speech 
disabilities through the Federal Relay Service toll-free at (800) 877-
8339.

SUPPLEMENTARY INFORMATION: The final regulations included in TD 9972 
(88 FR 11754, Feb. 23, 2023) that are the subject of this correction 
are under section 6050I of the Internal Revenue Code. Both the Notice 
of Proposed Rulemaking (NPRM) that was published in the Federal 
Register on July 23, 2021 (86 FR 39910), and TD 9972 inadvertently 
omitted two sentences from Sec.  1.6050I-1(a)(3)(ii) and (c)(1)(iv) in 
the drafting process, which resulted in the two sentences being removed 
from the Code of Federal Regulations. The first omitted sentence has 
been included in Sec.  1.6050I-1 since the original publication of the 
final regulation (TD 8098) on September 4, 1986 (51 FR 31611). The 
second omitted sentence was added to Sec.  1.6050I-1 in final 
regulations (TD 8373) published on November 15, 1991 (56 FR 57976, 
57977). The 1986 and 1991 final regulations that included these two 
sentences were both submitted as NPRMs for public comments and a public 
hearing was held for both NPRMs before they were published as final 
regulations.
    The inadvertent omission of these two sentences has no material 
impact on TD 9972 or the electronic-filing rules included in the 
regulation. The omitted sentences are favorable to cash recipients and 
provide safe-harbors to cash recipients who receive cash in excess of 
$10,000 but who may be exempt from reporting under Sec.  1.6050I-
1(a)(1)(i). The removal of these safe-harbors may cause a cash 
recipient who would otherwise be exempt from reporting under Sec.  
1.6050I-1(a)(1)(i) to report the cash transaction out of an abundance 
of caution, which would impose additional burdens on the cash recipient 
and the IRS.
    The Treasury Department and the IRS received one public comment on 
the NPRM that addressed the proposed amendments to the regulations 
under section 6050I. The comment addressed the situation of certain 
filers for whom using the technology required to file electronically 
conflicts with their religious beliefs being nevertheless obligated to 
file Form 8300, Report of Cash Payments Over $10,000 Received in a 
Trade or Business, electronically. The final regulations acknowledge 
that comment and adopt a rule that a waiver granted under Sec.  
301.6011-(c)(6) for any return required to be filed under Sec.  
301.6011-2(b)(1) or (2) will be deemed to have waived the electronic-
filing requirement for any Form 8300 the filer is required to file 
during the calendar year. See Sec.  301.6011-2(c)(6)(i).
    The Treasury Department and the IRS believe that the inclusion of 
these two sentences in the NPRM would not have resulted in substantive 
comments from the public that recommended the sentences be removed from 
the regulation.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

    Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendments:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

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


[[Page 41500]]



0
 Par. 2. Section 1.6050I-1 is amended by adding a sentence to the end 
of paragraphs (a)(3)(ii) and (c)(1)(iv) to read as follows:


Sec.  1.6050I-1  Returns relating to cash in excess of $10,000 received 
in a trade or business.

    (a) * * *
    (3) * * *
    (ii) * * * An agent will be deemed to have met the disclosure 
requirements of this paragraph (a)(3)(ii) if the agent discloses only 
the name of the principal and the agent knows that the recipient has 
the principal's address and taxpayer identification number.
* * * * *
    (c) * * *
    (1) * * *
    (iv) * * * The recipient may rely on a copy of the loan document, a 
written statement from the bank, or similar documentation (such as a 
written lien instruction from the issuer of the instrument) to 
substantiate that the instrument constitutes loan proceeds.
* * * * *

Oluwafunmilayo A. Taylor,
Branch Chief, Legal Processing Division, Associate Chief Counsel 
(Procedure and Administration).
[FR Doc. 2023-13555 Filed 6-26-23; 8:45 am]
BILLING CODE 4830-01-P