Department of the Treasury November 1, 2011 – Federal Register Recent Federal Regulation Documents
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Extending Religious and Family Member FICA and FUTA Exceptions To Disregard Entities
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations to extend the exceptions from taxes under the Federal Insurance Contributions Act (``FICA'') and the Federal Unemployment Tax Act (``FUTA'') under sections 3121(b)(3), 3127, and 3306(c)(5) to entities that are disregarded as separate from their owners for federal tax purposes. The temporary regulations also clarify the existing rule that the owners of disregarded entities, except for qualified subchapter S subsidiaries, are responsible for backup withholding and related information reporting requirements under section 3406. The text of those regulations also serves as the text of these proposed regulations.
Extending Religious and Family Member FICA and FUTA Exceptions to Disregarded Entities
This document contains final and temporary regulations amending 26 CFR parts 31 and 301. These regulations extend the exceptions from taxes under the Federal Insurance Contributions Act (``FICA'') and the Federal Unemployment Tax Act (``FUTA'') under sections 3121(b)(3) (concerning individuals who work for certain family members), 3127 (concerning members of religious faiths), and 3306(c)(5) (concerning persons employed by children and spouses and children under 21 employed by their parents) of the Internal Revenue Code (``Code'') to entities that are disregarded as separate from their owners for federal tax purposes. The temporary regulations also clarify the existing rule that the owners of disregarded entities, except for qualified subchapter S subsidiaries, are responsible for backup withholding and related information reporting requirements under section 3406. The text of the temporary regulations also serves as the text of the proposed regulations set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section in this issue of the Federal Register.
Advisory Group to the Commissioner of Internal Revenue; Renewal of Charter
The Charter for the Information Reporting Program Advisory Committee (IRPAC), has been renewed for a two-year period beginning October 20, 2011.
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