Internal Revenue Service May 27, 2020 – Federal Register Recent Federal Regulation Documents

Income Tax Withholding on Certain Periodic Retirement and Annuity Payments Under Section 3405(a)
Document Number: 2020-10679
Type: Proposed Rule
Date: 2020-05-27
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document sets forth a proposed regulation that provides rules for Federal income tax withholding on certain periodic retirement and annuity payments to implement an amendment made by the Tax Cuts and Jobs Act. This proposed regulation would affect payors of certain periodic payments, plan administrators that are required to withhold on such payments, and payees who receive such payments.
Guidance Clarifying Premium Tax Credit Unaffected by Suspension of Personal Exemption Deduction
Document Number: 2020-10069
Type: Proposed Rule
Date: 2020-05-27
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document includes proposed regulations under sections 36B and 6011 of the Internal Revenue Code (Code) that clarify that the reduction of the personal exemption deduction to zero for taxable years beginning after December 31, 2017, and before January 1, 2026, does not affect an individual taxpayer's ability to claim the premium tax credit. These proposed regulations affect individuals who claim the premium tax credit.