Cash Reporting by Court Clerks

DEPARTMENT OF THE TREASURY

26 CFR Parts 1 and 602

[IA-57-94]

RIN 1545-AT06

Cash Reporting by Court Clerks

AGENCY: Internal Revenue Service (IRS), Treasury.

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

regulations and notice of public hearing.

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SUMMARY: In the Rules and Regulations section of this issue of the

Federal Register, the IRS is issuing temporary regulations relating to

the information reporting requirements of court clerks upon receipt of

more than $10,000 in cash as bail for any individual charged with a

specified criminal offense. The text of those temporary regulations

also serves as the text of these proposed regulations. This document

also provides notice of a public hearing on these proposed regulations.

DATES: Written comments must be received by February 13, 1995. Outlines

of oral comments to be presented at the public hearing scheduled for

Monday, March 13, 1995, must be received by Monday, February 20, 1995.

ADDRESSES: Send submissions to: CC:DOM:CORP:T:R (IA-57-94), room 5228,

Internal Revenue Service, POB 7604, Ben Franklin Station, Washington,

DC 20044. In the alternative, submissions may be delivered between the

hours of 8 a.m. and 5 p.m. to: CC:DOM:CORP:T:R (IA-57-94), Courier's

Desk, Internal Revenue Service, 1111 Constitution Avenue NW,

Washington, DC. The public hearing will be held in the IRS Auditorium,

7th Floor, Internal Revenue Building, 1111 Constitution Avenue NW,

Washington, DC.

FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Susie K.

Bird at (202) 622-4960 of the Office of Assistant Chief Counsel (Income

Tax and Accounting); concerning submissions and the hearing, Carol

Savage of the Regulations Unit, (202) 622-8452 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

The collection of information contained in this notice of proposed

rulemaking has been submitted to the Office of Management and Budget

for review in accordance with the Paperwork Reduction Act (44 U.S.C.

3504(h)). Comments on the collection of information should be sent to

the Office of Management and Budget, Attn: Desk Officer for the

Department of the Treasury, Office of Information and Regulatory

Affairs, Washington, DC 20503, with copies to the Internal Revenue

Service, Attn: IRS Reports Clearance Officer, PC:FP, Washington, DC

20224.

The collection of information in this regulation is in

Sec. 1.6050I-2T. This information is required by the IRS to implement

section 20415 of the Violent Crime Control and Law Enforcement Act of

1994. The information will be used to identify taxpayers with large

cash incomes. The respondents are governmental institutions.

The collection of information in Sec. 1.6050I-2T is satisfied by

including the required information on a Form 8300 filed with the IRS

and on written statements furnished to the United States Attorney for

the jurisdiction in which the individual charged with the specified

criminal offense resides and the jurisdiction in which the specified

criminal offense occurred, and to each person posting bail whose name

is required to be reported to the IRS. The burden for these

requirements is reflected in the burden estimates for Form 8300.

Background

Temporary regulations in the Rules and Regulations portion of this

issue of the Federal Register amend 26 CFR parts 1 and 602 relating to

section 6050I. The temporary regulations contain rules relating to the

cash reporting requirements of court clerks with respect to the receipt

of bail.

The text of those temporary regulations also serves as the text of

these proposed regulations. The preamble to the temporary regulations

explains the temporary regulations.

Special Analyses

It has been determined that this notice of proposed rulemaking is

not a significant regulatory action as defined in EO 12866. Therefore,

a regulatory assessment is not required. It has also been determined

that section 553(b) of the Administrative Procedure Act (5 U.S.C.

chapter 5) and the Regulatory Flexibility Act (5 U.S.C. chapter 6) do

not apply to these proposed rules, and, therefore, a Regulatory

Flexibility Analysis is not required. Pursuant to section 7805(f) of

the Internal Revenue Code, this notice of proposed rulemaking will be

submitted to the Chief Counsel for Advocacy of the Small Business

Administration for comment on its impact on small businesses.

Comments and Public Hearing

Before these proposed regulations are adopted as final regulations,

consideration will be given to any written comments that are submitted

timely (a signed original and eight (8) copies) to the IRS. All

comments will be available for public inspection and copying.

A public hearing has been scheduled for Monday, March 13, 1995 at

10 a.m. in the IRS Auditorium, 7th Floor, Internal Revenue Building,

1111 Constitution Avenue NW, Washington, DC. Because of access

restrictions, visitors will not be admitted beyond the building lobby

more than 15 minutes before the hearing starts.

The rules of Sec. 601.601(a)(3) apply to the hearing.

Persons that have submitted written comments by February 13, 1995

and want to present oral comments at the hearing must submit, by

Monday, February 20, 1995, an outline of the topics to be discussed and

the time to be devoted to each topic (signed original and eight (8)

copies). A period of 10 minutes will be allotted to each person for

making comments. An agenda showing the scheduling of the speakers will

be prepared after the deadline for receiving outlines has passed.

Copies of the agenda will be available free of charge at the hearing.

Drafting Information

The principal author of the temporary regulations is Susie K. Bird

of the Office of Assistant Chief Counsel (Income Tax and Accounting).

However, other personnel from the IRS and Treasury Department

participated in their development.

List of Subjects

26 CFR Part 1

Income taxes, Reporting and recordkeeping requirements.

26 CFR Part 602

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 as follows:

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

Section 1.6050I-2 also issued under 26 U.S.C. 6050I. * * *

Par. 2. Sections 1.6050I-0 and 1.6050I-2 are added to read as

follows:

Sec. 1.6050I-0 Table of contents.

[The text of this proposed section is the same as the text of

Sec. 1.6050I-0T published elsewhere in this issue of the Federal

Register.]

Sec. 1.6050I-2 Returns relating to cash in excess of $10,000 received

as bail by court clerks.

[The text of this proposed section is the same as the text of

Sec. 1.6050I-2T published elsewhere in this issue of the Federal

Register.]

Margaret Milner Richardson,

Commissioner of Internal Revenue.

[FR Doc. 94-30773 Filed 12-12-94; 8:45 am]

BILLING CODE 4830-01-U