82 FR 29733 - Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities; Correction

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 125 (June 30, 2017)

Page Range		29733-29734
FR Document		2017-13631

This document contains a correction to final and temporary regulations (TD 9809) that were published in the Federal Register on Friday, January 6, 2017 (82 FR 2124). The final and temporary regulations under chapter 4 of Subtitle A (sections 1471 through 1474) of the Internal Revenue Code of 1986 (Code) relate to information reporting by foreign financial institutions (FFIs) with respect to U.S. accounts and withholding on certain payments to FFIs and other foreign entities.

Federal Register, Volume 82 Issue 125 (Friday, June 30, 2017)

[Federal Register Volume 82, Number 125 (Friday, June 30, 2017)]
[Rules and Regulations]
[Pages 29733-29734]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-13631]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 301

[TD 9809]
RIN 1545-BL72
RIN 1545-BN79


Regulations Relating to Information Reporting by Foreign 
Financial Institutions and Withholding on Certain Payments to Foreign 
Financial Institutions and Other Foreign Entities; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final and temporary regulations; correction.

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

SUMMARY: This document contains a correction to final and temporary 
regulations (TD 9809) that were published in the Federal Register on 
Friday, January 6, 2017 (82 FR 2124). The final and temporary 
regulations under chapter 4 of Subtitle A (sections 1471 through 1474) 
of the Internal Revenue Code of 1986 (Code) relate to information 
reporting by foreign financial institutions (FFIs) with respect to U.S. 
accounts and withholding on certain payments to FFIs and other foreign 
entities.

DATES: This correction is effective June 30, 2017 and is applicable 
beginning January 6, 2017.

FOR FURTHER INFORMATION CONTACT: Kamela Nelan at (202) 317-6942 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final and temporary regulations (TD 9809) that are subject of 
this correction are under sections 1471 through 1474 of the Internal 
Revenue Code.

Need for Correction

    As published, the final and temporary regulations (TD 9809) contain 
an error that proves to be misleading and is in need of clarification.

Correction of Publication

    Accordingly, the final and temporary regulations (TD 9809) that are 
the subject of FR Doc. 2016-31601 are corrected as follows:

0
On page 2192, column 1, under the title heading PART 301--PROCEDURE AND 
ADMINISTRATION, the first line, the language ``Par. 23. Need 
Authority'' is corrected to read ``Par. 23. The authority citation for 
part 301 continues to read in part as follows:


[[Page 29734]]


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

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2017-13631 Filed 6-29-17; 8:45 am]
BILLING CODE 4830-01-P

Federal Register / Vol. 82, No. 125 / Friday, June 30, 2017 / Rules and Regulations 29733

a new determination of exemption is not information requested by the DEPARTMENT OF THE TREASURY
required to amend its articles of Commissioner within the additional
organization to conform to the rules of time period allowed, the original notice Internal Revenue Service
this paragraph (b), but any organization will be considered timely.
that seeks a determination of exemption 26 CFR Parts 1 and 301
* * * * *
after July 26, 1959, must have articles of [TD 9809]
organization that meet the rules of this (b) * * *
paragraph (b). For the rules relating to (2) * * * RIN 1545–BL72
whether an organization determined to RIN 1545–BN79
(iv) Any organization filing notice
be exempt before July 27, 1959, is under this paragraph (b)(2)(iv) shall file Regulations Relating to Information
organized exclusively for one or more its notice by submitting a properly Reporting by Foreign Financial
exempt purposes, see 26 CFR (1939)
completed and executed Form 1023 (or, Institutions and Withholding on
39.101(6)–1 (Regulations 118) as made
if applicable, Form 1023–EZ) and Certain Payments to Foreign Financial
applicable to the Code by Treasury
providing information that it is not a Institutions and Other Foreign Entities;
Decision 6091, approved August 16,
private foundation. The organization Correction
1954 (19 FR 5167; 1954–2 CB 47).
shall also submit all information AGENCY: Internal Revenue Service (IRS),
* * * * *
required by the regulations under Treasury.
(h) Effective/applicability date.
section 170 or 509 (whichever is
Paragraphs (b)(1)(v) and (b)(6) of this ACTION: Final and temporary
section apply on and after July 1, 2014. applicable) necessary to establish
regulations; correction.
recognition of its classification as an
Section 1.501(c)(3)–1T [Removed]. organization described in section SUMMARY: This document contains a
■ Par. 5. Section 1.501(c)(3)–1T is 509(a)(1), (2), (3), or (4). The notice correction to final and temporary
removed. required by this paragraph (b)(2)(iv) regulations (TD 9809) that were
should be filed with the appropriate published in the Federal Register on
■ Par. 6. Section 1.508–1 is amended by
office as designated by the Friday, January 6, 2017 (82 FR 2124).
revising paragraphs (a)(2)(i), (a)(2)(ii),
Commissioner in guidance published in The final and temporary regulations
(b)(2)(iv), (b)(2)(v), and (c) to read as
the Internal Revenue Bulletin, forms, or under chapter 4 of Subtitle A (sections
follows:
instructions to the applicable forms. 1471 through 1474) of the Internal
§ 1.508–1 Notices. Revenue Code of 1986 (Code) relate to
(v) An extension of time for the filing
(a) * * * information reporting by foreign
of a notice under this paragraph (b)(2) financial institutions (FFIs) with respect
(2) Filing of notice—(i) For purposes may be granted by the office with which
of paragraph (a)(1) of this section, to U.S. accounts and withholding on
the notice is filed upon timely request certain payments to FFIs and other
except as provided in paragraph (a)(3) of by the organization, if the organization
this section, an organization seeking foreign entities.
demonstrates that additional time is DATES: This correction is effective June
exemption under section 501(c)(3) must
required. 30, 2017 and is applicable beginning
file the notice described in section
508(a) within 15 months from the end * * * * * January 6, 2017.
of the month in which the organization (c) Effective/applicability date. FOR FURTHER INFORMATION CONTACT:
was organized. Such notice is filed by Paragraphs (a)(2)(i), (a)(2)(ii), (b)(2)(iv), Kamela Nelan at (202) 317–6942 (not a
submitting a properly completed and and (b)(2)(v) of this section apply on toll-free number).
executed Form 1023 (or, if applicable, and after July 1, 2014. SUPPLEMENTARY INFORMATION:
Form 1023–EZ) exemption application.
Notice should be filed with the Section 1.508–1T [Removed]. Background
appropriate office as designated by the Par. 7. Section 1.508–1T is removed. The final and temporary regulations
Commissioner in guidance published in (TD 9809) that are subject of this
the Internal Revenue Bulletin, forms, or Kirsten B. Wielobob, correction are under sections 1471
instructions to the applicable forms. A Deputy Commissioner for Services and through 1474 of the Internal Revenue
request for extension of time for the Enforcement. Code.
filing of such notice should be Approved: June 9, 2017.
submitted to such appropriate office. Need for Correction
Thomas West,
Such request may be granted if it As published, the final and temporary
demonstrates that additional time is Tax Legislative Counsel. regulations (TD 9809) contain an error
required. [FR Doc. 2017–13866 Filed 6–29–17; 8:45 am] that proves to be misleading and is in
(ii) Although the information required BILLING CODE 4830–01–P need of clarification.
by either Form 1023 or Form 1023–EZ
Correction of Publication
must be submitted to satisfy the notice
required by this section, the failure to Accordingly, the final and temporary
supply, within the required time, all of regulations (TD 9809) that are the
the information required to complete subject of FR Doc. 2016–31601 are
such form is not alone sufficient to deny corrected as follows:
mstockstill on DSK30JT082PROD with RULES

exemption from the date of organization ■ On page 2192, column 1, under the
to the date such complete information title heading PART 301—PROCEDURE
for such form is submitted by the AND ADMINISTRATION, the first line,
organization. If the information that is the language ‘‘Par. 23. Need Authority’’
submitted within the required time is is corrected to read ‘‘Par. 23. The
incomplete, and the organization authority citation for part 301 continues
supplies the necessary additional to read in part as follows:

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29734 Federal Register / Vol. 82, No. 125 / Friday, June 30, 2017 / Rules and Regulations

Authority: 26 U.S.C. 7805 * * *.’’ How This Document Complies With the January 17, 2017. Further, a Regulatory
Martin V. Franks,
Federal Administrative Requirements Flexibility analysis is not required for
for Rulemaking this technical correction because OJP
Chief, Publications and Regulations Branch,
was not required to publish a general
Legal Processing Division, Associate Chief A. Executive Order 12866 and Executive
Counsel (Procedure and Administration). notice of proposed rulemaking for this
Order 13563
[FR Doc. 2017–13631 Filed 6–29–17; 8:45 am]
matter. See 5 U.S.C. 604.
This technical correction has been
BILLING CODE 4830–01–P drafted and reviewed in accordance F. Small Business Regulatory
with Executive Order 12866, Enforcement Fairness Act of 1996
‘‘Regulatory Planning and Review,’’
This technical correction is not a
section 1(b), The Principles of
DEPARTMENT OF JUSTICE major rule as defined by section 251 of
Regulation, and Executive Order 13563,
the Small Business Regulatory
‘‘Improving Regulation and Regulatory
28 CFR Part 31 Enforcement Fairness Act of 1996, 5
Review,’’ section 1, General Principles
of Regulation. This technical correction U.S.C. 804. This technical correction
[Docket No. OJP (OJJDP) 1737] is limited to amending the citations to will not result in an annual effect on the
sections of the Act and, therefore, is not economy of $100 million or more; a
RIN 1121–AA83 a ‘‘regulation’’ or ‘‘rule’’ as defined by major increase in costs or prices; or
that Executive Order. significant adverse effects on
Juvenile Justice and Delinquency competition, employment, investment,
Prevention Act Formula Grant Program B. Executive Order 13132 productivity, innovation, or on the
This technical correction to the partial ability of United States-based
AGENCY: Office of Justice Programs. Final Rule will not have substantial enterprises to compete with foreign-
direct effects on the States, on the based enterprises in domestic and
Final rule; correcting
ACTION:
export markets.
amendments. relationship between the Federal
Government and the States, or on the G. Unfunded Mandates Reform Act of
distribution of power and 1995
SUMMARY: The Office of Juvenile Justice
responsibilities among the various
and Delinquency Prevention (‘‘OJJDP’’)
levels of government. Therefore, in This technical correction was not
of the Office of Justice Programs (‘‘OJP’’)
accordance with section 6 of Executive preceded by a published notice of
published in the Federal Register on
Order 13132, ‘‘Federalism,’’ OJP has proposed rulemaking; will not result in
January 17, 2017, a partial Final Rule
determined that this technical the expenditure by State, local, and
amending the formula grant program
correction does not have sufficient tribal governments, in the aggregate, or
(‘‘Formula Grant Program’’) regulation.
federalism implications to warrant the by the private sector, of $100 million or
This technical correction corrects
preparation of a federalism summary more in any one year; will not
inaccurate citations to sections of the
impact statement. significantly or uniquely affect small
Juvenile Justice and Delinquency
Prevention Act (the ‘‘Act’’) in the partial C. Executive Order 12988 governments; and does not contain
Final Rule. significant intergovernmental mandates.
This technical correction to the partial Therefore, no actions were deemed
DATES: Effective Date: This rule is Final Rule meets the applicable necessary under the provisions of the
effective June 30, 2017. standards set forth in sections 3(a) and Unfunded Mandates Reform Act of
3(b)(2) of Executive Order 12988, ‘‘Civil 1995, 2 U.S.C. 1531–1535.
FOR FURTHER INFORMATION CONTACT: Justice Reform.’’
Gregory Thompson, Senior Advisor, H. Paperwork Reduction Act of 1995
Office of Juvenile Justice and D. Administrative Procedures Act
Delinquency Prevention, at 202–307– This technical correction simply This technical correction does not
5911. corrects citations to sections of the Act impose any new reporting or
in the partial Final Rule published on recordkeeping requirements under the
SUPPLEMENTARY INFORMATION: Paperwork Reduction Act, 44 U.S.C.
January 17, 2017 and, accordingly, OJP
Background finds it unnecessary to publish this 3501–3521.
technical correction for public notice
The OJJDP Formula Grant Program is List of Subjects in 28 CFR Part 31
and comment. See 5 U.S.C. 553(b).
authorized by the Juvenile Justice and Similarly, because delaying the effective Authority and Issuance.
Delinquency Prevention Act (‘‘JJDPA’’), date of this technical correction would
which authorizes OJJDP to provide an serve no purpose, OJP also finds good PART 31—OJJDP GRANT PROGRAMS
annual grant to each State to improve its cause to make this rule technical
juvenile justice system and to support correction effective upon publication. ■ 1. The authority citation for 28 CFR
juvenile delinquency prevention See 5 U.S.C. 553(d)(3). part 31 continues to read as follows:
programs. The partial Final Rule that
OJJDP published on January 17, and E. Regulatory Flexibility Act Authority: 42 U.S.C. 5611(b); 42 U.S.C.
which took effect on March 21, 2017, OJP, in accordance with the 5631–5633.
amends the implementing regulations Regulatory Flexibility Act, 5 U.S.C.
Subpart A—Formula Grants
mstockstill on DSK30JT082PROD with RULES

for the Formula Grant Program found at 605(b), has reviewed this technical
28 CFR part 31. In particular, correction and, by approving it, certifies § 31.303 [Amended]
§ 31.303(f)(5) amends States’ reporting that it will not have a significant
requirements in several aspects. This economic impact on a substantial ■ 2. In § 31.303(f)(5), remove the words
technical correction simply corrects number of small entities because it ‘‘42 U.S.C. 5633(a)(12), (13), and (14)’’
inaccurate references to sections of the simply makes a technical correction to and add in their place ‘‘42 U.S.C.
Act cited in the partial Final Rule. the partial Final Rule published on 5633(a)(11), (12), and (13)’’.

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Document Created: 2017-06-30 06:01:02
Document Modified: 2017-06-30 06:01:02

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Rules and Regulations
Action		Final and temporary regulations; correction.
Dates		This correction is effective June 30, 2017 and is applicable beginning January 6, 2017.
Contact		Kamela Nelan at (202) 317-6942 (not a toll-free number).
FR Citation		82 FR 29733
RIN Number		1545-BL72
CFR Citation		26 CFR 1 26 CFR 301

82 FR 29733 - Regulations Relating to Information Reporting by Foreign Financial Institutions and Withholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities; Correction

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 82, Issue 125 (June 30, 2017)

DEPARTMENT OF THE TREASURY
Internal Revenue Service