83 FR 51904 - Removal of Regulations on Advance Payments for Goods and Long-Term Contracts

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 199 (October 15, 2018)

Page Range		51904-51906
FR Document		2018-22025

This notice of proposed rulemaking proposes to streamline IRS regulations by removing regulations that are no longer necessary after the enactment of recent tax legislation. Specifically, these regulations would remove existing regulations regarding advance payments for goods and long-term contracts. The regulations would affect accrual method taxpayers who receive advance payments for goods, including those for inventoriable goods.

Federal Register, Volume 83 Issue 199 (Monday, October 15, 2018)

[Federal Register Volume 83, Number 199 (Monday, October 15, 2018)]
[Proposed Rules]
[Pages 51904-51906]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-22025]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[REG-104872-18]
RIN 1545-BO66


Removal of Regulations on Advance Payments for Goods and Long-
Term Contracts

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking.

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

SUMMARY: This notice of proposed rulemaking proposes to streamline IRS 
regulations by removing regulations that are no longer necessary after 
the enactment of recent tax legislation. Specifically, these 
regulations would remove existing regulations regarding advance 
payments for goods and long-term contracts. The regulations would 
affect accrual method taxpayers who receive advance payments for goods, 
including those for inventoriable goods.

DATES: Written or electronic comments and requests for a public hearing 
must be received by January 14, 2019.

ADDRESSES: Send submissions to: CC:PA: LPD:PR (REG-104872-18), Room 
5205, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, 
Washington, DC 20044. Submissions may be hand-delivered Monday through 
Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-
104872-18), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue NW, Washington, DC, or sent electronically, via the Federal 
eRulemaking Portal at www.regulations.gov (IRS REG-104872-18).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
Charles Gorham, (202) 317-5091, or Joanna L. Trebat, (202) 317-6890; 
concerning submissions of comments and requests for a hearing, Regina 
Johnson, (202) 317-6901 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background and Explanation of Provisions

    This document proposes to remove Sec.  1.451-5 of the Income Tax 
Regulations (26 CFR part 1), and its cross-references, relating to the 
treatment of advance payments for goods and long-term contracts under 
section 451 of the Internal Revenue Code (Code).
    In general, section 451 provides that the amount of any item of 
gross income is included in gross income for the

[[Page 51905]]

taxable year in which it is received by the taxpayer, unless, under the 
method of accounting used in computing taxable income, the amount is to 
be properly accounted for as of a different period.
    Under Sec.  1.451-1, accrual method taxpayers generally include 
items of income in the taxable year when all the events have occurred 
that fix the right to receive the income and the amount of the income 
can be determined with reasonable accuracy (the ``all events'' test).
    Section 1.451-5 generally allows accrual method taxpayers to defer 
the inclusion of income for advance payments for goods until the 
taxable year in which they are properly included in income under the 
taxpayer's method of accounting for federal income tax purposes if that 
method results in the advance payments being included in gross income 
no later than when the advance payments are recognized in gross 
receipts under the taxpayer's method of accounting for financial 
reporting purposes.
    Section 13221 of ``An Act to provide for reconciliation pursuant to 
titles II and V of the concurrent resolution on the budget for fiscal 
year 2018,'' Public Law 115-97 (the ``Act''), amended section 451 by 
redesignating section 451(b) through (i) as (d) through (k) and adding 
new subsections (b) and (c).
    New section 451(b) generally requires that for accrual method 
taxpayers the all events test with respect to a particular item of 
gross income must not be treated as met any later than when the item is 
taken into account as revenue in a taxpayer's applicable financial 
statement, or such other financial statement as the Secretary may 
prescribe.
    New section 451(c) generally requires an accrual method taxpayer 
that receives any advance payment described in section 451(c)(4) during 
the taxable year to include the advance payment in income in the 
taxable year of receipt or make an election to: (1) Include any portion 
of the advance payment in income in the taxable year of receipt to the 
extent required under new section 451(b); and (2) include the remaining 
portion of the advance payment in income in the following taxable year. 
The election to defer advance payments of goods and services under new 
section 451(c) is similar to the rules regarding the treatment of 
advance payments for goods, services, and other specified items 
provided in Revenue Procedure 2004-34, 2004-1 CB 991. See H.R. Rep. No. 
115-466, at 429 (2017) (Conf. Rep.).
    New section 451(c) and its election to defer advance payments 
override the deferral method provided by Sec.  1.451-5. See H.R. Rep. 
No. 115-466, at 429 n.880 (2017) (Conf. Rep.). Accordingly, the 
Treasury Department and the IRS propose to remove Sec.  1.451-5 and its 
cross references. Removing Sec.  1.451-5 also will ensure that the new 
deferral rules of section 451(c) apply uniformly and consistently to 
all taxpayers as well as simplify tax administration.
    The rules of section 446 regarding changes in methods of accounting 
will apply to taxpayers changing a method of accounting for advance 
payments from a method described in Sec.  1.451-5 to another method. 
The Treasury Department and the IRS request comments on whether any 
changes to existing procedural rules under section 446 for changes in 
methods of accounting are necessary or desirable as a result of 
removing Sec.  1.451-5.

Proposed Applicability Date

    The removal of these regulations would apply as of the date the 
Treasury decision adopting this notice of proposed rulemaking is 
published in the Federal Register.

Special Analyses

    This regulation is not subject to review under section 6(b) of 
Executive Order 12866 pursuant to the Memorandum of Agreement (April 
11, 2018) between the Department of the Treasury and the Office of 
Management and Budget regarding review of tax regulations. Because the 
proposed regulations do not impose a collection of information on small 
entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not 
apply. Pursuant to section 7805(f) of the Code, this notice of proposed 
rulemaking has been submitted to the Chief Counsel for Advocacy of the 
Small Business Administration for comment on its impact on small 
business.

Comments and Requests for a Public Hearing

    Before these proposed regulations are adopted as final regulations, 
consideration will be given to any comments that are timely submitted 
to the IRS in the preamble under the ADDRESSES section. All comments 
submitted will be made available at www.regulations.gov for public 
inspection and copying.
    A public hearing will be scheduled, if requested, by any person who 
timely submits comments. If a public hearing is scheduled, notice of 
the date, time, and place for the hearing will be published in the 
Federal Register.

Drafting Information

    The principal author of this document is Joanna L. Trebat, Office 
of the Associate Chief Counsel (Income Tax and Accounting). Other 
personnel from the IRS and Treasury Department participated in its 
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 parts 1 and 602 are proposed to be amended as 
follows:

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 * * *

0
Par. 2. Section 1.381(c)(4)-1 is amended by revising the second 
sentence of paragraph (b)(2) to read as follows:


Sec.  1.381(c)(4)-1  Method of accounting.

* * * * *
    (b) * * *
    (2) * * * The installment method under section 453, the mark-to-
market method under section 475, the amortization of bond premium under 
section 171, the percentage of completion method under section 460, the 
recurring item exception of Sec.  1.461-5, and the income deferral 
method under section 455 are examples of special methods of accounting. 
* * *
* * * * *
0
Par. 3. Section 1.382-7 is amended by revising the third sentence of 
paragraph (a) to read as follows:


Sec.  1.382-7  Built in gains and losses.

    (a) * * * Examples to which this paragraph (a) will apply include, 
but are not limited to, income received prior to the change date that 
is deferred under section 455 or Rev. Proc. 2004-34 (2004-1 CB 991 
(June 1, 2004)) (or any successor revenue procedure) (see Sec.  
601.601(d)(2)(ii)(b)).
* * * * *


Sec.  1.451-5  [Removed]

0
Par. 4. Section 1.451-5 is removed.


Sec.  1.861-18  [Amended]

0
Par. 5. Section 1.861-18 is amended in paragraph (i)(4) by:

[[Page 51906]]

0
1. Removing Example 2;
0
2. Designating Examples 1 and 3 as paragraphs (i)(4)(i) and (ii), 
respectively; and
0
3. In the heading for newly designated paragraph (i)(4)(ii), removing 
``3'' and adding ``2'' in its place.


Sec.  1.6655-0  [Amended]

0
Par. 6. Section 1.6655-0 is amended by removing the entries for Sec.  
1.6655-2(f)(3)(i) and (f)(3)(i)(A) and redesignating the entry for 
Sec.  1.6655-2(f)(3)(i)(B) as Sec.  1.6655-2(f)(3)(i).


Sec.  1.6655-2  [Amended]

0
Par. 7. Section 1.6655-2 is amended by removing paragraphs (f)(3)(i) 
heading and (f)(3)(i)(A) and redesignating (f)(3)(i)(B) as (f)(3)(i).
0
Par. 8. Section 1.6655-6 is amended in paragraph (c) by:
0
1. Revising the heading and introductory text;
0
2. Removing Example 1;
0
3. Designating Example 2 as paragraph (c)(1) and revising the heading 
of newly designated paragraph (c)(1); and
0
3. Adding a reserved paragraph (c)(2).
    The revisions read as follows:


Sec.  1.6655-6   Methods of accounting.

* * * * *
    (c) Example. The following example illustrates the rules of this 
section:

    (1)
    Example. * * *
* * * * *

PART 602--OMB CONTROL NUMBERS UNDER THE PAPERWORK REDUCTION ACT

0
Par. 9. Add an authority citation for part 602 to read as follows:

    Authority: 26 U.S.C. 7805.


Sec.  602.101  [Amended]

0
Par. 10. Section 602.101 is amended by removing the entry for Sec.  
1.451-5 and the parenthetical authority citation at the end of the 
section.

Kirsten Wielobob,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2018-22025 Filed 10-12-18; 8:45 am]
BILLING CODE 4830-01-P

51904 Federal Register / Vol. 83, No. 199 / Monday, October 15, 2018 / Proposed Rules

www.faa.gov/air_traffic/publications/ Since this is a routine matter that will DEPARTMENT OF THE TREASURY
airspace_amendments/. only affect air traffic procedures and air
You may review the public docket navigation, it is certified that this Internal Revenue Service
containing the proposal, any comments proposed rule, when promulgated, will
received and any final disposition in not have a significant economic impact 26 CFR Parts 1 and 602
person in the Dockets Office (see the on a substantial number of small entities [REG–104872–18]
ADDRESSES section for address and under the criteria of the Regulatory
phone number) between 9:00 a.m. and Flexibility Act. RIN 1545–BO66
5:00 p.m., Monday through Friday,
except federal holidays. An informal Environmental Review Removal of Regulations on Advance
docket may also be examined between Payments for Goods and Long-Term
8:00 a.m. and 4:30 p.m., Monday This proposal would be subject to an Contracts
through Friday, except federal holidays environmental analysis in accordance
with FAA Order 1050.1F, AGENCY: Internal Revenue Service (IRS),
at the Eastern Service Center, Federal
‘‘Environmental Impacts: Policies and Treasury.
Aviation Administration, Room 350,
1701 Columbia Avenue, College Park, Procedures’’ prior to any FAA final ACTION: Notice of proposed rulemaking.
GA 30337. regulatory action.
SUMMARY: This notice of proposed
Availability and Summary of Lists of Subjects in 14 CFR Part 71 rulemaking proposes to streamline IRS
Documents for Incorporation by regulations by removing regulations that
Reference Airspace, Incorporation by reference, are no longer necessary after the
Navigation (air). enactment of recent tax legislation.
This document proposes to amend
FAA Order 7400.11C, Airspace The Proposed Amendment Specifically, these regulations would
Designations and Reporting Points, remove existing regulations regarding
dated August 13, 2018, and effective Accordingly, pursuant to the advance payments for goods and long-
September 15, 2018. FAA Order authority delegated to me, the Federal term contracts. The regulations would
7400.11C is publicly available as listed Aviation Administration proposed to affect accrual method taxpayers who
in the ADDRESSES section of this amend 14 CFR part 71 as follows: receive advance payments for goods,
document. FAA Order 7400.11C lists including those for inventoriable goods.
Class A, B, C, D, and E airspace areas, PART 71—DESIGNATION OF CLASS A, DATES: Written or electronic comments
air traffic service routes, and reporting B, C, D, AND E AIRSPACE AREAS; AIR and requests for a public hearing must
points. TRAFFIC SERVICE ROUTES; AND be received by January 14, 2019.
REPORTING POINTS ADDRESSES: Send submissions to:
The Proposal
CC:PA: LPD:PR (REG–104872–18),
The FAA is considering an ■ 1. The authority citation for part 71 Room 5205, Internal Revenue Service,
amendment to Title 14 Code of Federal continues to read as follows: P.O. Box 7604, Ben Franklin Station,
Regulations (14 CFR) part 71 to establish Washington, DC 20044. Submissions
Class E airspace extending upward from Authority: 49 U.S.C. 106(f), 106(g); 40103,
40113, 40120; E.O. 10854, 24 FR 9565, 3 CFR, may be hand-delivered Monday through
700 feet above the surface within a 6.4- Friday between the hours of 8 a.m. and
1959–1963 Comp., p. 389.
mile radius of Hyde County Airport, 4 p.m. to CC:PA:LPD:PR (REG–104872–
Engelhard, NC, providing the controlled § 71.1 [Amended] 18), Courier’s Desk, Internal Revenue
airspace required to support the new Service, 1111 Constitution Avenue NW,
RNAV (GPS) standard instrument ■ 2. The incorporation by reference in
Washington, DC, or sent electronically,
approach procedures for IFR operations 14 CFR 71.1 of Federal Aviation via the Federal eRulemaking Portal at
at Hyde County Airport. Administration Order 7400.11C, www.regulations.gov (IRS REG–104872–
Class E airspace designations are Airspace Designations and Reporting 18).
published in Paragraph 6005 of FAA Points, dated August 13, 2018, and
FOR FURTHER INFORMATION CONTACT:
Order 7400.11C, dated August 13, 2018, effective September 15, 2018, is
Concerning the proposed regulations,
and effective September 15, 2018, which amended as follows: Charles Gorham, (202) 317–5091, or
is incorporated by reference in 14 CFR
Paragraph 6005 Class E Airspace Areas Joanna L. Trebat, (202) 317–6890;
71.1. The Class E airspace designation
Extending Upward From 700 Feet or More concerning submissions of comments
listed in this document will be Above the Surface of the Earth. and requests for a hearing, Regina
published subsequently in the Order.
* * * * * Johnson, (202) 317–6901 (not toll-free
Regulatory Notices and Analyses numbers).
ASO NC E5 Engelhard, NC [New]
The FAA has determined that this SUPPLEMENTARY INFORMATION:
proposed regulation only involves an Hyde County Airport, NC
established body of technical (Lat. 35°33′43″ N, long. 75°57′20″ W) Background and Explanation of
regulations for which frequent and That airspace extending upward from 700 Provisions
routine amendments are necessary to feet above the surface within a 6.4-mile This document proposes to remove
keep them operationally current. It, radius of Hyde County Airport. § 1.451–5 of the Income Tax Regulations
khammond on DSK30JT082PROD with PROPOSAL

therefore: (1) Is not a ‘‘significant Issued in College Park, Georgia, on October (26 CFR part 1), and its cross-references,
regulatory action’’ under Executive 3, 2018. relating to the treatment of advance
Order 12866; (2) is not a ‘‘significant Ryan W. Almasy, payments for goods and long-term
rule’’ under DOT Regulatory Policies contracts under section 451 of the
Manager, operations Support Group, Eastern
and Procedures (44 FR 11034; February Internal Revenue Code (Code).
Service Center, Air Traffic Organization.
26, 1979); and (3) does not warrant In general, section 451 provides that
[FR Doc. 2018–22257 Filed 10–12–18; 8:45 am]
preparation of a regulatory evaluation as the amount of any item of gross income
the anticipated impact is so minimal. BILLING CODE 4910–13–P is included in gross income for the

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Federal Register / Vol. 83, No. 199 / Monday, October 15, 2018 / Proposed Rules 51905

taxable year in which it is received by deferral method provided by § 1.451–5. Drafting Information
the taxpayer, unless, under the method See H.R. Rep. No. 115–466, at 429 n.880 The principal author of this document
of accounting used in computing taxable (2017) (Conf. Rep.). Accordingly, the is Joanna L. Trebat, Office of the
income, the amount is to be properly Treasury Department and the IRS Associate Chief Counsel (Income Tax
accounted for as of a different period. propose to remove § 1.451–5 and its and Accounting). Other personnel from
Under § 1.451–1, accrual method cross references. Removing § 1.451–5 the IRS and Treasury Department
taxpayers generally include items of also will ensure that the new deferral participated in its development.
income in the taxable year when all the rules of section 451(c) apply uniformly
events have occurred that fix the right and consistently to all taxpayers as well List of Subjects
to receive the income and the amount of as simplify tax administration. 26 CFR Part 1
the income can be determined with
The rules of section 446 regarding Income taxes, Reporting and
reasonable accuracy (the ‘‘all events’’
changes in methods of accounting will recordkeeping requirements.
test).
Section 1.451–5 generally allows apply to taxpayers changing a method of
accounting for advance payments from 26 CFR Part 602
accrual method taxpayers to defer the
inclusion of income for advance a method described in § 1.451–5 to Reporting and recordkeeping
payments for goods until the taxable another method. The Treasury requirements.
year in which they are properly Department and the IRS request
comments on whether any changes to Proposed Amendments to the
included in income under the taxpayer’s Regulations
method of accounting for federal income existing procedural rules under section
tax purposes if that method results in 446 for changes in methods of Accordingly, 26 CFR parts 1 and 602
the advance payments being included in accounting are necessary or desirable as are proposed to be amended as follows:
gross income no later than when the a result of removing § 1.451–5.
advance payments are recognized in PART 1—INCOME TAXES
Proposed Applicability Date
gross receipts under the taxpayer’s ■ Paragraph 1. The authority citation
method of accounting for financial The removal of these regulations
would apply as of the date the Treasury for part 1 continues to read in part as
reporting purposes.
decision adopting this notice of follows:
Section 13221 of ‘‘An Act to provide
for reconciliation pursuant to titles II proposed rulemaking is published in the Authority: 26 U.S.C. 7805 * * *
and V of the concurrent resolution on Federal Register. ■ Par. 2. Section 1.381(c)(4)–1 is
the budget for fiscal year 2018,’’ Public amended by revising the second
Special Analyses
Law 115–97 (the ‘‘Act’’), amended sentence of paragraph (b)(2) to read as
section 451 by redesignating section This regulation is not subject to follows:
451(b) through (i) as (d) through (k) and review under section 6(b) of Executive
adding new subsections (b) and (c). Order 12866 pursuant to the § 1.381(c)(4)–1 Method of accounting.
New section 451(b) generally requires Memorandum of Agreement (April 11, * * * * *
that for accrual method taxpayers the all 2018) between the Department of the (b) * * *
events test with respect to a particular Treasury and the Office of Management (2) * * * The installment method
item of gross income must not be treated and Budget regarding review of tax under section 453, the mark-to-market
as met any later than when the item is regulations. Because the proposed method under section 475, the
taken into account as revenue in a regulations do not impose a collection amortization of bond premium under
taxpayer’s applicable financial of information on small entities, the section 171, the percentage of
statement, or such other financial Regulatory Flexibility Act (5 U.S.C. completion method under section 460,
statement as the Secretary may chapter 6) does not apply. Pursuant to the recurring item exception of § 1.461–
prescribe. section 7805(f) of the Code, this notice 5, and the income deferral method
New section 451(c) generally requires of proposed rulemaking has been under section 455 are examples of
an accrual method taxpayer that submitted to the Chief Counsel for special methods of accounting. * * *
receives any advance payment Advocacy of the Small Business * * * * *
described in section 451(c)(4) during the Administration for comment on its ■ Par. 3. Section 1.382–7 is amended by
taxable year to include the advance impact on small business. revising the third sentence of paragraph
payment in income in the taxable year (a) to read as follows:
of receipt or make an election to: (1) Comments and Requests for a Public
Include any portion of the advance Hearing § 1.382–7 Built in gains and losses.
payment in income in the taxable year (a) * * * Examples to which this
of receipt to the extent required under Before these proposed regulations are
paragraph (a) will apply include, but are
new section 451(b); and (2) include the adopted as final regulations,
not limited to, income received prior to
remaining portion of the advance consideration will be given to any
the change date that is deferred under
payment in income in the following comments that are timely submitted to
section 455 or Rev. Proc. 2004–34
taxable year. The election to defer the IRS in the preamble under the
(2004–1 CB 991 (June 1, 2004)) (or any
ADDRESSES section. All comments
advance payments of goods and services successor revenue procedure) (see
under new section 451(c) is similar to submitted will be made available at
§ 601.601(d)(2)(ii)(b)).
khammond on DSK30JT082PROD with PROPOSAL

the rules regarding the treatment of www.regulations.gov for public
inspection and copying. * * * * *
advance payments for goods, services,
and other specified items provided in A public hearing will be scheduled, if § 1.451–5 [Removed]
Revenue Procedure 2004–34, 2004–1 CB requested, by any person who timely ■ Par. 4. Section 1.451–5 is removed.
991. See H.R. Rep. No. 115–466, at 429 submits comments. If a public hearing is
(2017) (Conf. Rep.). scheduled, notice of the date, time, and § 1.861–18 [Amended]
New section 451(c) and its election to place for the hearing will be published ■ Par. 5. Section 1.861–18 is amended
defer advance payments override the in the Federal Register. in paragraph (i)(4) by:

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51906 Federal Register / Vol. 83, No. 199 / Monday, October 15, 2018 / Proposed Rules

■ 1. Removing Example 2; DEPARTMENT OF THE TREASURY to present oral comments at the hearing
■ 2. Designating Examples 1 and 3 as that submitted written comments by
Internal Revenue Service October 9, 2018, must submit an outline
paragraphs (i)(4)(i) and (ii), respectively;
and of the topics to be addressed and the
26 CFR Part 301 amount of time to be devoted to each
■ 3. In the heading for newly designated topic by Tuesday, October 16, 2018.
[REG–104266–18]
paragraph (i)(4)(ii), removing ‘‘3’’ and A period of 10 minutes is allotted to
adding ‘‘2’’ in its place. RIN 1545–BO12 each person for presenting oral
comments. After the deadline for
§ 1.6655–0 [Amended] Guidance Regarding the Transition Tax receiving outlines has passed, the IRS
■ Par. 6. Section 1.6655–0 is amended Under Section 965 and Related will prepare an agenda containing the
Provisions; Hearing schedule of speakers. Copies of the
by removing the entries for § 1.6655–
2(f)(3)(i) and (f)(3)(i)(A) and AGENCY: Internal Revenue Service (IRS), agenda will be made available, free of
redesignating the entry for § 1.6655– Treasury. charge, at the hearing or by contacting
2(f)(3)(i)(B) as § 1.6655–2(f)(3)(i). ACTION: Proposed rule; notice of hearing. the Publications and Regulations Branch
at (202) 317–6901 (not a toll-free
§ 1.6655–2 [Amended] SUMMARY: This document provides a number).
notice of public hearing on proposed Because of access restrictions, the IRS
■ Par. 7. Section 1.6655–2 is amended
regulations relating to section 965 of the will not admit visitors beyond the
by removing paragraphs (f)(3)(i) heading immediate entrance area more than 30
Internal Revenue Code as amended by
and (f)(3)(i)(A) and redesignating the Tax Cuts and Jobs Act, which was minutes before the hearing starts. For
(f)(3)(i)(B) as (f)(3)(i). enacted on December 22, 2017. information about having your name
■ Par. 8. Section 1.6655–6 is amended DATES: The public hearing is being held placed on the building access list to
in paragraph (c) by: on Monday, October 22, 2018, at 10 a.m. attend the hearing, see the FOR FURTHER
■ 1. Revising the heading and The IRS must receive speakers’ outlines INFORMATION CONTACT section of this
introductory text; of the topics to be discussed at the document.
public hearing by Tuesday, October 16, Martin V. Franks,
■ 2. Removing Example 1;
2018.
Chief, Publications and Regulations Branch,
■ 3. Designating Example 2 as paragraph ADDRESSES: The public hearing is being Legal Processing Division, Associate Chief
(c)(1) and revising the heading of newly held in the IRS Auditorium, Internal Counsel, (Procedure and Administration).
designated paragraph (c)(1); and Revenue Service Building, 1111 [FR Doc. 2018–22345 Filed 10–12–18; 8:45 am]
■ 3. Adding a reserved paragraph (c)(2). Constitution Avenue NW, Washington, BILLING CODE 4830–01–P
DC 20224. Due to building security
The revisions read as follows:
procedures, visitors must enter at the
§ 1.6655–6 Methods of accounting. Constitution Avenue entrance. In DEPARTMENT OF EDUCATION
* * * * * addition, all visitors must present a
valid photo identification to enter the 34 CFR Chapter VI
(c) Example. The following example building.
illustrates the rules of this section: Send Submissions to CC:PA:LPD:PR [Docket ID ED–2018–OPE–0076]
(REG–104226–18), Room 5205, Internal RIN 1840–AD36, 1840–AD37, 1840–AD38,
(1) Revenue Service, P.O. Box 7604, Ben 1840–AD40, 1840–AD44
Example. * * *
Franklin Station, Washington, DC
* * * * * 20044. Submissions may be hand- Negotiated Rulemaking Committee;
delivered Monday through Friday to Negotiator Nominations and Schedule
PART 602—OMB CONTROL NUMBERS CC:PA:LPD:PR (REG–104226–18), of Committee Meetings—Accreditation
UNDER THE PAPERWORK Couriers Desk, Internal Revenue and Innovation
REDUCTION ACT Service, 1111 Constitution Avenue NW, AGENCY: Office of Postsecondary
Washington, DC 20224 or sent Education, Department of Education.
■ Par. 9. Add an authority citation for electronically via the Federal
part 602 to read as follows: ACTION: Intent to establish negotiated
eRulemaking Portal at
rulemaking committee.
Authority: 26 U.S.C. 7805. www.regulations.gov (IRS REG–104226–
18). SUMMARY: We announce our intention to
§ 602.101 [Amended] FOR FURTHER INFORMATION CONTACT: establish one negotiated rulemaking
■ Par. 10. Section 602.101 is amended Concerning the proposed regulations, committee to prepare proposed
by removing the entry for § 1.451–5 and Leni C. Perkins (202) 317–6934; regulations for the Federal Student Aid
the parenthetical authority citation at concerning submissions of comments, programs authorized under title IV of
the end of the section. the hearing and/or to be placed on the the Higher Education Act of 1965, as
building access list to attend the amended (HEA). The committee will
Kirsten Wielobob, hearing, Regina Johnson at (202) 317– include representatives of organizations
Deputy Commissioner for Services and 6901 (not toll-free numbers). or groups with interests that are
khammond on DSK30JT082PROD with PROPOSAL

Enforcement. SUPPLEMENTARY INFORMATION: The significantly affected by the subject
[FR Doc. 2018–22025 Filed 10–12–18; 8:45 am] subject of the public hearing is the matter of the proposed regulations. We
BILLING CODE 4830–01–P notice of proposed rulemaking (REG– request nominations for individual
104226–18) that was published in the negotiators who represent key
Federal Register on Thursday, August 9, stakeholder constituencies for the issues
2018 (83 FR 39514). to be negotiated to serve on the
The rules of 26 CFR 601.601(a)(3) committee, and we set a schedule for
apply to the hearing. Persons who wish committee meetings. We also announce

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Document Modified: 2018-10-13 10:03:31

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		Proposed Rules
Action		Notice of proposed rulemaking.
Dates		Written or electronic comments and requests for a public hearing must be received by January 14, 2019.
Contact		Concerning the proposed regulations, Charles Gorham, (202) 317-5091, or Joanna L. Trebat, (202) 317-6890; concerning submissions of comments and requests for a hearing, Regina Johnson, (202) 317-6901 (not toll-free numbers).
FR Citation		83 FR 51904
RIN Number		1545-BO66
CFR Citation		26 CFR 1 26 CFR 602
CFR Associated		Income Taxes and Reporting and Recordkeeping Requirements

83 FR 51904 - Removal of Regulations on Advance Payments for Goods and Long-Term Contracts

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 83, Issue 199 (October 15, 2018)

DEPARTMENT OF THE TREASURY
Internal Revenue Service