AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Correcting amendments.
SUMMARY:
This document contains corrections to final regulations (Treasury Decision 9938) that were published in the Federal Register on Tuesday, January 19, 2021. The Treasury Decision provided final regulations implementing an excise tax on remuneration in excess of $1,000,000 and any excess parachute payment paid by an applicable tax-exempt organization to any covered employee.
DATES:
Effective date: These final regulation corrections are effective on May 5, 2021.
FOR FURTHER INFORMATION CONTACT:
William McNally at (202) 317-5600 or Patrick Sternal at (202) 317-5800 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9938) that are the subject of this correction are issued under section 4960 of the Internal Revenue Code.
Need for Correction
As published on January 19, 2021 (86 FR 6196) the final regulations (TD 9938) contain errors that need to be corrected.
List of Subjects in 26 CFR Part 53
- Excise taxes
- Foundations
- Investments
- Lobbying
- Reporting and recordkeeping requirements
Correction of Publication
Accordingly, 26 CFR part 53 is corrected by making the following correcting amendments:
PART 53—FOUNDATION AND SIMILAR EXCISE TAXES
Paragraph 1. The authority citation for part 53 continues to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 53.4960-0 is amended by revising the entry for § 53.4960-1(b)(3) to read as follows:
§ 53.4960-1 Scope and definitions.
(b) * * *
(3) [Reserved]
Crystal Pemberton,
Senior Federal Register Liaison, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2021-09425 Filed 5-4-21; 8:45 am]
BILLING CODE 4830-01-P