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TREAS/IRS | RIN: 1545-BG42 | Publication ID: Spring 2009 |
Title: Interest on Overpayments | |
Abstract: The amendments to Treasury Regulation 301.6611-1 Interest on Overpayments will explain the dates interest starts to accrue on refunds of overpayments claimed by certain tax exempt persons who do not have an obligation to file tax returns. The amendments address tax exempt persons, corporations exempt from filing income tax returns pursuant to the section 6012 regulations, and persons whose income is excludible from gross income. The amendments will clarify the Service's position on the decisions in Overseas Thread Industries, Ltd. v. United States, 48 Cl. Ct. 221 (2000) and MNOPF Trustees, Ltd. v. United States, 123 F. 3d 1460 (Fed. Cir. 1997), and State of Michigan v. United States, 141 F. 3d 662 (6th Cir. 1998). | |
Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 26 CFR 301.6611-1 | |
Legal Authority: 26 USC 6611 26 USC 6513 26 USC 7805 Overseas Thread Industries, Ltd v United States, 48 Cl Ct 221 (2000) MNOPF Trustees, Ltd v United States, 123 F 3d 1460 (Fed Cir 1997) State of Michigan v United States, 141 F 3d 662 (6th Cir 1998) |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-143889-06 Drafting attorney: Ronald J. Goldstein (202) 622-3620 Reviewing attorney: G. William Beard (202) 622-3620 CC: PA: Branch 5 | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: Businesses, Organizations | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Ronald J. Goldstein Attorney-Advisor Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Room 5508, Washington, DC 20224 Phone:202 622-4910 Fax:202 927-9248 Email: ronald.j.goldstein@irscounsel.treas.gov |