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TREAS/IRS | RIN: 1545-BP69 | Publication ID: Spring 2020 |
Title: ●Income Tax Withholding on Certain Periodic Retirement and Annuity Payments Under Section 3405(a) | |
Abstract:
The Tax Cuts and Jobs Act, Pub. L. 115-97 (TCJA) amended 26 U.S.C. 3405(a)(4) to provide that the withholding rate for periodic retirement and annuity payments when no withholding certificate has been furnished (the default rate of withholding) shall be determined under rules prescribed by the Secretary. Prior to amendment by TCJA, 26 U.S.C. 3405(a)(4) provided that the default rate of withholding for periodic retirement and annuity payments shall be determined by treating the payee as a married individual claiming 3 withholding exemptions. The NPRM will implement the delegation of authority under TCJA to provide default withholding rules under section 3405(a)(4). |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Not subject to, not significant | |
CFR Citation: 26 CFR 31.3405(a)-1 26 CFR 35.3405-1T | |
Legal Authority: 26 U.S.C. 7805 26 U.S.C. 3405(a)(4) |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-100320-20 (NPRM) Drafting attorney: Kara Soderstrom (202) 317-6799 Reviewing attorney: Keith Kost (202) 317-6799 Treasury attorney: Amber Salotto (202) 622-6707 CC:EEE | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: Federal, Local, State, Tribal |
Small Entities Affected: Businesses, Governmental Jurisdictions, Organizations | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Kara Soderstrom Attorney Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Room 5422, Washington, DC 20224 Phone:202 317-6799 Fax:855 604-6086 Email: kara.m.soderstrom@irscounsel.treas.gov |