Search Results for citation:"86 FR 9286"

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Search Results: citation:"86 FR 9286"

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  • 2021-00341 — Unrelated Business Taxable Income Separately Computed for Each Trade or Business; Correction
    Type:Rule
    Citation:86 FR 9286
    Reading Time:about a minute or two

    The Internal Revenue Service (IRS), under the Treasury Department, is issuing corrections to the final regulations related to unrelated business taxable income for exempt organizations, which were initially published on December 2, 2020. These amendments are intended to correct errors in the original text, ensuring accurate guidance for organizations in determining and calculating their unrelated business income. The corrections, effective on February 12, 2021, involve small textual edits within the tax regulations.

    Simple Explanation

    The government made some small fixes to rules about how charities and similar groups handle money they earn from activities that aren't their main purpose, so it's easier for them to figure out their taxes.

  • 2021-03052 — ONRR 2020 Valuation Reform and Civil Penalty Rule: Delay of Effective Date; Request for Public Comment
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    Type:Rule
    Citation:86 FR 9286
    Reading Time:about 12 minutes

    The Office of Natural Resources Revenue (ONRR) is delaying the effective date of its "2020 Valuation Reform and Civil Penalty Rule" from February 16, 2021, to April 16, 2021. This decision follows the January 20, 2021, White House directive to pause and review pending regulations, ensuring they properly consider applicable laws and policies. The delay also opens a 30-day comment period for public input on the rule's legal and policy foundations and the impact of the delay itself. The ONRR hopes to gather feedback on various concerns, particularly how recent changes in Executive Orders and potential adjustments to royalty calculations might affect the rule.

    Simple Explanation

    The government is taking more time to think about some new money rules for natural resources, and they want people to tell them what they think about this delay and the rules themselves.