Td 9920

Federal Register / Vol. 85, No. 191 / Thursday, October 1, 2020 / Rules and Regulations
to the manager of the certification office,
send it to the attention of the person
identified in paragraph (j) of this AD. You
may email your request to: ANE-AD-AMOC@
faa.gov.
(2) Before using any approved AMOC,
notify your appropriate principal inspector,
or lacking a principal inspector, the manager
of the local flight standards district office/
certificate holding district office.

The Amendment
Accordingly, under the authority
delegated to me by the Administrator,
the FAA amends 14 CFR part 39 as
follows:
PART 39—AIRWORTHINESS
DIRECTIVES
1. The authority citation for part 39
continues to read as follows:

■

Authority: 49 U.S.C. 106(g), 40113, 44701.
§ 39.13

[Amended]

2. The FAA amends § 39.13 by adding
the following new airworthiness
directive (AD):

■

2020–20–12 General Electric Company:
Amendment 39–21268; Docket No.
FAA–2020–0443; Project Identifier AD–
2020–00178–E.
(a) Effective Date
This AD is effective November 5, 2020.
(b) Affected ADs
None.

(f) Compliance
Comply with this AD within the
compliance times specified, unless already
done.
(g) Required Actions
Within 120 days after the effective date of
this AD, install electronic engine control
(EEC) software that is eligible for installation.
(h) Definition
For the purpose of this AD, EEC software
that is eligible for installation is EEC software
that is version B205 or later.
(i) Alternative Methods of Compliance
(AMOCs)
(1) The Manager, ECO Branch, FAA, has
the authority to approve AMOCs for this AD,
if requested using the procedures found in 14
CFR 39.19. In accordance with 14 CFR 39.19,
send your request to your principal inspector
or local Flight Standards District Office, as
appropriate. If sending information directly

Jkt 253001

DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 31 and 35
[TD 9920]
RIN 1545–BP69

(e) Unsafe Condition
This AD was prompted by two reports of
combustor case burn-through. The FAA is
issuing this AD to prevent failure of the fuel
nozzle. The unsafe condition, if not
addressed, could result in damage to the
combustor case, engine fire, and damage to
the airplane.

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Issued on September 24, 2020.
Gaetano A. Sciortino,
Deputy Director for Strategic Initiatives,
Compliance & Airworthiness Division,
Aircraft Certification Service.
BILLING CODE 4910–13–P

(d) Subject
Joint Aircraft System Component (JASC)
Code 7240, Turbine Engine Combustion
Section.

21:58 Sep 30, 2020

(k) Material Incorporated by Reference
None.

[FR Doc. 2020–21484 Filed 9–30–20; 8:45 am]

(c) Applicability
This AD applies to General Electric
Company GEnx–1B64, –1B64/P1, –1B64/P2,
–1B67, –1B67/P1, –1B67P2, –1B70, –1B70/
75/P1, –1B70/75/P2, –1B70/P1, –1B70/P2,
–1B70C/P1, –1B70C/P2, –1B74/75/P1,
–1B74/75/P2, –1B76/P2, and –1B76A/P2
model turbofan engines.

VerDate Sep<11>2014

(j) Related Information
For more information about this AD,
contact Mehdi Lamnyi, Aerospace Engineer,
ECO Branch, FAA, 1200 District Avenue,
Burlington, MA 01803; phone: 781–238–
7743; fax: 781–238–7199; email:
[email protected].

Income Tax Withholding on Certain
Periodic Retirement and Annuity
Payments Under Section 3405(a)
Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulation.
AGENCY:

This document sets forth a
final regulation that provides rules for
Federal income tax withholding on
certain periodic retirement and annuity
payments to implement an amendment
made by the Tax Cuts and Jobs Act. This
regulation affects payors of certain
periodic payments, plan administrators
that are required to withhold on such
payments, and payees who receive such
payments.
DATES: Effective date: This regulation is
effective October 1, 2020.
Applicability date: For the
applicability date of this regulation, see
§ 31.3405(a)–1(d).
FOR FURTHER INFORMATION CONTACT: Kara
M. Soderstrom of the Office of Associate
Chief Counsel (Employee Benefits,
Exempt Organizations, and Employment
Taxes) at (202) 317–5234 (not a toll-free
number).
SUPPLEMENTARY INFORMATION:
SUMMARY:

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Background
This document sets forth an
amendment to the Employment Tax
Regulations (26 CFR parts 31 and 35)
under section 3405 of the Internal
Revenue Code (Code).
1. Periodic Payments
Section 3405 provides Federal income
tax withholding rules for payments of
pensions, annuities, and certain other
deferred income (retirement and
annuity payments). Retirement and
annuity payments that are subject to
withholding under section 3405 include
periodic payments, nonperiodic
distributions, and eligible rollover
distributions.
A periodic payment is defined in
section 3405(e)(2) as ‘‘a designated
distribution which is an annuity or
similar periodic payment.’’ Subject to
certain exceptions,1 a designated
distribution generally is defined in
section 3405(e)(1)(A) as any distribution
or payment from or under an employer
deferred compensation plan, an
individual retirement plan (as defined
in section 7701(a)(37)), or a commercial
annuity. For this purpose, an employer
deferred compensation plan is defined
in section 3405(e)(5) as any pension,
annuity, profit-sharing, or stock bonus
plan or other plan deferring the receipt
of compensation, and a commercial
annuity is defined in section 3405(e)(6)
as an annuity, endowment, or life
insurance contract issued by an
insurance company licensed to do
business under the laws of any State.
Section 35.3405–1T, Q&A a–9, provides
that a periodic payment includes an
annuity or similar periodic payment,
whether paid by a licensed life
insurance company, a financial
institution, or a plan, and that an
‘‘annuity’’ is a series of payments
payable over a period greater than one
year and taxable under section 72 as
amounts received as an annuity,
whether or not the payments are
variable in amount.
2. Withholding on Periodic Payments
Section 3405(a) requires the payor of
any periodic payment to withhold from
1 Under section 3405(e)(1)(B), a designated
distribution does not include any amount that is
wages without regard to section 3405; the portion
of a distribution or payment (excluding any
distribution or payment from or under an
individual retirement plan, other than a Roth IRA)
which it is reasonable to believe is not includible
in gross income; any amount that is subject to
withholding under subchapter A of chapter 3
(relating to withholding of tax on nonresident aliens
and foreign corporations) by the person paying such
amount or which would be so subject but for a tax
treaty; or any distribution described in section
404(k)(2) (relating to distributions of ‘‘applicable
dividends’’ by an employee stock ownership plan).

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the payment as if the payment were
wages paid by an employer to an
employee, unless an individual has
elected under section 3405(a)(2) not to
have withholding apply, subject to the
following exceptions. First, section
3405(c)(1)(A) provides that section
3405(a) does not apply in the case of
any designated distribution that is an
eligible rollover distribution (as defined
in section 402(f)(2)(A)). Second, section
3405(e)(12) provides that no election
under section 3405(a)(2) will be treated
as in effect (and the provisions of
section 3405(a)(4) for determining the
default rate of withholding will not
apply) if a payee fails to furnish the
payee’s Taxpayer Identification Number
(TIN) to the payor in the manner
required by the Secretary or the
Secretary notifies the payor before any
payment or distribution that the TIN
furnished by the payee is incorrect.
Third, under section 3405(e)(13), no
election under section 3405(a)(2) may be
made with respect to certain periodic
payments to be delivered outside of the
United States and its possessions.
3. Default Rate of Withholding on
Periodic Payments and TCJA
Amendment
Before amendment by the Tax Cuts
and Jobs Act, Public Law 115–97, 131
Stat. 2054 (2017) (TCJA), section
3405(a)(4) provided that, in the case of
any periodic payment with respect to
which a withholding certificate is not in
effect, the amount withheld from the
periodic payment is ‘‘determined by
treating the payee as a married
individual claiming 3 withholding
exemptions.’’ TCJA amended section
3405(a)(4) to eliminate the requirement
that the payee be treated as a married
individual claiming three withholding
exemptions and to provide instead that,
in the case of any periodic payment
with respect to which a withholding
certificate is not in effect, the amount
withheld from the periodic payment
will be ‘‘determined under rules
prescribed by the Secretary.’’ However,
certain provisions of § 35.3405–1T
continued to reflect the rule under
section 3405(a)(4) prior to amendment
by TCJA.
Following enactment of TCJA, the
Department of the Treasury (Treasury
Department) and the IRS issued three
notices addressing this change to
section 3405(a)(4). These notices
provide that, for calendar years 2018,
2019, and 2020, the default rate of
withholding on periodic payments
under section 3405(a) is based on
treating the payee as a married

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21:58 Sep 30, 2020

Jkt 253001

individual claiming three withholding
allowances. See Notice 2020–3, 2020–3
I.R.B. 330 (for 2020); 2 Notice 2018–92,
2018–51 I.R.B. 1038 (for 2019); and
Notice 2018–14, 2018–7 I.R.B. 353 (for
2018).
4. Notice of Proposed Rulemaking
On May 27, 2020, the Treasury
Department and the IRS published a
notice of proposed rulemaking
(proposed regulation) (REG–100320–20)
in the Federal Register (85 FR 31714)
that proposed to update certain
provisions of § 35.3405–1T to conform
to the TCJA change to section
3405(a)(4). Specifically, the notice of
proposed rulemaking proposed to
remove from § 35.3405–1T Q&As a–10,
b–3, and b–4, which each provided that
the default rate of withholding on
periodic payments is determined by
treating the payee as married and
claiming three withholding allowances,
and to update and replace the
provisions of each of these three Q&As
with new § 31.3405(a)–1. These changes
are explained in detail in the preamble
to the proposed regulation.
The IRS did not receive any requests
for a public hearing on the proposed
regulation, and therefore no public
hearing was held. All written comments
responding to the proposed regulation
are available for public inspection and
copying at http://www.regulations.gov
or upon request. After consideration of
the comments received on the proposed
regulation, this Treasury decision
adopts the proposed regulation as final
with no modifications, as explained in
the Summary of Comments and
Explanation of Provisions.
Summary of Comments and
Explanation of Provisions
The Treasury Department and the IRS
received two written comments that
responded to the proposed regulation.
As explained in this Summary of
Comments and Explanation of
Provisions, these comments make
2 Notice 2020–3 also provides that the Treasury
Department and the IRS are considering whether
the default rate of withholding on periodic
payments that is in effect for 2020 will continue to
be appropriate for calendar years after 2020 and
requests comments on whether the adoption of a
new default rate of withholding on periodic
payments that applies prospectively would present
any administrative challenges. One comment was
received on this issue (available at: https://
www.regulations.gov/document?D=IRS-2019-00510004). The commenter provides suggestions
regarding the effective date and prospective
application of any change to the default rate of
withholding on periodic payments and suggestions
regarding the applicable withholding tables for
periodic payments for calendar years after 2020.

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recommendations regarding the default
rate of withholding on periodic
payments that would not require a
change to the proposed regulation.
Accordingly, the proposed regulation is
adopted as final without modification.
However, the comments remain under
consideration for future revisions to
forms, instructions, publications, and
other guidance relating to withholding
on periodic payments, including
revisions to the Form W–4P,
‘‘Withholding Certificate for Pension or
Annuity Payments.’’
1. Default Rate of Withholding on
Periodic Payments
The proposed regulation proposed to
remove Q&As a–10, b–3, and b–4 from
§ 35.3405–1T because they prescribed
the substantive default rate of
withholding rule under section
3405(a)(4) prior to amendment by TCJA.
Specifically, the proposed regulation
proposed to update and replace the
provisions of each of these three Q&As
with new § 31.3405(a)–1, which
provides that the default rate of
withholding on periodic payments
made after December 31, 2020, is
determined in the manner described in
the applicable forms, instructions,
publications, and other guidance
prescribed by the Commissioner.
Both responsive comments
recommend that the default rate of
withholding on periodic payments be a
flat 10 percent rate, rather than a rate
based on Federal income tax
withholding on wages, to simplify the
default rate of withholding on periodic
payments and provide transparency,
flexibility, efficiency, and accuracy.
The proposed regulation did not set
forth a specific default rate of
withholding on periodic payments,
instead providing a flexible and
admininstrable rule that leaves the
communication and mechanical details
of the default rate of withholding on
periodic payments to be provided in
applicable forms, instructions,
publications, and other guidance
prescribed by the Commissioner. This
approach enables the Treasury
Department and the IRS to make
updates more quickly, including to
address legislative changes, to provide
payors and plan administrators
processing payments adequate time to
program their systems to withhold the
proper amount of income tax.
Accordingly, this final regulation adopts
the proposed regulation without
modification.

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Special Analyses

2. Implementation of a New Default
Rate of Withholding on Periodic
Payments

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As an alternative to a flat 10 percent
rate for the default rate of withholding
on periodic payments, both comments
recommend that a new default rate of
withholding on periodic payments
apply prospectively only and have a
January 1 (rather than a mid-year)
effective date. The comments
additionally recommend a January 1
effective date that is at least two full
years after the end of the 2020 calendar
year (or at least two full years after the
end of the calendar year for which Form
W–4P is redesigned to mirror Form W–
4, ‘‘Employee’s Withholding
Certificate,’’ if later), in order to provide
payors time to update their systems,
forms, and procedures. (The comments
also recommend avoiding a mid-year
implementation deadline for any
revised version of Form W–4P that
reflects changes made to Form W–4 in
light of TCJA.)
The proposed regulation did not
specify an effective date for a new
default rate of withholding on periodic
payments or how a new default rate of
withholding should be applied.
Although the proposed regulation was
proposed to apply to periodic payments
made after December 31, 2020, this
applicability date describes the periodic
payments for which the default rate of
withholding is determined in the
manner described in the applicable
forms, instructions, publications and
other guidance prescribed by the
Commissioner. The effective date and
application of a new default rate of
withholding on periodic payments, like
the default rate of withholding on
periodic payments itself, would be
described in that guidance. The
proposed approach provides a flexible
and admininstrable rule that leaves the
communication and mechanical details
of the default rate of withholding on
periodic payments to be provided in
applicable forms, instructions,
publications, and other guidance
prescribed by the Commissioner that
may be updated more quickly, including
to address legislative changes.
Accordingly, this final regulation adopts
the proposed regulation without
modification.
Effective and Applicability Dates
This regulation is effective October 1,
2020. This regulation applies to periodic
payments made after December 31,
2020.

VerDate Sep<11>2014

21:58 Sep 30, 2020

Jkt 253001

1. Regulatory Planning and Review
This final 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 Treasury Department
and the Office of Management and
Budget regarding review of tax
regulations.
2. Paperwork Reduction Act
Any collection of information
associated with this final regulation has
been submitted to the Office of
Management and Budget (OMB) for
review under OMB control number
1545–0074 in accordance with the
Paperwork Reduction Act of 1995 (44
U.S.C. 3507(d)). In general, the
collection of information is required
under section 3405 of the Code. The
Treasury Department and the IRS
request comments on all aspects of
information collection burdens related
to this final regulation, including
estimates for how much time it would
take to comply with the paperwork
burdens described in OMB control
number 1545–0074 and ways for the IRS
to minimize the paperwork burden. An
agency may not conduct or sponsor and
a person is not required to respond to
a collection of information unless it
displays a valid OMB control number.
3. Regulatory Flexibility Act
Under the Regulatory Flexibility Act
(RFA) (5 U.S.C. chapter 6), it is hereby
certified that this final regulation will
not have a significant economic impact
on a substantial number of small entities
that are directly affected by the final
regulation. This final regulation will
apply to all payors of periodic
payments, including small entities, and
is likely to affect a substantial number
of small entities. The economic impact,
however, will not be significant. The
primary change is to effect a TCJA
legislative amendment to remove the
reference in section 3405(a)(4) to a
married individual claiming three
exemptions as the default withholding
rate and to provide, in its place, that the
amount to be withheld is determined
pursuant to the applicable forms,
instructions, publications, and other
guidance prescribed by the
Commissioner. Accordingly, this rule
would conform the current regulation to
the statute and will not have a
significant economic impact on a
substantial number of small entities.
Pursuant to section 7805(f), the notice
of proposed rulemaking preceding this
regulation was submitted to the Chief
Counsel for Advocacy of the Small

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61815

Business Administration for comment
on its impact on small business, and no
comments were received.
Statement of Availability of IRS
Documents
IRS Notices cited in this preamble are
published in the Internal Revenue
Bulletin and are available from the
Superintendent of Documents, U.S.
Government Publishing Office,
Washington, DC 20402, or by visiting
the IRS website at http:/www.irs.gov.
Drafting Information
The principal author of this final
regulation is Kara M. Soderstrom, Office
of Associate Chief Counsel (Employee
Benefits, Exempt Organizations, and
Employment Taxes). However, other
personnel from the Treasury
Department and the IRS participated in
its development.
List of Subjects
26 CFR Part 31
Employment taxes, Fishing vessels,
Gambling, Income taxes, Penalties,
Pensions, Railroad retirement, Reporting
and recordkeeping requirements, Social
security, Unemployment compensation.
26 CFR Part 35
Employment taxes, Income taxes,
Pensions, Reporting and recordkeeping
requirements.
Adoption of Amendments to the
Regulations
Accordingly, 26 CFR parts 31 and 35
are amended as follows:
PART 31—EMPLOYMENT TAXES AND
COLLECTION OF INCOME TAX AT
SOURCE
Paragraph 1. The authority citation for
part 31 is amended by adding an entry
for § 31.3405(a)–1 in numerical order to
read in part as follows:

■

Authority: 26 U.S.C. 7805.

*

*

*

*

*

Section 31.3405(a)–1 also issued under 26
U.S.C. 3405(a)(4).

*

*
*
*
*
Par. 2. Section 31.3405(a)–1 is added
to read as follows:

■

§ 31.3405(a)–1 Questions and answers
relating to Federal income tax withholding
on periodic retirement and annuity
payments.

(a) The questions and answers in this
section relate to Federal income tax
withholding on periodic payments
under section 3405(a), as amended by
section 11041(c)(2)(G) of the Tax Cuts
and Jobs Act (Pub. L. 115–97, 131 Stat.
2054 (2017)). The withholding rules of

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section 3405(a) do not apply to periodic
payments that are eligible rollover
distributions (as defined in section
402(f)(2)(A)). See generally section
3405(c) and § 31.3405(c)–1 for Federal
income tax withholding rules applicable
to eligible rollover distributions. See
section 3405(e)(13) for additional rules
applicable to certain periodic payments
under section 3405(a) and nonperiodic
distributions under section 3405(b) that
are to be delivered outside the United
States and its possessions. For
additional guidance regarding periodic
payments, see §§ 35.3405–1 and
35.3405–1T of this chapter.
(b)(1) Q–1: How will Federal income
tax be withheld from a periodic
payment?
(2) A–1: In the case of a periodic
payment that is subject to withholding
under section 3405(a), amounts are
withheld as if the payment were a
payment of wages by an employer to the
employee for the appropriate payroll
period. If the payee has not furnished a
withholding certificate, the amount to
be withheld is determined in the
manner described in the applicable
forms, instructions, publications, and
other guidance prescribed by the
Commissioner. The rules for
withholding when the payee has not
furnished a withholding certificate
apply regardless of whether the payor is
aware of the payee’s actual marital
status or actual Federal income tax
filing status.
(c)(1) Q–2: Do rules similar to those
for wage withholding apply to the
furnishing of a withholding certificate
for periodic payments?
(2) A–2: Yes. Unless the rules of
section 3405 specifically conflict with
the rules of section 3402, the rules for
withholding on periodic payments that
are not eligible rollover distributions
will parallel the rules for wage
withholding. Thus, if a withholding
certificate is furnished by a payee, it
will generally take effect in accordance
with section 3402(f)(3) and as provided
in applicable forms, instructions,
publications, and other guidance
prescribed by the Commissioner. If no
withholding certificate is furnished, the
amount withheld must be determined in
the manner described in the applicable
forms, instructions, publications, and
other guidance prescribed by the
Commissioner for withholding on
periodic payments when no
withholding certificate is furnished.
(d)(1) Q–3: What is the applicability
date of this section?
(2) A–3: This section applies with
respect to periodic payments made after
December 31, 2020.

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PART 35—EMPLOYMENT TAX AND
COLLECTION OF INCOME TAX AT
SOURCE REGULATIONS UNDER THE
TAX EQUITY AND FISCAL
RESPONSIBILITY ACT OF 1982
Par. 3. The authority citation for part
35 continues to read in part as follows:

■

Authority: 26 U.S.C. 6047(e), 7805; 68A
Stat. 917; 96 Stat. 625; Public Law 97–248 (96
Stat. 623) * * *
§ 35.3405–1T

[Amended]

Par. 4. Section 35.3405–1T is
amended by removing and reserving
entry a–10 in section A and entries b–
3 and b–4 in section B.

■

Sunita Lough,
Deputy Commissioner for Services and
Enforcement.
Approved: September 25, 2020.
David J. Kautter,
Assistant Secretary of the Treasury (Tax
Policy).
[FR Doc. 2020–21777 Filed 9–30–20; 8:45 am]
BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 520
International Criminal Court-Related
Sanctions Regulations
Office of Foreign Assets
Control, Treasury.
ACTION: Final rule.
AGENCY:

The Department of the
Treasury’s Office of Foreign Assets
Control (OFAC) is adding regulations to
implement Executive Order 13928 of
June 11, 2020 (‘‘Blocking Property of
Certain Persons Associated With the
International Criminal Court’’). OFAC
intends to supplement these regulations
with a more comprehensive set of
regulations, which may include
additional interpretive and definitional
guidance, general licenses, and
statements of licensing policy.
DATES: This rule is effective October 1,
2020.
FOR FURTHER INFORMATION CONTACT:
OFAC: Assistant Director for Licensing,
202–622–2480; Assistant Director for
Regulatory Affairs, 202–622–4855; or
Assistant Director for Sanctions
Compliance & Evaluation, 202–622–
2490.
SUPPLEMENTARY INFORMATION:
SUMMARY:

Electronic Availability
This document and additional
information concerning OFAC are

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available on OFAC’s website
(www.treasury.gov/ofac).
Background
On June 11, 2020, the President,
invoking the authority of, inter alia, the
International Emergency Economic
Powers Act (50 U.S.C. 1701–1706)
(IEEPA), issued Executive Order 13928
(85 FR 36139, June 15, 2020) (E.O.
13928).
In E.O. 13928, the President found
that the situation with respect to the
International Criminal Court (ICC) and
its illegitimate assertions of jurisdiction
over personnel of the United States and
certain of its allies, including the ICC
Prosecutor’s investigation into actions
allegedly committed by United States
military, intelligence, and other
personnel in or relating to Afghanistan,
threatens to subject current and former
United States Government and allied
officials to harassment, abuse, and
possible arrest. The President therefore
determined that any attempt by the ICC
to investigate, arrest, detain, or
prosecute any United States personnel
without the consent of the United
States, or of personnel of countries that
are United States allies and who are not
parties to the Rome Statute or have not
otherwise consented to ICC jurisdiction,
constitutes an unusual and
extraordinary threat to the national
security and foreign policy of the United
States and declared a national
emergency to deal with that threat.
OFAC is issuing the International
Criminal Court-Related Sanctions
Regulations, 31 CFR part 520 (the
‘‘Regulations’’), to implement E.O.
13928, pursuant to authorities delegated
to the Secretary of the Treasury in E.O.
13928. A copy of E.O. 13928 appears in
appendix A to this part.
The Regulations are being published
in abbreviated form at this time for the
purpose of providing immediate
guidance to the public. OFAC intends to
supplement this part 520 with a more
comprehensive set of regulations, which
may include additional interpretive and
definitional guidance, general licenses,
and statements of licensing policy. The
appendix to the Regulations will be
removed when OFAC supplements this
part with a more comprehensive set of
regulations.
Public Participation
Because the Regulations involve a
foreign affairs function, the provisions
of Executive Order 12866 and the
Administrative Procedure Act (5 U.S.C.
553) requiring notice of proposed
rulemaking, opportunity for public
participation, and delay in effective
date, as well as the provisions of

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