Proposed Collection; Comment Request for Form 8697, 28986-28987 [E5-2498]

Download as PDF 28986 Federal Register / Vol. 70, No. 96 / Thursday, May 19, 2005 / Notices DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8840 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104–13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 8840, Closer Connection Exception Statement for Aliens. DATES: Written comments should be received on or before July 18, 2005, to be assured of consideration. ADDRESSES: Direct all written comments to Glenn Kirkland, Internal Revenue Service, room 6512, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions should be directed to Larnice Mack at Internal Revenue Service, room 6512, 1111 Constitution Avenue, NW., Washington, DC 20224, or at (202) 622– 3179, or through the Internet at Larnice.Mack@irs.gov. SUPPLEMENTARY INFORMATION: Title: Closer Connection Exception Statement for Aliens. OMB Number: 1545–1410. Form Number: 8840. Abstract: Form 8840 is used by an alien individual, who otherwise meets the substantial presence test, to explain the basis of the individual’s claim that he or she is able to satisfy the closer connection exception described in Reg. Section 301.7701(b)–2. Current Actions: There are no changes being made to the form at this time. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households. Estimated Number of Respondents: 350,000. Estimated Time Per Respondent: 2 hours., 25 minutes. Estimated Total Annual Burden Hours: 843,500. The following paragraph applies to all of the collections of information covered by this notice: VerDate jul<14>2003 22:14 May 18, 2005 Jkt 205001 An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: May 10, 2005. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E5–2497 Filed 5–18–05; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8697 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104–13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 8697, Interest Computation Under the PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 Look-Back Method for Completed LongTerm Contracts. DATES: Written comments should be received on or before July 18, 2005, to be assured of consideration. ADDRESSES: Direct all written comments to Glenn Kirkland Internal Revenue Service, room 6512, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions should be directed to Larnice Mack at Internal Revenue Service, room 6512, 1111 Constitution Avenue, NW., Washington, DC 20224, or at (202) 622– 3179, or through the Internet at Larnice.Mack@irs.gov. SUPPLEMENTARY INFORMATION: Title: Interest Computation Under the Look-Back Method for Completed LongTerm Contracts. OMB Number: 1545–1031. Form Number: Form 8697. Abstract: Taxpayers who are required to account for all or part of any longterm contract entered into after February 28, 1986, under the percentage of completion method must use Form 8697 to compute and report interest due or to be refunded under Internal Revenue Code section 460(b)93). The IRS uses Form 8697 to determine if the interest has been figured correctly. Current Actions: There are no changes being made to the Form 8697 at this time. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations and individuals. Estimated Number of Respondents: 5,000. Estimated Time Per Respondent: 13 hrs, 40 minutes. Estimated Total Annual Burden Hours: 63,340. The following paragraph applies to all of the collections of information covered by this notice: An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: E:\FR\FM\19MYN1.SGM 19MYN1 Federal Register / Vol. 70, No. 96 / Thursday, May 19, 2005 / Notices (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the VerDate jul<14>2003 22:14 May 18, 2005 Jkt 205001 quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 28987 maintenance, and purchase of services to provide information. Approved: May 12, 2005. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E5–2498 Filed 5–18–05; 8:45 am] BILLING CODE 4830–01–P E:\FR\FM\19MYN1.SGM 19MYN1

Agencies

[Federal Register Volume 70, Number 96 (Thursday, May 19, 2005)]
[Notices]
[Pages 28986-28987]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2498]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8697

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 8697, Interest Computation Under the Look-Back Method for 
Completed Long-Term Contracts.

DATES: Written comments should be received on or before July 18, 2005, 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland Internal 
Revenue Service, room 6512, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Larnice Mack 
at Internal Revenue Service, room 6512, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-3179, or through the Internet at 
Larnice.Mack@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Interest Computation Under the Look-Back Method for 
Completed Long-Term Contracts.
    OMB Number: 1545-1031.
    Form Number: Form 8697.
    Abstract: Taxpayers who are required to account for all or part of 
any long-term contract entered into after February 28, 1986, under the 
percentage of completion method must use Form 8697 to compute and 
report interest due or to be refunded under Internal Revenue Code 
section 460(b)93). The IRS uses Form 8697 to determine if the interest 
has been figured correctly.
    Current Actions: There are no changes being made to the Form 8697 
at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 5,000.
    Estimated Time Per Respondent: 13 hrs, 40 minutes.
    Estimated Total Annual Burden Hours: 63,340.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on:

[[Page 28987]]

(a) Whether the collection of information is necessary for the proper 
performance of the functions of the agency, including whether the 
information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: May 12, 2005.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-2498 Filed 5-18-05; 8:45 am]
BILLING CODE 4830-01-P

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