Proposed Collection; Comment Request for Regulation Project, 61171 [E5-5784]

Download as PDF Federal Register / Vol. 70, No. 202 / Thursday, October 20, 2005 / Notices Paperwork Reduction Act of 1995, Public Law 104–13. Copies of the submission(s) may be obtained by calling the Treasury Bureau Clearance Officer listed. Comments regarding this information collection should be addressed to the OMB reviewer listed and to the Treasury Department Clearance Officer, Department of the Treasury, Room 11000, 1750 Pennsylvania Avenue, NW., Washington, DC 20220. DATES: Written comments should be received on or before November 21, 2005, to be assured of consideration. 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 an existing final regulation, FI–81–86 (TD 8513), Bad Debt reserves of Banks (§ 1.585–8). DATES: Written comments should be received on or before December 19, 2005 to be assured of consideration. Alcohol and Tobacco Tax and Trade ADDRESSES: Direct all written comments Bureau (TTB) to Glenn Kirkland, Internal Revenue OMB Number: 1513–0043. Service, room 6512, 1111 Constitution Type of Review: Extension. Avenue, NW., Washington, DC 20224. Title: Application and Permit to Ship FOR FURTHER INFORMATION CONTACT: Puerto Rican Spirits to the United States Requests for additional information or without payment of tax. copies of the regulations should be Form: TTB form 5110.31. directed to Larnice Mack at Internal Description: TTB form 5110.31 is used Revenue Service, room 6512, 1111 to allow a person to ship spirits in bulk Constitution Avenue NW., Washington, into the U.S. The form identifies the DC 20224, or at (202) 622–3179, or person in Puerto Rico from where through the Internet at shipments are to be made, the person in (Larnice.Mack@irs.gov). the U.S. receiving the spirits, amounts SUPPLEMENTARY INFORMATION: of spirits to be shipped and the bond of Title: Bad Debt Reserves of Banks. the U.S. person to cover taxes on such OMB Number: 1545–1290. spirits. Regulation Project Number: FI–81–86. Respondents: Business or other forAbstract: Section 585(c) of the profit. Internal Revenue Code requires large Estimated Total Burden Hours: 750 banks to change from reserve method of hour. accounting to the specific charge off Clearance Officer: Frank Foote, method of accounting for bad debts. Alcohol and Tobacco Tax and Trade Section 1.585–8 of the regulation Bureau, Room 200 East, 1310 G. Street, NW., Washington, DC 20005, (202) 927– contains reporting requirements in cases in which large banks elect (1) to include 9347. in income an amount greater than that OMB Reviewer: Alexander T. Hunt, prescribed by the Code; (2) to use the Office of Management and Budget, elective cut-off method of accounting: or Room 10235, New Executive Office (3) to revoke any elections previously Building, Washington, DC 20503, (202) made. 395–7316. Current Actions: There is no change to Michael A. Robinson, these existing regulations. Type of Review: Extension of Treasury PRA Clearance Officer. currently approved collection. [FR Doc. 05–20956 Filed 10–19–05; 8:45 am] Affected Public: Business or other forBILLING CODE 4810–31–P profit organizations. Estimated Number of Respondents: 2,500. DEPARTMENT OF THE TREASURY Estimated Time Per Respondent: 15 min. Internal Revenue Service Estimated Total Annual Burden [FI–81–86] Hours: 625. The following paragraph applies to all Proposed Collection; Comment of the collections of information covered Request for Regulation Project by this notice: An agency may not conduct or AGENCY: Internal Revenue Service (IRS), sponsor, and a person is not required to Treasury. respond to, a collection of information ACTION: Notice and request for unless the collection of information comments. displays a valid OMB control number. SUMMARY: The Department of the Books or records relating to a collection Treasury, as part of its continuing effort of information must be retained as long VerDate Aug<31>2005 16:14 Oct 19, 2005 Jkt 208001 PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 61171 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: October 11, 2005. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E5–5784 Filed 10–19–05; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Internal Revenue Service (IRS) Treasury. ACTION: Notice. AGENCY: SUMMARY: An open meeting of the Taxpayer Advocacy Panel will be held. The Taxpayer Advocacy Panel is soliciting public comment, ideas, and suggestions on improving customer service at the Internal Revenue Service. DATES: The meeting will be held Thursday, November 3, 2005, from 1:30 to 5:30 p.m. and Friday, November 4, 2005, from 8 a.m. to Noon, Eastern Time. FOR FURTHER INFORMATION CONTACT: LaVerne Walker at 1–866–602–2223. SUPPLEMENTARY INFORMATION: Notice is hereby given pursuant to Section 10(a)(2) of the Federal Advisory Committee Act, 5 U.S.C. App. (1988) that an open meeting of the of the Taxpayer Advocacy Panel will be held Thursday, November 3, 2005, from 1:30 to 5:30 p.m. and Friday, November 4, E:\FR\FM\20OCN1.SGM 20OCN1

Agencies

[Federal Register Volume 70, Number 202 (Thursday, October 20, 2005)]
[Notices]
[Page 61171]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-5784]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[FI-81-86]


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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 an 
existing final regulation, FI-81-86 (TD 8513), Bad Debt reserves of 
Banks (Sec.  1.585-8).

DATES: Written comments should be received on or before December 19, 
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 regulations 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: Bad Debt Reserves of Banks.
    OMB Number: 1545-1290.
    Regulation Project Number: FI-81-86.
    Abstract: Section 585(c) of the Internal Revenue Code requires 
large banks to change from reserve method of accounting to the specific 
charge off method of accounting for bad debts. Section 1.585-8 of the 
regulation contains reporting requirements in cases in which large 
banks elect (1) to include in income an amount greater than that 
prescribed by the Code; (2) to use the elective cut-off method of 
accounting: or (3) to revoke any elections previously made.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,500.
    Estimated Time Per Respondent: 15 min.
    Estimated Total Annual Burden Hours: 625.
    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: (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: October 11, 2005.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-5784 Filed 10-19-05; 8:45 am]
BILLING CODE 4830-01-P

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