Proposed Collection; Comment Request for Form 5304-SIMPLE, Form 5305-SIMPLE, and Notice 98-4, 17561 [E6-5010]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 71, Number 66 (Thursday, April 6, 2006)]
[Notices]
[Page 17561]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-5010]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 5304-SIMPLE, Form 
5305-SIMPLE, and Notice 98-4

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 
Form 5304-SIMPLE, Savings Incentive Match Plan for Employees of Small 
Employers (SIMPLE)--Not for Use With a Designated Financial 
Institution; Form 5305-SIMPLE, Savings Incentive Match Plan for 
Employees of Small Employers (SIMPLE)--for Use With a Designated 
Financial Institution; Notice 98-4, Simple IRA Plan Guidance.

DATES: Written comments should be received on or before June 5, 2006 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal 
Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the forms, instructions, and notice should be directed to R. 
Joseph Durbala, (202) 622-3634, Internal Revenue Service, room 6516, 
1111 Constitution Avenue NW., Washington, DC 20224, or through the 
Internet at RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Form 5304-SIMPLE, Savings Incentive Match Plan for Employees 
of Small Employers (SIMPLE)--Not for Use With a Designated Financial 
Institution, Form 5304-SIMPLE; Savings Incentive Match Plan for 
Employees of Small Employers (SIMPLE)--for Use With a Designated 
Financial Institution, Form 5305-SIMPLE; SIMPLE IRA Plan Guidance 
(Notice 98-4).
    OMB Number: 1545-1502.
    Form Number: Form 5304-SIMPLE, Form 5305-SIMPLE, and Notice 98-4.
    Abstract: Form 5304-SIMPLE is a model SIMPLE IRA agreement that was 
created to be used by an employer to permit employees who are not using 
a designated financial institution to make salary reduction 
contributions to a SIMPLE IRA described in Internal Revenue Code 
section 408(p). Form 5305-SIMPLE is also a model SIMPLE IRA agreement, 
but it is for use with a designated financial institution. Notice 98-4 
provides guidance for employers and trustees regarding how they can 
comply with the requirements of Code section 408(p) in establishing and 
maintaining a SIMPLE IRA, including information regarding the 
notification and reporting requirements under Code section 408.
    Current Actions: The total burden was decreased by 14,000 hours as 
a result of corrections to prior computations. We are making this 
submission for renewal purposes.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations not-
for-profit institutions, and individuals.
    Estimated Number of Respondents: 600,000.
    Estimated Time Per Respondent: 3 hours, 32 minutes.
    Estimated Total Annual Burden Hours: 2,113,000.
    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: March 27, 2006.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6-5010 Filed 4-5-06; 8:45 am]
BILLING CODE 4830-01-P