Proposed Collection; Comment Request for Form 1120-FSC and Schedule P (Form 1120-FSC), 36607 [E6-10066]
Download as PDF
<![CDATA[
Federal Register / Vol. 71, No. 123 / Tuesday, June 27, 2006 / Notices
sroberts on PROD1PC70 with NOTICES
SUPPLEMENTARY INFORMATION:
Title: Underpayment of Estimated Tax
by Individuals, Estate, and Trusts (Form
2210), and Underpayment of Estimated
Tax by Farmers and Fishermen (Form
2210–F).
OMB Number: 1545–0140.
Form Number: 2210 AND 2210–F.
Abstract: Internal Revenue Code
section 6654 imposes a penalty for
failure to pay estimated tax. Form 2210
is used by individuals, estates, and
trusts and Form 2210–F is used by
farmers and fisherman to determine
whether they are subject to the penalty
and to compute the penalty if it applies.
The Service uses this information to
determine whether taxpayers are subject
to the penalty, and to verify the penalty
amount.
Current Actions: There are no changes
being made to the forms at this time.
Type of Review: Revision of a
currently approved collection.
Affected Public: Individuals or
households, business or other for-profit
organizations, and farms.
Estimated Number of Respondents:
599,999.
Estimated Time Per Respondent: 8 hr.,
32 min.
Estimated Total Annual Burden
Hours: 2,342,663.
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
VerDate Aug<31>2005
17:33 Jun 26, 2006
Jkt 208001
or start-up costs and costs of operation,
maintenance, and purchase of services
to provide information.
Approved: June 20, 2006.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6–10064 Filed 6–26–06; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 1120–FSC and
Schedule P (Form 1120–FSC)
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
1120–FSC, U.S. Income Tax Return of a
Foreign Sales Corporation, and
Schedule P (Form 1120–FSC), Transfer
Price or Commission.
DATES: Written comments should be
received on or before August 28, 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 form and instructions
should be directed to R. Joseph Durbala,
(202) 622–3634, at 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 1120–FSC, U.S. Income
Tax Return of a Foreign Sales
Corporation, and Schedule P (Form
1120–FSC), Transfer Price or
Commission.
OMB Number: 1545–0935.
Form Number: 1120–FSC and
Schedule P (Form 1120–FSC).
Abstract: Form 1120–FSC is filed by
foreign corporations that have elected to
be FSCs or small FSCs. The FSC uses
Form 1120–FSC to report income and
PO 00000
Frm 00092
Fmt 4703
Sfmt 4703
36607
expenses and to figure its tax liability.
IRS uses Form 1120–FSC and Schedule
P (Form 1120–FSC) to determine
whether the FSC has correctly reported
its income and expenses and figured its
tax liability correctly.
Current Actions: There are no changes
being made to the form at this time.
Type of Review: Revision of a
currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Respondents:
30,000.
Estimated Time Per Respondent: 165
hours, 52 minutes.
Estimated Total Annual Burden
Hours: 1,089,500.
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: June 20, 2006.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6–10066 Filed 6–26–06; 8:45 am]
BILLING CODE 4830–01–P
E:\FR\FM\27JNN1.SGM
27JNN1
]]>Agencies
[Federal Register Volume 71, Number 123 (Tuesday, June 27, 2006)]
[Notices]
[Page 36607]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-10066]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1120-FSC and
Schedule P (Form 1120-FSC)
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 1120-FSC, U.S. Income Tax Return of a Foreign Sales Corporation,
and Schedule P (Form 1120-FSC), Transfer Price or Commission.
DATES: Written comments should be received on or before August 28, 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 form and instructions should be directed to R. Joseph
Durbala, (202) 622-3634, at 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 1120-FSC, U.S. Income Tax Return of a Foreign Sales
Corporation, and Schedule P (Form 1120-FSC), Transfer Price or
Commission.
OMB Number: 1545-0935.
Form Number: 1120-FSC and Schedule P (Form 1120-FSC).
Abstract: Form 1120-FSC is filed by foreign corporations that have
elected to be FSCs or small FSCs. The FSC uses Form 1120-FSC to report
income and expenses and to figure its tax liability. IRS uses Form
1120-FSC and Schedule P (Form 1120-FSC) to determine whether the FSC
has correctly reported its income and expenses and figured its tax
liability correctly.
Current Actions: There are no changes being made to the form at
this time.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 30,000.
Estimated Time Per Respondent: 165 hours, 52 minutes.
Estimated Total Annual Burden Hours: 1,089,500.
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: June 20, 2006.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6-10066 Filed 6-26-06; 8:45 am]
BILLING CODE 4830-01-P
