Proposed Collection; Comment Request for Revenue Procedure 99-50, 6862 [2012-2993]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 77, Number 27 (Thursday, February 9, 2012)]
[Notices]
[Page 6862]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-2993]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 99-50

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 
Revenue Procedure 99-50, Combined Information Reporting.

DATES: Written comments should be received on or before April 9, 2012 
to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette Lawrence, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of revenue procedure should be directed to R. Joseph Durbala, at 
(202) 622-3634, or at Internal Revenue Service, Room 6129, 1111 
Constitution Avenue NW., Washington, DC 20224, or through the Internet, 
at RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION: Title: Combined Information Reporting.
    OMB Number: 1545-1667.
    Revenue Procedure Number: Revenue Procedure 99-50.
    Abstract: Revenue Procedure 99-50 permits combined information 
reporting by a successor business entity (i.e., a corporation, 
partnership, or sole proprietorship) in certain situations following a 
merger or an acquisition. Combined information reporting may be elected 
by a successor with respect to certain Forms 1042-S, all forms in the 
series 1098, 1099, and 5498, and Forms W-2G. The successor must file a 
statement with the IRS indicating what forms are being filed on a 
combined basis.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, not-
for-profit institutions, and farms.
    Estimated Number of Respondents: 6,000.
    Estimated Average Time per Respondent: 5 minutes.
    Estimated Total Annual Burden Hours: 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: February 3, 2012.
Yvette Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2012-2993 Filed 2-8-12; 8:45 am]
BILLING CODE 4830-01-P