Proposed Collection; Comment Request for Information Collection Tools, 60025-60026 [2012-23974]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 77, Number 190 (Monday, October 1, 2012)]
[Notices]
[Pages 60025-60026]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-23974]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Information Collection 
Tools

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, INTL-485-89 (TD 8400), Taxation of Gain or 
Loss from Certain Nonfunctional Currency Transactions (Section 988 
Transactions) (Sections 1.988-0 through 1.988-5); Form 1120-W, 
Estimated Tax for Corporations; and Form 944, Employer's Annual 
Employment Tax Return, Form 944(SP), Declaracion Federal Anual de 
Impuestos del Patrono o Empleador and Form 944-X, Adjusted Employer's 
Annual Federal Tax Return or Claim for Refund.

DATES: Written comments should be received on or before November 30, 
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. Please send separate comments for each specific information 
collection listed below. You must reference the information 
collection's title, form number, reporting or record-keeping 
requirement number, and OMB number (if any) in your comment.

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

SUPPLEMENTARY INFORMATION: Currently, the IRS is seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    (1) Title: Taxation of Gain or Loss from Certain Nonfunctional 
Currency Transactions (Section 988 Transactions).
    OMB Number: 1545-1131.
    Form Number: INTL-485-89.
    Abstract: Internal Revenue Code sections 988(c)(1)(D) and (E) allow 
taxpayers to make elections concerning the taxation of exchange gain or 
loss on certain foreign currency denominated transactions. In addition, 
Code sections 988(a)(1)(B) and 988(d) require taxpayers to identify 
transactions which generate capital gain or loss or which are hedges of 
other transactions. This regulation provides guidance on making the 
elections and complying with the identification rules.
    Current Actions: There are no changes to the previously approved 
burden of this existing collection.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households and business or other 
for-profit organizations.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 40 min.
    Estimated Total Annual Burden Hours: 3,333.
    (2) Title: Estimated Tax for Corporations.
    OMB Number: 1545-0975.
    Form Number: 1120-W.
    Abstract: Under section 6655 of the Internal Revenue Code, a 
corporation with an income tax liability of $500 or more must make four 
required installments of estimated tax during the tax year or be 
subject to a penalty for failure to pay estimated income tax. Form 
1120-W is used by corporations to compute their estimated income tax 
and the amount of each required installment.
    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.
    Estimated Number of Respondents: 900,000.
    Estimated Time per Respondent: 14 hrs., 16 min.
    Estimated Total Annual Reporting Burden hours: 12,831,766.
    (3) Title: Employer's Annual Employment Tax Return.
    OMB Number: 1545-2007.
    Form Number: Forms 944, 944(SP) and 944-X.
    Abstract: The information on Form 944 will be collected to ensure 
the smallest nonagricultural and nonhousehold employers are paying the 
correct amount of social security tax, Medicare tax, and withheld 
federal income tax. Information on line 13 will be used to determine if 
employers made any required deposits of these taxes. Form 944(SP) is 
the Spanish version of the Form 944. 944-X is used to correct errors 
made on Form 944.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individual or households, businesses and other 
for-profit organizations, not-for-profit institutions, and State, 
Local, and tribal Governments.
    Estimated Number of Respondents: 1,020,000.
    Estimated Time per Respondent: 13 hrs., 44 min.
    Estimated Total Annual Burden Hours: 14,019,000.

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.


[[Page 60026]]


    Approved: September 24, 2012.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2012-23974 Filed 9-28-12; 8:45 am]
BILLING CODE 4830-01-P