Proposed Collection; Comment Request for Regulation Project, 13402 [2013-04486]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 78, Number 39 (Wednesday, February 27, 2013)]
[Notices]
[Page 13402]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-04486]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

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 
the election not to apply look-back method in de minimis cases.

DATES: Written comments should be received on or before April 29, 2013 
to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette Lawrence, Internal 
Revenue Service, Room 6516, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation should be directed to R. Katherine Dean, 202-
622-3186, Internal Revenue Service, Room 6516, 1111 Constitution Avenue 
NW., Washington, DC 20224, or through the Internet at 
Katherine.b.dean@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Election Not to Apply Look-Back Method in De Minimis Cases.
    OMB Number: 1545-1572.
    Regulation Project Number: Reg-120200-97.
    Abstract: Under Internal Revenue Code section 460(b)(6), a taxpayer 
may elect not to apply the look-back method to long-term contracts in 
de minimis cases. The taxpayer is required under the regulation to 
notify the IRS of its election.
    Current Actions: There are no changes being made to this existing 
regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 20,000.
    Estimated Time per Respondent: 12 min.
    Estimated Total Annual Burden Hours: 4,000.
    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 13, 2013.
Yvette Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2013-04486 Filed 2-26-13; 8:45 am]
BILLING CODE 4830-01-P