Submission for OMB Review; Comment Request, 10367-10369 [2016-04340]
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Federal Register / Vol. 81, No. 39 / Monday, February 29, 2016 / Notices
asabaliauskas on DSK5VPTVN1PROD with NOTICES
II. Paperwork Reduction Act (‘‘PRA’’): 6
Title: Information sharing between
government agencies and financial
institutions.
Office of Management and Budget
(‘‘OMB’’) Number: 1506–0049.
Form Number: Not Applicable.
Abstract: 31 CFR Chapter X,
Information sharing between
government agencies and financial
institutions (31 CFR 1010.520) details
the requirements of section 314(a) of the
USA PATRIOT Act. Each financial
institution (as defined in 31 U.S.C.
5312(a)(2) or (c)(1)) should refer to its
Chapter X part for any additional
special information sharing procedures.
Type of Review: Extension without
change of a currently approved
collection.
Affected Public: Businesses or other
for-profit and non-profit organizations,
and the Federal, state, and local
government.
Frequency: As required.
Estimated Number of Respondents:
20,134.7
Estimated Time per Respondent: 54
hours annually.8
Estimated Total Annual Burden
Hours: 1,087,236.9
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.
In accordance with 31 CFR
1010.330(e)(3), a person required to
make a report under this section must
keep a copy of each report filed for five
years from the date of filing.
Request for Comments: Comments
submitted in response to this notice will
6 The PRA does not apply to the requirement in
section 1010.520(b)(2) concerning reports by
financial institutions in response to a request from
FinCEN on behalf of a Federal law enforcement
agency. See 5 CFR 1320.4(a)(2). Therefore, this
renewal applies only to the use of the 314(a)
program with respect to queries initiated by nonfederal law enforcement entities.
7 On an annual basis, there are approximately
20,134 covered financial institutions, consisting of
certain commercial banks, savings associations, and
credit unions, securities broker-dealers, future
commission merchants, certain trust companies, life
insurance companies, mutual funds and money
services businesses.
8 Estimated requests per annum subject to the
PRA include, 10 from FinCEN, 50 from state and
local law enforcement, and 30 from European
Union countries approved by treaty, for a total of
90 requests per annum, with each request
containing an average of 9 subjects (including
aliases). Each subject requires 4 minutes to
research, resulting in (90 x 9 x 4 ÷ 60) = 54 hours
per year.
9 Burden computation is as follows: 54 hours per
year per respondent times 20,134 respondents (54
x 20,134) = 1,087,236 hours.
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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.
Jamal El-Hindi,
Deputy Director, Financial Crimes
Enforcement Network.
[FR Doc. 2016–04275 Filed 2–26–16; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Submission for OMB Review;
Comment Request
February 24, 2016.
The Department of the Treasury will
submit the following information
collection requests to the Office of
Management and Budget (OMB) for
review and clearance in accordance
with the Paperwork Reduction Act of
1995, Public Law 104–13, on or after the
date of publication of this notice.
DATES: Comments should be received on
or before March 30, 2016 to be assured
of consideration.
ADDRESSES: Send comments regarding
the burden estimates, or any other
aspect of the information collections,
including suggestions for reducing the
burden, to (1) Office of Information and
Regulatory Affairs, Office of
Management and Budget, Attention:
Desk Officer for Treasury, New
Executive Office Building, Room 10235,
Washington, DC 20503, or email at
OIRA_Submission@OMB.EOP.gov and
(2) Treasury PRA Clearance Officer,
1750 Pennsylvania Ave. NW., Suite
8117, Washington, DC 20220, or email
at PRA@treasury.gov.
FOR FURTHER INFORMATION CONTACT:
Copies of the submissions may be
obtained by emailing PRA@treasury.gov,
calling (202) 622–1295, or viewing the
entire information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
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10367
Internal Revenue Service (IRS)
OMB Number: 1545–0192.
Type of Review: Extension of a
currently approved collection.
Title: Tax on Accumulation
Distribution of Trusts.
Abstract: Form 4970 is used by a
beneficiary of a domestic or foreign trust
to compute the tax adjustment
attributable to an accumulation
distribution. The form is used to verify
whether the correct tax has been paid on
the accumulation distribution.
Estimated Total Annual Burden
Hours: 42,900.
OMB Number: 1545–0228.
Type of Review: Extension of a
currently approved collection.
Title: Form 6252—Installment Sale
Income.
Abstract: Information is needed to
figure and report an installment sale for
a casual or incidental sale of personal
property, and a sale of real property by
someone not in the business of selling
real estate. Data is used to determine
whether the installment sale has been
properly reported and the correct
amount of profit is included in income
on the taxpayer’s return.
Estimated Total Annual Burden
Hours: 1,597,008.
OMB Number: 1545–0865.
Type of Review: Extension of a
currently approved collection.
Title: Form 8918—Material Advisor
Disclosure Statement.
Abstract: The American Jobs Creation
Act of 2004, Public Law 108–357, 118
Stat. 1418, (AJCA) was enacted on
October 22, 2004. Section 815 of the
AJCA amended section 6111 to require
each material advisor with respect to
any reportable transaction to make a
return (in such form as the Secretary
may prescribe) setting forth: (1)
Information identifying and describing
the transaction; (2) information
describing any potential tax benefits
expected to result from the transaction;
and (3) such other information as the
Secretary may prescribe.
Estimated Total Annual Burden
Hours: 5,096.
OMB Number: 1545–0940.
Type of Review: Extension of a
currently approved collection.
Title: TD 8086—Election for $10
Million Limitation on Exempt Small
Issues of Industrial Development Bonds;
Supplemental Capital Expenditure
Statements (LR–185–84 Final).
Abstract: The regulation liberalizes
the procedure by which the state or
local government issuer of an exempt
small issue of tax-exempt bonds elects
the $10 million limitation upon the size
of such issue and deletes the
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Federal Register / Vol. 81, No. 39 / Monday, February 29, 2016 / Notices
requirement to file certain supplemental
capital expenditure statements.
Estimated Total Annual Burden
Hours: 1,000.
OMB Number: 1545–0945.
Type of Review: Extension of a
currently approved collection.
Title: TD 7852—Registration
Requirements with Respect to Deb
Obligations (NPRM, LR–255–82).
Abstract: The rule requires an issuer
of a registration-required obligation and
any person holding the obligation as a
nominee or custodian on behalf of
another to maintain ownership records
in a manner which will permit
examination by the IRS in connection
with enforcement of the Internal
Revenue laws.
Estimated Total Annual Burden
Hours: 50,000.
OMB Number: 1545–0976.
Type of Review: Revision of a
currently approved collection.
Title: Form 990–W, Estimated Tax on
Unrelated Business Taxable Income for
Tax-Exempt Organizations.
Abstract: Form 990–W is used by taxexempt trusts and tax-exempt
corporations to figure estimated tax
liability on unrelated business income
and on investment income for private
foundations and the amount of each
installment payment. Form 990–W is a
worksheet only. It is not required to be
filed.
Estimated Total Annual Burden
Hours: 281,493.
OMB Number: 1545–1016.
Type of Review: Extension of a
currently approved collection.
Title: Return of Excise Tax on
Undistributed Income of Regulated
Investment Companies.
Abstract: Form 8613 is used by
regulated investment companies to
compute and pay the excise tax on
undistributed income imposed under
section 4982. IRS uses the information
to verify that the correct amount of tax
has been reported.
Estimated Total Annual Burden
Hours: 17,820.
OMB Number: 1545–1060.
Type of Review: Extension of a
currently approved collection.
Title: Application for Withholding
Certificate for Dispositions by Foreign
Persons of U.S. Real Property Interests.
Abstract: Form 8288–B is used to
apply for a withholding certification
from IRS to reduce or eliminate the
withholding required by section 1445.
Estimated Total Annual Burden
Hours: 29,256.
OMB Number: 1545–1069.
Type of Review: Extension of a
currently approved collection.
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Title: EE–175–86 (Final) Certain Cash
or Deferred Arrangements and
Employee and Matching Contributions
under Employee Plans: REG–108639–99
(NPRM) Retirement Plans; Cash or
Deferred Arrangements.
Abstract: The IRS needs this
information to insure compliance with
sections 401(k), 401(m), and 4979 of the
Internal Revenue Code. Certain
additional taxes may be imposed if
sections 401(k) and 401(m) are not
complied with.
Estimated Total Annual Burden
Hours: 1,060,000.–
OMB Number: 1545–1442.
Type of Review: Extension of a
currently approved collection.
Title: T.D. 8633—Grantor Trust
Reporting Requirements.
Abstract: The information required by
these regulations is used by the Internal
Revenue Service to ensure that items of
income, deduction, and credit of a trust
as owned by the grantor or another
person are properly reported.
Estimated Total Annual Burden
Hours: 920,000.
OMB Number: 1545–1444.
Type of Review: Extension of a
currently approved collection.
Title: Form 8844, Empowerment Zone
Employment Credit.
Abstract: The empowerment zone
employment (EZE) credit is part of the
general business credit under section
38. However, unlike the other
components of the general business
credit, taxpayers are allowed to offset 25
percent of their alternative minimum
tax with the EZE credit.
Estimated Total Annual Burden
Hours: 237,600.
OMB Number: 1545–1538.
Type of Review: Extension of a
currently approved collection.
Title: Notice 97–34, Information
Reporting on Transactions With Foreign
Trusts and on Large Foreign Gifts.
Abstract: This notice provides
guidance on the foreign trust and
foreign gift information reporting
provisions contained in the Small
Business Job Protection Act of 1996.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 3,750.
OMB Number: 1545–1699.
Type of Review: Revision of a
currently approved collection.
Title: TD 9002 (TD 9715)—Agent for
Consolidated Group; Rev Proc 2015–26
(Rev Proc 2002–43)—Determination of a
Substitute Agent for a Consolidated
Group.
Abstract: Section 1501 of the Internal
Revenue Code (the ‘‘Code’’) states that
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an affiliated group of corporations shall
have the privilege of making a
consolidated return with respect to the
Federal income taxes for the taxable
year in lieu of separate returns.
Section 1502 of the Code states that
the Secretary of the Treasury shall
prescribe such regulations as deemed
necessary in order to determine,
compute and assess the Federal income
tax liability of any affiliated group of
corporations making a consolidated
Federal income tax return.
The rules in Treas. Reg. §§ 1.1502–77,
1.1502–77A, and 1.1502–77B, Rev. Proc.
2002–43 and Rev. Proc. 2015–26
necessitate collecting information from
taxpayers in order for the Commissioner
to more effectively communicate with
the agent to determine the group’s
federal income tax liability.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 400.
OMB Number: 1545–1816.
Type of Review: Extension of a
currently approved collection.
Title: TD 9054—Disclosure of Returns
and Return Information to Designee of
Taxpayer (as amended by TD 9618).
Abstract: Under section 6103(a),
returns and return information are
confidential unless disclosure is
otherwise authorized by the Code.
Section 6103(c), as amended in 1996 by
section 1207 of the Taxpayer Bill of
Rights II, Public Law 104–168 (110 Stat.
1452), authorizes the IRS to disclose
returns and return information to such
person or persons as the taxpayer may
designate in a request for or consent to
disclosure, or to any other person at the
taxpayer’s request to the extent
necessary to comply with a request for
information or assistance made by the
taxpayer to such other person.
Disclosure is permitted subject to such
requirements and conditions as may be
prescribed by regulations.
Estimated Total Annual Burden
Hours: 800.
OMB Number: 1545–1818.
Type of Review: Extension of a
currently approved collection.
Title: Rev. Proc. 2003–38, Commercial
Revitalization Deduction.
Abstract: Pursuant to Sec. 1400I of the
Internal Revenue Code, this procedure
provides the time and manner for states
to make allocations of commercial
revitalization expenditures to a new or
substantially rehabilitated building that
is placed in service in a renewal
community.
Estimated Total Annual Burden
Hours: 200.
OMB Number: 1545–1826.
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Type of Review: Extension of a
currently approved collection.
Title: Excise Tax on Structured
Settlement Factoring Transactions.
Abstract: Form 8876 is used to report
and pay the 40% excise tax imposed
Under section 5891 on the factoring
discount of a structured settlement
factoring transaction.
Estimated Total Annual Burden
Hours: 560.
OMB Number: 1545–1974.
Type of Review: Revision of a
currently approved collection.
Title: Schedule C (Form 1040), Profit
or Loss From Business.
Abstract: Schedule C (Form 1040) is
used by individuals to report their
business income, loss and expenses.
The data is used to verify that the items
reported on the form is correct and also
for general statistical use.
Estimated Total Annual Burden
Hours: 72,201,704.
OMB Number: 1545–2001.
Type of Review: Extension of a
currently approved collection.
Title: Rev. Proc. 2006–16, Renewal
Community Depreciation Provisions.
Abstract: This revenue procedure
provides the time and manner for states
to make retroactive allocations of
commercial revitalization expenditure
amounts to certain buildings placed is
service in the expanded area of renewal
community pursuant to Sec. 1400E(g) of
the Internal Revenue Code.
Estimated Total Annual Burden
Hours: 150.
OMB Number: 1545–2007.
Type of Review: Revision of a
currently approved collection.
Title: Employer’s Annual
Employment Tax Return.
Abstract: Form 944, Employer’s
Annual Federal Tax Return, is designed
so the smallest employers (those whose
annual liability for social security,
Medicare, and withheld federal income
taxes is $1,000 or less) will file and pay
these taxes only once a year instead of
every quarter. Form 944 is also provided
in Spanish, Form 944(SP). Employers
who discover they under or over
withheld income taxes from wages or
social security or Medicare tax in a prior
year use Form 944–X to report those
taxes and either make a payment, claim
a refund, or request an abatement. Form
944–X is also available in Spanish,
Form 944–X(SP).
Estimated Total Annual Burden
Hours: 2,191,570.
OMB Number: 1545–2010.
Type of Review: Extension of a
currently approved collection.
Title: Employer’s Annual Federal Tax
Return (American Samoa, Guam, the
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Commonwealth of the Northern Mariana
Islands, and the U.S. Virgin Islands).
Abstract: Form 944–SS and Form
944–PR are designed so the smallest
employers (those whose annual liability
for social security and Medicare taxes is
$1,000 or less) will have to file and pay
these taxes only once a year instead of
every quarter.
Estimated Total Annual Burden
Hours: 191,200.
OMB Number: 1545–2011.
Type of Review: Extension of a
currently approved collection.
Title: Certification of Intent to Adopt
a Pre-approved Plan.
Abstract: Use Form 8905 to treat an
employer’s plan as a pre-approved plan
and therefore eligible for the six-year
remedial amendment cycle of Part IV of
Revenue Procedure 2005–66, 2005–37
I.R.B. 509. This form is filed with other
document(s).
Estimated Total Annual Burden
Hours: 82,360.
OMB Number: 1545–2123.
Type of Review: Extension of a
currently approved collection.
Title: Notice 2009–85, Guidance for
Expatriates and Recipients of Foreign
Source Gifts and Bequests Under
Sections 877A, 2801, and 6039G.
Abstract: Section 301 of the Heroes
Earnings Assistance and Relief Tax Act
of 2008 (the ‘‘Act’’) enacted new
sections 877A and 2801 of the Internal
Revenue Code (‘‘Code’’), amended
sections 6039G and 7701(a), made
conforming amendments to sections
877(e) and 7701(b), and repealed section
7701(n). This notice provides guidance
regarding certain federal tax
consequences under these sections for
individuals who renounce U.S.
citizenship or cease to be taxed as
lawful permanent residents of the
United States.
Estimated Total Annual Burden
Hours: 420.
OMB Number: 1545–2205.
Type of Review: Revision of a
currently approved collection.
Title: Form 1099–K, Payment Card
and Third Party Network Transactions.
Abstract: This form is in response to
section 3091(a) of Public Law 110–289,
the Housing Assistance Tax Act of 2008
(Div. C of the Housing and Economic
Recovery Act of 2010). The form reflects
payments made in settlement of
payment card and third party network
transactions for purchases of goods and/
or services made with payment cards
and through third party networks.
Estimated Total Annual Burden
Hours: 4,529,328.
OMB Number: 1545–2233.
Type of Review: Extension of a
currently approved collection.
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10369
Title: Notice 2012–48—Tribal
Economic Development Bonds.
Abstract: This Notice solicits
applications for the reallocation of
available amounts of national bond
issuance authority limitation for tribal
economic development bonds (‘‘Tribal
Economic Development Bonds’’) that
were previously allocated to eligible
issuers by the Internal Revenue Service
(‘‘IRS’’) and that have not been used.
This Notice also provides related
guidance on: (1) The application
requirements and forms for requests for
volume cap allocations, and (2) the
method that the IRS and the Department
of the Treasury will use to allocate the
volume cap.
Affected Public: State, Local, or Tribal
Governments.
Estimated Total Annual Burden
Hours: 1,001.
OMB Number: 1545–2260.
Type of Review: Extension of a
currently approved collection.
Title: Suspension of Benefits Under
the Multiemployer Pension Reform Act
of 2014; Administration of
Multiemployer Plan Participant Vote.
Abstract: Respondents are sponsors of
collectively bargained retirement trusts
in significant financial distress. The
MPRA allows a respondent to apply to
Treasury for approval to suspend benefit
payments. If an application is approved,
Treasury must then administer a vote by
participants on whether to accept or
reject the suspension. The regulation
provides detailed voting procedures.
The information collection is necessary
to establish the voting process.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 14,000.
Brenda Simms,
Treasury PRA Clearance Officer.
[FR Doc. 2016–04340 Filed 2–26–16; 8:45 am]
BILLING CODE 4830–01–P
U.S.-CHINA ECONOMIC AND
SECURITY REVIEW COMMISSION
Notice of Open Public Hearing
U.S.-China Economic and
Security Review Commission.
ACTION: Notice of open public hearing—
March 10, 2016, Washington, DC.
AGENCY:
Notice is hereby given of the
following hearing of the U.S.-China
Economic and Security Review
Commission.
Name: Dennis Shea, Chairman of the
U.S.-China Economic and Security
Review Commission. The Commission
SUMMARY:
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]]>Agencies
[Federal Register Volume 81, Number 39 (Monday, February 29, 2016)]
[Notices]
[Pages 10367-10369]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-04340]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
February 24, 2016.
The Department of the Treasury will submit the following
information collection requests to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, Public Law 104-13, on or after the date of
publication of this notice.
DATES: Comments should be received on or before March 30, 2016 to be
assured of consideration.
ADDRESSES: Send comments regarding the burden estimates, or any other
aspect of the information collections, including suggestions for
reducing the burden, to (1) Office of Information and Regulatory
Affairs, Office of Management and Budget, Attention: Desk Officer for
Treasury, New Executive Office Building, Room 10235, Washington, DC
20503, or email at OIRA_Submission@OMB.EOP.gov and (2) Treasury PRA
Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8117, Washington,
DC 20220, or email at PRA@treasury.gov.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained by emailing PRA@treasury.gov, calling (202) 622-1295, or
viewing the entire information collection request at www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Internal Revenue Service (IRS)
OMB Number: 1545-0192.
Type of Review: Extension of a currently approved collection.
Title: Tax on Accumulation Distribution of Trusts.
Abstract: Form 4970 is used by a beneficiary of a domestic or
foreign trust to compute the tax adjustment attributable to an
accumulation distribution. The form is used to verify whether the
correct tax has been paid on the accumulation distribution.
Estimated Total Annual Burden Hours: 42,900.
OMB Number: 1545-0228.
Type of Review: Extension of a currently approved collection.
Title: Form 6252--Installment Sale Income.
Abstract: Information is needed to figure and report an installment
sale for a casual or incidental sale of personal property, and a sale
of real property by someone not in the business of selling real estate.
Data is used to determine whether the installment sale has been
properly reported and the correct amount of profit is included in
income on the taxpayer's return.
Estimated Total Annual Burden Hours: 1,597,008.
OMB Number: 1545-0865.
Type of Review: Extension of a currently approved collection.
Title: Form 8918--Material Advisor Disclosure Statement.
Abstract: The American Jobs Creation Act of 2004, Public Law 108-
357, 118 Stat. 1418, (AJCA) was enacted on October 22, 2004. Section
815 of the AJCA amended section 6111 to require each material advisor
with respect to any reportable transaction to make a return (in such
form as the Secretary may prescribe) setting forth: (1) Information
identifying and describing the transaction; (2) information describing
any potential tax benefits expected to result from the transaction; and
(3) such other information as the Secretary may prescribe.
Estimated Total Annual Burden Hours: 5,096.
OMB Number: 1545-0940.
Type of Review: Extension of a currently approved collection.
Title: TD 8086--Election for $10 Million Limitation on Exempt Small
Issues of Industrial Development Bonds; Supplemental Capital
Expenditure Statements (LR-185-84 Final).
Abstract: The regulation liberalizes the procedure by which the
state or local government issuer of an exempt small issue of tax-exempt
bonds elects the $10 million limitation upon the size of such issue and
deletes the
[[Page 10368]]
requirement to file certain supplemental capital expenditure
statements.
Estimated Total Annual Burden Hours: 1,000.
OMB Number: 1545-0945.
Type of Review: Extension of a currently approved collection.
Title: TD 7852--Registration Requirements with Respect to Deb
Obligations (NPRM, LR-255-82).
Abstract: The rule requires an issuer of a registration-required
obligation and any person holding the obligation as a nominee or
custodian on behalf of another to maintain ownership records in a
manner which will permit examination by the IRS in connection with
enforcement of the Internal Revenue laws.
Estimated Total Annual Burden Hours: 50,000.
OMB Number: 1545-0976.
Type of Review: Revision of a currently approved collection.
Title: Form 990-W, Estimated Tax on Unrelated Business Taxable
Income for Tax-Exempt Organizations.
Abstract: Form 990-W is used by tax-exempt trusts and tax-exempt
corporations to figure estimated tax liability on unrelated business
income and on investment income for private foundations and the amount
of each installment payment. Form 990-W is a worksheet only. It is not
required to be filed.
Estimated Total Annual Burden Hours: 281,493.
OMB Number: 1545-1016.
Type of Review: Extension of a currently approved collection.
Title: Return of Excise Tax on Undistributed Income of Regulated
Investment Companies.
Abstract: Form 8613 is used by regulated investment companies to
compute and pay the excise tax on undistributed income imposed under
section 4982. IRS uses the information to verify that the correct
amount of tax has been reported.
Estimated Total Annual Burden Hours: 17,820.
OMB Number: 1545-1060.
Type of Review: Extension of a currently approved collection.
Title: Application for Withholding Certificate for Dispositions by
Foreign Persons of U.S. Real Property Interests.
Abstract: Form 8288-B is used to apply for a withholding
certification from IRS to reduce or eliminate the withholding required
by section 1445.
Estimated Total Annual Burden Hours: 29,256.
OMB Number: 1545-1069.
Type of Review: Extension of a currently approved collection.
Title: EE-175-86 (Final) Certain Cash or Deferred Arrangements and
Employee and Matching Contributions under Employee Plans: REG-108639-99
(NPRM) Retirement Plans; Cash or Deferred Arrangements.
Abstract: The IRS needs this information to insure compliance with
sections 401(k), 401(m), and 4979 of the Internal Revenue Code. Certain
additional taxes may be imposed if sections 401(k) and 401(m) are not
complied with.
Estimated Total Annual Burden Hours: 1,060,000.-
OMB Number: 1545-1442.
Type of Review: Extension of a currently approved collection.
Title: T.D. 8633--Grantor Trust Reporting Requirements.
Abstract: The information required by these regulations is used by
the Internal Revenue Service to ensure that items of income, deduction,
and credit of a trust as owned by the grantor or another person are
properly reported.
Estimated Total Annual Burden Hours: 920,000.
OMB Number: 1545-1444.
Type of Review: Extension of a currently approved collection.
Title: Form 8844, Empowerment Zone Employment Credit.
Abstract: The empowerment zone employment (EZE) credit is part of
the general business credit under section 38. However, unlike the other
components of the general business credit, taxpayers are allowed to
offset 25 percent of their alternative minimum tax with the EZE credit.
Estimated Total Annual Burden Hours: 237,600.
OMB Number: 1545-1538.
Type of Review: Extension of a currently approved collection.
Title: Notice 97-34, Information Reporting on Transactions With
Foreign Trusts and on Large Foreign Gifts.
Abstract: This notice provides guidance on the foreign trust and
foreign gift information reporting provisions contained in the Small
Business Job Protection Act of 1996.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 3,750.
OMB Number: 1545-1699.
Type of Review: Revision of a currently approved collection.
Title: TD 9002 (TD 9715)--Agent for Consolidated Group; Rev Proc
2015-26 (Rev Proc 2002-43)--Determination of a Substitute Agent for a
Consolidated Group.
Abstract: Section 1501 of the Internal Revenue Code (the ``Code'')
states that an affiliated group of corporations shall have the
privilege of making a consolidated return with respect to the Federal
income taxes for the taxable year in lieu of separate returns.
Section 1502 of the Code states that the Secretary of the Treasury
shall prescribe such regulations as deemed necessary in order to
determine, compute and assess the Federal income tax liability of any
affiliated group of corporations making a consolidated Federal income
tax return.
The rules in Treas. Reg. Sec. Sec. 1.1502-77, 1.1502-77A, and
1.1502-77B, Rev. Proc. 2002-43 and Rev. Proc. 2015-26 necessitate
collecting information from taxpayers in order for the Commissioner to
more effectively communicate with the agent to determine the group's
federal income tax liability.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 400.
OMB Number: 1545-1816.
Type of Review: Extension of a currently approved collection.
Title: TD 9054--Disclosure of Returns and Return Information to
Designee of Taxpayer (as amended by TD 9618).
Abstract: Under section 6103(a), returns and return information are
confidential unless disclosure is otherwise authorized by the Code.
Section 6103(c), as amended in 1996 by section 1207 of the Taxpayer
Bill of Rights II, Public Law 104-168 (110 Stat. 1452), authorizes the
IRS to disclose returns and return information to such person or
persons as the taxpayer may designate in a request for or consent to
disclosure, or to any other person at the taxpayer's request to the
extent necessary to comply with a request for information or assistance
made by the taxpayer to such other person. Disclosure is permitted
subject to such requirements and conditions as may be prescribed by
regulations.
Estimated Total Annual Burden Hours: 800.
OMB Number: 1545-1818.
Type of Review: Extension of a currently approved collection.
Title: Rev. Proc. 2003-38, Commercial Revitalization Deduction.
Abstract: Pursuant to Sec. 1400I of the Internal Revenue Code, this
procedure provides the time and manner for states to make allocations
of commercial revitalization expenditures to a new or substantially
rehabilitated building that is placed in service in a renewal
community.
Estimated Total Annual Burden Hours: 200.
OMB Number: 1545-1826.
[[Page 10369]]
Type of Review: Extension of a currently approved collection.
Title: Excise Tax on Structured Settlement Factoring Transactions.
Abstract: Form 8876 is used to report and pay the 40% excise tax
imposed Under section 5891 on the factoring discount of a structured
settlement factoring transaction.
Estimated Total Annual Burden Hours: 560.
OMB Number: 1545-1974.
Type of Review: Revision of a currently approved collection.
Title: Schedule C (Form 1040), Profit or Loss From Business.
Abstract: Schedule C (Form 1040) is used by individuals to report
their business income, loss and expenses. The data is used to verify
that the items reported on the form is correct and also for general
statistical use.
Estimated Total Annual Burden Hours: 72,201,704.
OMB Number: 1545-2001.
Type of Review: Extension of a currently approved collection.
Title: Rev. Proc. 2006-16, Renewal Community Depreciation
Provisions.
Abstract: This revenue procedure provides the time and manner for
states to make retroactive allocations of commercial revitalization
expenditure amounts to certain buildings placed is service in the
expanded area of renewal community pursuant to Sec. 1400E(g) of the
Internal Revenue Code.
Estimated Total Annual Burden Hours: 150.
OMB Number: 1545-2007.
Type of Review: Revision of a currently approved collection.
Title: Employer's Annual Employment Tax Return.
Abstract: Form 944, Employer's Annual Federal Tax Return, is
designed so the smallest employers (those whose annual liability for
social security, Medicare, and withheld federal income taxes is $1,000
or less) will file and pay these taxes only once a year instead of
every quarter. Form 944 is also provided in Spanish, Form 944(SP).
Employers who discover they under or over withheld income taxes from
wages or social security or Medicare tax in a prior year use Form 944-X
to report those taxes and either make a payment, claim a refund, or
request an abatement. Form 944-X is also available in Spanish, Form
944-X(SP).
Estimated Total Annual Burden Hours: 2,191,570.
OMB Number: 1545-2010.
Type of Review: Extension of a currently approved collection.
Title: Employer's Annual Federal Tax Return (American Samoa, Guam,
the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin
Islands).
Abstract: Form 944-SS and Form 944-PR are designed so the smallest
employers (those whose annual liability for social security and
Medicare taxes is $1,000 or less) will have to file and pay these taxes
only once a year instead of every quarter.
Estimated Total Annual Burden Hours: 191,200.
OMB Number: 1545-2011.
Type of Review: Extension of a currently approved collection.
Title: Certification of Intent to Adopt a Pre-approved Plan.
Abstract: Use Form 8905 to treat an employer's plan as a pre-
approved plan and therefore eligible for the six-year remedial
amendment cycle of Part IV of Revenue Procedure 2005-66, 2005-37 I.R.B.
509. This form is filed with other document(s).
Estimated Total Annual Burden Hours: 82,360.
OMB Number: 1545-2123.
Type of Review: Extension of a currently approved collection.
Title: Notice 2009-85, Guidance for Expatriates and Recipients of
Foreign Source Gifts and Bequests Under Sections 877A, 2801, and 6039G.
Abstract: Section 301 of the Heroes Earnings Assistance and Relief
Tax Act of 2008 (the ``Act'') enacted new sections 877A and 2801 of the
Internal Revenue Code (``Code''), amended sections 6039G and 7701(a),
made conforming amendments to sections 877(e) and 7701(b), and repealed
section 7701(n). This notice provides guidance regarding certain
federal tax consequences under these sections for individuals who
renounce U.S. citizenship or cease to be taxed as lawful permanent
residents of the United States.
Estimated Total Annual Burden Hours: 420.
OMB Number: 1545-2205.
Type of Review: Revision of a currently approved collection.
Title: Form 1099-K, Payment Card and Third Party Network
Transactions.
Abstract: This form is in response to section 3091(a) of Public Law
110-289, the Housing Assistance Tax Act of 2008 (Div. C of the Housing
and Economic Recovery Act of 2010). The form reflects payments made in
settlement of payment card and third party network transactions for
purchases of goods and/or services made with payment cards and through
third party networks.
Estimated Total Annual Burden Hours: 4,529,328.
OMB Number: 1545-2233.
Type of Review: Extension of a currently approved collection.
Title: Notice 2012-48--Tribal Economic Development Bonds.
Abstract: This Notice solicits applications for the reallocation of
available amounts of national bond issuance authority limitation for
tribal economic development bonds (``Tribal Economic Development
Bonds'') that were previously allocated to eligible issuers by the
Internal Revenue Service (``IRS'') and that have not been used. This
Notice also provides related guidance on: (1) The application
requirements and forms for requests for volume cap allocations, and (2)
the method that the IRS and the Department of the Treasury will use to
allocate the volume cap.
Affected Public: State, Local, or Tribal Governments.
Estimated Total Annual Burden Hours: 1,001.
OMB Number: 1545-2260.
Type of Review: Extension of a currently approved collection.
Title: Suspension of Benefits Under the Multiemployer Pension
Reform Act of 2014; Administration of Multiemployer Plan Participant
Vote.
Abstract: Respondents are sponsors of collectively bargained
retirement trusts in significant financial distress. The MPRA allows a
respondent to apply to Treasury for approval to suspend benefit
payments. If an application is approved, Treasury must then administer
a vote by participants on whether to accept or reject the suspension.
The regulation provides detailed voting procedures. The information
collection is necessary to establish the voting process.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 14,000.
Brenda Simms,
Treasury PRA Clearance Officer.
[FR Doc. 2016-04340 Filed 2-26-16; 8:45 am]
BILLING CODE 4830-01-P
