Proposed Collection; Comment Request for Form 5227, 23552-23553 [2016-09297]
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jstallworth on DSK7TPTVN1PROD with NOTICES
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Federal Register / Vol. 81, No. 77 / Thursday, April 21, 2016 / Notices
OMB Number: 1545–2236.
Form Number: Form 14420.
Abstract: The Pilots are aimed at
determining the best method for and
value of using the Form 1099–K
information to identify and treat noncompliance. This is expected to result in
the identification of cases of gross
receipts underreporting. As a result, this
effort will also test treatment streams to
allow the IRS to work these cases. One
of these treatment streams is a notice
process. Requesting the books and
records needed to verify the gross
receipts discrepancy through a notice
process would result in extensive
taxpayer burden. Instead, the taxpayer
can fill out this form, which requests the
minimum information needed for us to
refine our analysis of the taxpayer’s
return and determine if there are any
reporting errors/business characteristics
that may explain their outlier reported
figures.
Current Actions: The Form 14420 was
reformatted by adding ‘yes/no’ response
boxes for each item and space for the
taxpayer to provide a written response
when the item is applicable to the
taxpayer. Bulleted items were replaced
with numbers making it easier for the
taxpayer to respond to specific items.
The current form’s purpose was added
to the instructions box at the top of page
1, which provides transparency. The
form provides the taxpayer up to five
Forms 1099–K. To benefit taxpayers
with up to ten Forms 1099–K, online
information was added. The taxpayer
has the option of going to www.IRS.gov
to retrieve their Forms 1099–K filed
with the IRS. Due to additions to the
Form 1099–K, columns were added to
the Form 14420 table to account for
‘card not present’ (online sales) and
‘number of payment transactions.’ The
form’s length remains at three pages.
The changes provide clarity, resulting in
reduced time and reduced burden on
the taxpayer to complete the form and
for the tax examiners to review and
evaluate taxpayer responses.
Type of Review: Revisions of a
currently approved collection.
Affected Public: Businesses and other
for-profit organizations, Individuals or
Households.
Estimated Number of Respondents:
1,000.
Estimated Time per Respondent: 4
hours.
Estimated Total Annual Burden
Hours: 4,000.
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
VerDate Sep<11>2014
13:27 Apr 20, 2016
Jkt 238001
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: April 11, 2016.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2016–09295 Filed 4–20–16; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 5227
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
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
5227, Split-Interest Trust Information
Return.
DATES: Written comments should be
received on or before June 20, 2016 to
be assured of consideration.
SUMMARY:
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
Direct all written comments
to Martha R. Brinson, Internal Revenue
Service, Room 6526, 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 Martha R. Brinson,
Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW.,
Washington, DC 20224, or through the
Internet at Martha.R.Brinson@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Split-Interest Trust Information
Return.
OMB Number: 1545–0196.
Form Number: 5227.
Abstract: Form 5227 is used to report
the financial activities of a split-interest
trust described in Internal Revenue
Code section 4947(a)(2), and to
determine whether the trust is treated as
a private foundation and is subject to
the excise taxes under chapter 42 of the
Code.
Current Actions: There is an increase
in the paperwork burden previously
approved by OMB. Charitable remainder
trusts have begun tracking net
investment income (NII) received and
distributed under section 1411(c). The
form was updated to report the tracking
of NII receipts and distributions (part II
and Schedule A). Charitable remainder
trusts (CRT) may elect to apply a
simplified NII calculation (reported on
part I–B of Schedule A). For charitable
remainder trusts that own interests,
directly or indirectly, in certain
controlled foreign corporations (CFCs)
or certain passive foreign investment
companies (PFICs), the trust may make
a special election to align the NIIT
treatment of those CFCs and PFICs with
their treatment for regular tax purposes.
In addition, the Department estimates
an increase of responses based on its
most recent data on Form 5227 filings,
from 220,000, to 340,000. The form
changes and the estimated increase in
the number of responses will increase
the estimated annual burden hours from
15,152,550 to 33,138,550.
Type of Review: Revisions of a
currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Responses:
340,000.
Estimated Time per Respondent: 97
hr., 28 min.
Estimated Total Annual Burden
Hours: 33,138,550.
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
ADDRESSES:
E:\FR\FM\21APN1.SGM
21APN1
Federal Register / Vol. 81, No. 77 / Thursday, April 21, 2016 / Notices
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: April 11, 2016.
Martha R. Brinson,
IRS, Tax Analyst.
[FR Doc. 2016–09297 Filed 4–20–16; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 13797
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
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
13797, Tribal Evaluation of Filing and
Accuracy Compliance (TEFAC)—
Compliance Check Report.
jstallworth on DSK7TPTVN1PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
13:27 Apr 20, 2016
Jkt 238001
Written comments should be
received on or before June 20, 2016 to
be assured of consideration.
ADDRESSES: Direct all written comments
to Tuawana Pinkston, Internal Revenue
Service, Room 6526, 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) 317–5746, 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: Tribal Evaluation of Filing and
Accuracy Compliance (TEFAC)—
Compliance Check Report.
OMB Number: 1545–2026.
Form Number: Form 13797.
Abstract: This form will be provided
to tribes who elect to perform a self
compliance check on any or all of their
entities. This is a VOLUNTARY
program, and the entity is not penalized
for non-completion of forms or
withdrawal from the program. Upon
completion, the information will be
used by the Tribe and ITG to develop
training needs, compliance strategies,
and corrective actions.
Current Actions: There is no change
in the paperwork burden previously
approved by OMB. This form is being
submitted for renewal purposes only.
Type of Review: Extension of a
currently approved collection.
Affected Public: Businesses and other
for-profit organizations and State, Local,
or Tribal Government.
Estimated Number of Respondents:
20.
Estimated Time per Respondent: 22
hours 20 minutes.
Estimated Total Annual Burden
Hours: 447.
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
DATES:
PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
23553
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: April 12, 2016.
R. Joseph Durbala,
IRS, Tax Analyst.
[FR Doc. 2016–09293 Filed 4–20–16; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Forms 8554 and 8554–EP
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
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
8554, Application for Renewal of
Enrollment to Practice Before the
Internal Revenue Service and Form
8554–EP, Application for Renewal of
Enrollment to Practice Before the
Internal Revenue Service as an Enrolled
Retirement Plan Agent (ERPA).
DATES: Written comments should be
received on or before June 20, 2016 to
be assured of consideration.
ADDRESSES: Direct all written comments
to Tuawana Pinkston, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form should be directed to
SUMMARY:
E:\FR\FM\21APN1.SGM
21APN1
]]>Agencies
[Federal Register Volume 81, Number 77 (Thursday, April 21, 2016)]
[Notices]
[Pages 23552-23553]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-09297]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 5227
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 5227, Split-Interest Trust Information Return.
DATES: Written comments should be received on or before June 20, 2016
to be assured of consideration.
ADDRESSES: Direct all written comments to Martha R. Brinson, Internal
Revenue Service, Room 6526, 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 Martha R.
Brinson, Internal Revenue Service, Room 6526, 1111 Constitution Avenue
NW., Washington, DC 20224, or through the Internet at
Martha.R.Brinson@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Split-Interest Trust Information Return.
OMB Number: 1545-0196.
Form Number: 5227.
Abstract: Form 5227 is used to report the financial activities of a
split-interest trust described in Internal Revenue Code section
4947(a)(2), and to determine whether the trust is treated as a private
foundation and is subject to the excise taxes under chapter 42 of the
Code.
Current Actions: There is an increase in the paperwork burden
previously approved by OMB. Charitable remainder trusts have begun
tracking net investment income (NII) received and distributed under
section 1411(c). The form was updated to report the tracking of NII
receipts and distributions (part II and Schedule A). Charitable
remainder trusts (CRT) may elect to apply a simplified NII calculation
(reported on part I-B of Schedule A). For charitable remainder trusts
that own interests, directly or indirectly, in certain controlled
foreign corporations (CFCs) or certain passive foreign investment
companies (PFICs), the trust may make a special election to align the
NIIT treatment of those CFCs and PFICs with their treatment for regular
tax purposes. In addition, the Department estimates an increase of
responses based on its most recent data on Form 5227 filings, from
220,000, to 340,000. The form changes and the estimated increase in the
number of responses will increase the estimated annual burden hours
from 15,152,550 to 33,138,550.
Type of Review: Revisions of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Responses: 340,000.
Estimated Time per Respondent: 97 hr., 28 min.
Estimated Total Annual Burden Hours: 33,138,550.
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
[[Page 23553]]
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: April 11, 2016.
Martha R. Brinson,
IRS, Tax Analyst.
[FR Doc. 2016-09297 Filed 4-20-16; 8:45 am]
BILLING CODE 4830-01-P
