Proposed Collection; Comment Request for Form 5500-EZ, 49357 [2016-17763]
Download as PDF
<![CDATA[
sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 81, No. 144 / Wednesday, July 27, 2016 / Notices
to provide a 60-day notice in the
Federal Register concerning each
proposed collection of information,
including each proposed extension of an
existing collection of information,
before submitting the collection to OMB
for approval. To comply with this
requirement, the OCC is publishing
notice of the proposed collection of
information set forth in this document.
Title: Guidance on Sound Incentive
Compensation Policies.
OMB Number: 1557–0245.
Abstract: Under the guidance, each
national bank and Federal savings
association is required to: (i) Have
policies and procedures that identify
and describe the role(s) of the personnel
and units authorized to be involved in
developing and administering incentive
compensation arrangements, identify
the source of significant risk-related
factors, establish appropriate controls
governing these factors to help ensure
their reliability, and identify the
individual(s) and unit(s) whose
approval is necessary for the
establishment or modification of
incentive compensation arrangements;
(ii) create and maintain sufficient
documentation to permit an audit of the
organization’s processes for developing
and administering incentive
compensation arrangements; (iii) have
any material exceptions or adjustments
to the incentive compensation
arrangements established for senior
executives approved and documented
by its board of directors; and (iv) have
its board of directors receive and
review, on an annual or more frequent
basis, an assessment by management of
the effectiveness of the design and
operation of the organization’s incentive
compensation system in providing risktaking incentives that are consistent
with the organization’s safety and
soundness.
Type of Review: Regular.
Affected Public: Businesses or other
for-profit.
Estimated Number of Respondents: 41
large banks; 1,381 small banks.
Estimated Burden per Respondent:
520 hours for large banks; 52 hours for
small banks.
Frequency of Response: Annually.
Total Annual Burden: 93,132 hours.
All comments will be considered in
formulating the subsequent submission
and 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
OCC, including whether the information
has practical utility;
VerDate Sep<11>2014
17:50 Jul 26, 2016
Jkt 238001
(b) The accuracy of the OCC’s
estimate of the information collection
burden;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the collection on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and
(e) Estimates of capital or startup costs
and costs of operation, maintenance,
and purchase of services to provide
information.
Dated: July 21, 2016.
Karen Solomon,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2016–17754 Filed 7–26–16; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 5500–EZ
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
5500–EZ, Annual Return of OneParticipant (Owners and Their Spouses)
Retirement Plan.
DATES: Written comments should be
received on or before September 26,
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 Allan Hopkins, at
Internal Revenue Service, Room 6129,
1111 Constitution Avenue NW.,
Washington, DC 20224, or through the
Internet at Allan.M.Hopkins@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Annual Return of OneParticipant (Owners and Their Spouses)
Retirement Plan.
SUMMARY:
PO 00000
Frm 00150
Fmt 4703
Sfmt 9990
49357
OMB Number: 1545–0956.
Form Number: 5500–EZ.
Abstract: Form 5500–EZ is an annual
return filed by a one-participant or oneparticipant and spouse pension plan.
The IRS uses this data to determine if
the plan appears to be operating
properly as required under the Internal
Revenue Code or whether the plan
should be audited.
Current Actions: There are no changes
being made to the form at this time.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations, and farms.
Estimated Number of Respondents:
250,000.
Estimated Time per Respondent: 27
hours, 5 minutes.
Estimated Total Annual Burden
Hours: 7,005,000.
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.
Approved: July 21, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016–17763 Filed 7–26–16; 8:45 am]
BILLING CODE 4830–01–P
E:\FR\FM\27JYN1.SGM
27JYN1
]]>Agencies
[Federal Register Volume 81, Number 144 (Wednesday, July 27, 2016)]
[Notices]
[Page 49357]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-17763]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 5500-EZ
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 5500-EZ, Annual Return of One-Participant (Owners and Their
Spouses) Retirement Plan.
DATES: Written comments should be received on or before September 26,
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 Allan
Hopkins, at Internal Revenue Service, Room 6129, 1111 Constitution
Avenue NW., Washington, DC 20224, or through the Internet at
Allan.M.Hopkins@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Annual Return of One-Participant (Owners and Their Spouses)
Retirement Plan.
OMB Number: 1545-0956.
Form Number: 5500-EZ.
Abstract: Form 5500-EZ is an annual return filed by a one-
participant or one-participant and spouse pension plan. The IRS uses
this data to determine if the plan appears to be operating properly as
required under the Internal Revenue Code or whether the plan should be
audited.
Current Actions: There are no changes being made to the form at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations, and
farms.
Estimated Number of Respondents: 250,000.
Estimated Time per Respondent: 27 hours, 5 minutes.
Estimated Total Annual Burden Hours: 7,005,000.
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.
Approved: July 21, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016-17763 Filed 7-26-16; 8:45 am]
BILLING CODE 4830-01-P
