Proposed Collection; Comment Request for Form 8974, 87127-87128 [2016-28915]
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Federal Register / Vol. 81, No. 232 / Friday, December 2, 2016 / Notices
maintenance) for large banks; 120 hours
(80 for setup; 40 for yearly maintenance)
for small banks.
Frequency of Response: Annually.
Total Annual Burden: 187,040 hours.
On July 27, 2016, the OCC issued a
60-day notice soliciting comment on the
information collection, 81 FR 49356.
One comment was received from an
individual.
The commenter stated that the burden
estimates are low, unrealistic, and
unsupported by empirical evidence. The
commenter requested that the next
notice explain how the burden estimates
were calculated and the empirical
evidence used in the calculation.
The commenter believes that the
requirements in the guidance requiring
institutions to have policies,
procedures, appropriate controls, and
sufficient documentation to permit an
audit of the incentive compensation
arrangements and for the board of
directors to review, at least annually, an
assessment of the effectiveness of the
design and operation of the bank’s
incentive compensation system to
ensure safety and soundness would
likely be met by having the internal
audit department examine incentive
compensation systems and provide
reports to the board audit committee.
The commenter estimates that, in
institutions with $20 billion or more in
total assets, a minimum of four internal
auditors customarily spend three or four
weeks auditing the effectiveness of the
design and operation of incentive
compensation systems, resulting in an
annual assessment of the effectiveness
of the design and operation of the bank’s
incentive compensation system at large
banks taking a minimum of 640 hours
to complete. The commenter also stated
that this estimate would not include
additional hours needed every year to:
(i) Update policies; (ii) revise
procedures; (iii) adjust controls; and (iv)
document annual incentive payments
and document approvals. The
commenter believes that, in large,
systemically important institutions,
internal auditors can spend one to two
thousand hours auditing the many
incentive compensation plans for
compliance with OCC requirements.
The commenter also believes that the
estimate for ‘‘small banks’’ is also
grossly underestimated and that, in a
small bank ($50 million in total assets),
it would take one person at least one
week to assess the effectiveness of the
design and operation of the
compensation systems and format the
results to be submitted to the board of
directors. This would be in addition to
the 40 hours needed to update written
policies and procedures, document
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annual incentive payments, and
document approvals.
The OCC uses the legal standard for
estimating burden hours under the PRA
(44 U.S.C. 3502(2)). The term ‘‘burden’’
means time, effort, or financial
resources expended by persons to
generate, maintain, or provide
information to or for a Federal agency,
including the resources expended for:
(a) Reviewing instructions; (b)
acquiring, installing, and utilizing
technology and systems; (c) adjusting
the existing ways to comply with any
previously applicable instructions and
requirements; (d) searching data
sources; (e) completing and reviewing
the collection of information; and (f)
transmitting, or otherwise disclosing the
information. The OCC believes that its
burden estimates are accurate, given
that institutions already have the
required arrangements in place,
including any required systems and
procedures.
The banking agencies 1 estimated in
their original notice 2 that large
institutions would spend 480 hours to
modify their policies and procedures to
monitor incentive compensation. Small
institutions would spend 80 hours to
establish or modify policies and
procedures to monitor incentive
compensation. Forty hours would be
required to maintain an incentive
compensation program.
In the experience of the banking
agencies, two months is typically
required for a large institution to set up
a program of this complexity and one
business week is required for yearly
maintenance. The banking agencies
generated these estimates based on their
experience with other information
collections.
Comments continue to be 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;
(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,
1 OCC, Board of Governors of the Federal Reserve
System, and Federal Deposit Insurance Corporation.
2 75 FR 36395 (June 25, 2010).
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87127
and purchase of services to provide
information.
Dated: November 28, 2016.
Karen Solomon,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2016–28903 Filed 12–1–16; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 8974
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
8974, Qualified Small Business Payroll
Tax Credit for Increasing Research
Activities.
SUMMARY:
Written comments should be
received on or before January 31, 2017
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 Sara Covington,
Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW.,
Washington, DC 20224, or through the
internet at Sara.L.Covington@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Qualified Small Business
Payroll Tax Credit for Increasing
Research Activities.
OMB Number: 1545–XXXX.
Form Number: 8974.
Abstract: The law allows a qualified
small business to elect a portion (up to
$250,000) of the research credit against
payroll taxes. Section 3111(f) allows the
elected amount as a credit for the
quarter up to the total amount of the
employer’s share of social security tax.
Any unused credit can be carried
forward to the next quarter. Form 8974
is used by businesses and individuals
DATES:
E:\FR\FM\02DEN1.SGM
02DEN1
87128
Federal Register / Vol. 81, No. 232 / Friday, December 2, 2016 / Notices
asabaliauskas on DSK3SPTVN1PROD with NOTICES
engaged in a trade or business to
determine the portion of the elected
research credit amount, as reported on
Form 6765, that can be claimed for the
quarter on Form 941.
Current Actions: There are no changes
being made to the form at this time.
Type of Review: New Form.
Affected Public: Business or other forprofit organizations and individuals.
Estimated Number of Respondents:
5,000.
Estimated Time per Respondent: 2
hours, 45 minutes.
Estimated Total Annual Burden
Hours: 20,000.
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
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17:55 Dec 01, 2016
Jkt 241001
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: November 15, 2016.
Tuawana Pinkston,
IRS Supervisory Tax Analyst.
[FR Doc. 2016–28915 Filed 12–1–16; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Office of the Secretary
the Department of the Treasury is
publishing a current list of countries
which require or may require
participation in, or cooperation with, an
international boycott (within the
meaning of section 999(b)(3) of the
Internal Revenue Code of 1986).
On the basis of the best information
currently available to the Department of
the Treasury, the following countries
require or may require participation in,
or cooperation with, an international
boycott (within the meaning of section
999(b)(3) of the Internal Revenue Code
of 1986).
Iraq
Kuwait
Lebanon
Libya
Qatar
Saudi Arabia
Syria
United Arab Emirates
Yemen
Dated: November 28, 2016.
Danielle Rolfes,
International Tax Counsel, (Tax Policy).
[FR Doc. 2016–29008 Filed 12–1–16; 8:45 am]
List of Countries Requiring
Cooperation With an International
Boycott
BILLING CODE 4810–25–P
In accordance with section 999(a)(3)
of the Internal Revenue Code of 1986,
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]]>Agencies
[Federal Register Volume 81, Number 232 (Friday, December 2, 2016)]
[Notices]
[Pages 87127-87128]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-28915]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8974
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 8974, Qualified Small Business Payroll Tax Credit for Increasing
Research Activities.
DATES: Written comments should be received on or before January 31,
2017 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 Sara
Covington, Internal Revenue Service, Room 6526, 1111 Constitution
Avenue NW., Washington, DC 20224, or through the internet at
Sara.L.Covington@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Qualified Small Business Payroll Tax Credit for Increasing
Research Activities.
OMB Number: 1545-XXXX.
Form Number: 8974.
Abstract: The law allows a qualified small business to elect a
portion (up to $250,000) of the research credit against payroll taxes.
Section 3111(f) allows the elected amount as a credit for the quarter
up to the total amount of the employer's share of social security tax.
Any unused credit can be carried forward to the next quarter. Form 8974
is used by businesses and individuals
[[Page 87128]]
engaged in a trade or business to determine the portion of the elected
research credit amount, as reported on Form 6765, that can be claimed
for the quarter on Form 941.
Current Actions: There are no changes being made to the form at
this time.
Type of Review: New Form.
Affected Public: Business or other for-profit organizations and
individuals.
Estimated Number of Respondents: 5,000.
Estimated Time per Respondent: 2 hours, 45 minutes.
Estimated Total Annual Burden Hours: 20,000.
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: November 15, 2016.
Tuawana Pinkston,
IRS Supervisory Tax Analyst.
[FR Doc. 2016-28915 Filed 12-1-16; 8:45 am]
BILLING CODE 4830-01-P
