Proposed Collection; Comment Request for Form 8974, 87127-87128 [2016-28915]

Download as PDF asabaliauskas on DSK3SPTVN1PROD with NOTICES 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 VerDate Sep<11>2014 17:55 Dec 01, 2016 Jkt 241001 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). PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 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 VerDate Sep<11>2014 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, PO 00000 Frm 00112 Fmt 4703 Sfmt 9990 E:\FR\FM\02DEN1.SGM 02DEN1

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]


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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.

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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