Proposed Collection; Comment Request for Regulation Project, 45675 [2017-20874]
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Federal Register / Vol. 82, No. 188 / Friday, September 29, 2017 / Notices
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service,
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 information
collections, as required by the
Paperwork Reduction Act of 1995. The
IRS is soliciting comments concerning
certain returned magazines, paperbacks,
or records.
DATES: Written comments should be
received on or before November 28,
2017 to be assured of consideration.
ADDRESSES: Direct all written comments
to L. Brimmer, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW., Washington, DC 20224.
Requests for additional information or
copies of the regulation should be
directed to Sara Covington, at 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: Certain Returned Magazines,
Paperbacks, or Records.
OMB Number: 1545–0879. Regulation
Project Number: TD 8426 (IA–195–78).
Abstract: The regulations provide
rules relating to an exclusion from gross
income for certain returned
merchandise. The regulations provide
that in addition to physical return of the
merchandise, a written statement listing
certain information may constitute
evidence of the return. Taxpayers who
receive physical evidence of the return
may, in lieu of retaining physical
evidence, retain documentary evidence
of the return. Taxpayers in the trade or
business of selling magazines,
paperbacks, or records, who elect a
certain method of accounting, are
affected.
Current Actions: There is no change to
this existing regulation.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Respondents:
19,500.
Estimated Time per Respondent: 25
minutes.
Estimated Total Annual Burden
Hours: 8,125 hours.
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SUMMARY:
VerDate Sep<11>2014
18:50 Sep 28, 2017
Jkt 241001
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: September 21, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017–20874 Filed 9–28–17; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 1099–C and TD 9793
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service,
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 information
collections, as required by the
Paperwork Reduction Act of 1995. The
IRS is soliciting comments concerning
cancellation of debt and removal of the
SUMMARY:
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
45675
36-month non-payment testing period
rule.
Written comments should be
received on or before November 28,
2017 to be assured of consideration.
ADDRESSES: Direct all written comments
to L. Brimmer, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW., Washington, DC 20224.
Requests for additional information or
copies of the form and instructions
should be directed to Sara Covington, at
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: Cancellation of Debt.
OMB Number: 1545–1424.
Form Number: 1099–C.
Regulation Project Number: TD 9793.
Abstract: Form 1099–C is used by
Federal government agencies, financial
institutions, and credit unions to report
the cancellation or forgiveness of a debt
of $600 or more, as required by section
6050P of the Internal Revenue Code.
The IRS uses the form to verify
compliance with the reporting rules and
to verify that the debtor has included
the proper amount of canceled debt in
income on his or her income tax return.
TD: 9793.
Abstract: These regulations under
section 6050P of the Internal Revenue
Code (Code), relating to the rule in
§ 1.6050P–1(b)(2)(iv) that the 36-month
non-payment testing period is an
identifiable event triggering an
information reporting obligation on
Form 1099–C for discharge of
indebtedness by certain entities.
Current Actions: There are no major
changes being made to the form or
regulations. However, there are changes
to the estimated number of filers
(3,885,872 to 6,540,900) will result in a
total burden increase of 584,106
(854,892 to 1,438,998).
Type of Review: Revision of a
currently approved collection.
Affected Public: Business or other forprofit organizations, not-for-profit
institutions, and the Federal
government.
Estimated Number of Responses:
6,540,900.
Estimated Time per Response: 13 min.
Estimated Total Annual Burden
Hours: 1,438,998.
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.
DATES:
E:\FR\FM\29SEN1.SGM
29SEN1
]]>Agencies
[Federal Register Volume 82, Number 188 (Friday, September 29, 2017)]
[Notices]
[Page 45675]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-20874]
[[Page 45675]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: The Internal Revenue Service, 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
information collections, as required by the Paperwork Reduction Act of
1995. The IRS is soliciting comments concerning certain returned
magazines, paperbacks, or records.
DATES: Written comments should be received on or before November 28,
2017 to be assured of consideration.
ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue
Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224.
Requests for additional information or copies of the regulation
should be directed to Sara Covington, at 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: Certain Returned Magazines, Paperbacks, or Records.
OMB Number: 1545-0879. Regulation Project Number: TD 8426 (IA-195-
78).
Abstract: The regulations provide rules relating to an exclusion
from gross income for certain returned merchandise. The regulations
provide that in addition to physical return of the merchandise, a
written statement listing certain information may constitute evidence
of the return. Taxpayers who receive physical evidence of the return
may, in lieu of retaining physical evidence, retain documentary
evidence of the return. Taxpayers in the trade or business of selling
magazines, paperbacks, or records, who elect a certain method of
accounting, are affected.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 19,500.
Estimated Time per Respondent: 25 minutes.
Estimated Total Annual Burden Hours: 8,125 hours.
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: September 21, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-20874 Filed 9-28-17; 8:45 am]
BILLING CODE 4830-01-P
