Proposed Collection; Comment Request for Regulation Project, 4126 [2018-01664]
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4126
Federal Register / Vol. 83, No. 19 / Monday, January 29, 2018 / Notices
OMB Number: 1545–2195.
Form Number: 8938.
Abstract: The collection of
information in Form 8938 will be the
means by which taxpayers will comply
with self-reporting obligations imposed
under section 6038D with respect to
foreign financial assets. The IRS will use
the information to determine whether to
audit this taxpayer or transaction,
including whether to impose penalties.
The information is also required to
begin the running of the statute of
limitations under section 6501.
Current Actions: There are no changes
being made to Form 8938 at this time.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
Households.
Estimated Number of Respondents:
350,000.
Estimated Time per Respondent: 4
hours 37 minutes.
Estimated Total Annual Burden
Hours: 1,627,500.
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.
VerDate Sep<11>2014
18:19 Jan 26, 2018
Jkt 244001
Approved: January 16, 2018.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2018–01657 Filed 1–26–18; 8:45 am]
BILLING CODE 4830–01–P
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 proposed
and/or continuing information
collections, as required by the
Paperwork Reduction Act of 1995.
Currently, the IRS is soliciting
comments concerning safe harbor for
valuation and Mark to Market
Accounting Method for Dealers under
section 475.
DATES: Written comments should be
received on or before March 30, 2018 to
be assured of consideration.
ADDRESSES: Direct all written comments
to Laurie Brimmer, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the regulations should be
directed to LaNita Van Dyke, at Internal
Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington,
DC 20224, or (202) 317–6009 or, through
the internet at Lanita.VanDyke@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Safe Harbor for Valuation and
Mark to Market Accounting Method for
Dealers under Section 475.
OMB Number: 1545–1945.
Regulation Project Number: TD 9328
and TD 8700.
Abstract: These documents set forth
an elective safe harbor that permits
dealers in securities and dealers in
commodities to elect to use the values
of positions reported on certain
financial statements as the fair market
values of those positions for purposes of
section 475 of the Internal Revenue
Code (Code). This safe harbor is
intended to reduce the compliance
burden on taxpayers and to improve the
administrability of the valuation
requirement of section 475 for the IRS.
TD 8700 contains final regulations
SUMMARY:
PO 00000
Frm 00104
Fmt 4703
Sfmt 9990
providing guidance to enable taxpayers
to comply with the mark-to-market
requirements applicable to dealers in
securities.
Current Actions: There is no change to
these existing regulations.
Type of Review: Extension of
currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Respondents:
15,708.
Estimated Average Time per
Respondent: 3 hours, 19 minutes.
Estimated Total Annual Burden
Hours: 52,182.
The following paragraph applies to all
the collections of information covered
by this notice.
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: January 23, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018–01664 Filed 1–26–18; 8:45 am]
BILLING CODE 4830–01–P
E:\FR\FM\29JAN1.SGM
29JAN1
]]>Agencies
[Federal Register Volume 83, Number 19 (Monday, January 29, 2018)]
[Notices]
[Page 4126]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01664]
-----------------------------------------------------------------------
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
proposed and/or continuing information collections, as required by the
Paperwork Reduction Act of 1995. Currently, the IRS is soliciting
comments concerning safe harbor for valuation and Mark to Market
Accounting Method for Dealers under section 475.
DATES: Written comments should be received on or before March 30, 2018
to be assured of consideration.
ADDRESSES: Direct all written comments to Laurie Brimmer, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulations should be directed to LaNita Van Dyke, at
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW,
Washington, DC 20224, or (202) 317-6009 or, through the internet at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Safe Harbor for Valuation and Mark to Market Accounting
Method for Dealers under Section 475.
OMB Number: 1545-1945.
Regulation Project Number: TD 9328 and TD 8700.
Abstract: These documents set forth an elective safe harbor that
permits dealers in securities and dealers in commodities to elect to
use the values of positions reported on certain financial statements as
the fair market values of those positions for purposes of section 475
of the Internal Revenue Code (Code). This safe harbor is intended to
reduce the compliance burden on taxpayers and to improve the
administrability of the valuation requirement of section 475 for the
IRS. TD 8700 contains final regulations providing guidance to enable
taxpayers to comply with the mark-to-market requirements applicable to
dealers in securities.
Current Actions: There is no change to these existing regulations.
Type of Review: Extension of currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 15,708.
Estimated Average Time per Respondent: 3 hours, 19 minutes.
Estimated Total Annual Burden Hours: 52,182.
The following paragraph applies to all the collections of
information covered by this notice.
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: January 23, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-01664 Filed 1-26-18; 8:45 am]
BILLING CODE 4830-01-P
