Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple IRS Information Collection Requests, 6732-6735 [2018-03052]
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Federal Register / Vol. 83, No. 31 / Wednesday, February 14, 2018 / Notices
Form: None.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 38,750.
Authority: 44 U.S.C. 3501 et seq.
Dated: February 9, 2018.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2018–03086 Filed 2–13–18; 8:45 am]
BILLING CODE 4810–25–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Multiple
IRS Information Collection Requests
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Notice.
AGENCY:
The Department of the
Treasury will submit the following
information collection requests to the
Office of Management and Budget
(OMB) for review and clearance in
accordance with the Paperwork
Reduction Act of 1995, on or after the
date of publication of this notice. The
public is invited to submit comments on
these requests.
DATES: Comments should be received on
or before March 16, 2018 to be assured
of consideration.
ADDRESSES: Send comments regarding
the burden estimate, or any other aspect
of the information collection, including
suggestions for reducing the burden, to
(1) Office of Information and Regulatory
Affairs, Office of Management and
Budget, Attention: Desk Officer for
Treasury, New Executive Office
Building, Room 10235, Washington, DC
20503, or email at OIRA_Submission@
OMB.EOP.gov and (2) Treasury PRA
Clearance Officer, 1750 Pennsylvania
Ave. NW, Suite 8142, Washington, DC
20220, or email at PRA@treasury.gov.
FOR FURTHER INFORMATION CONTACT:
Copies of the submissions may be
obtained from Jennifer Quintana by
emailing PRA@treasury.gov, calling
(202) 622–0489, or viewing the entire
information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
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SUMMARY:
Internal Revenue Service (IRS)
Title: Form 1099–C—Cancellation of
Debt.
OMB Control Number: 1545–1424.
Type of Review: Revision of a
currently approved collection.
Abstract: Form 1099–C is used for
reporting canceled debt, as required by
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section 6050P of the Internal Revenue
Code. It is used to verify that debtors are
correctly reporting their income.
Form: 1099–C.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 1,438,998.
Title: TD 8746—Amortizable Bond
Premium.
OMB Control Number: 1545–1491.
Type of Review: Revision of a
currently approved collection.
Abstract: This regulation addresses
the tax treatment of bond premium. The
regulation provides that a holder may
make an election to amortize bond
premium by offsetting interest income
with bond premium, and the holder
must attach a statement to their tax
return providing certain information.
The regulation also provides that a
taxpayer may receive automatic consent
to change its method of accounting for
premium provided the taxpayer attaches
a statement to its tax return. The
information requested is necessary for
the IRS to determine whether an issuer
or a holder has changed its method of
accounting for premium.
Form: None.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 2,500.
Title: T.D. 8802—Certain Asset
Transfers to a Tax-Exempt Entity.
OMB Control Number: 1545–1633.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: This document contains
previously approved final regulations
that implement provisions of the Tax
Reform Act of 1986 and the Technical
and Miscellaneous Revenue Act of 1988.
The final regulations generally affect a
taxable corporation that transfers all or
substantially all of its assets to a taxexempt entity or converts from a taxable
corporation to a tax-exempt entity in a
transaction other than a liquidation, and
generally require the taxable corporation
to recognize gain or loss as if it had sold
the assets transferred at fair market
value.
Form: None.
Affected Public: Not-for-profit
institutions.
Estimated Total Annual Burden
Hours: 125.
Title: REG–209484–87 (TD 8814 final)
Federal Insurance Contributions Act
(FICA) Taxation of Amounts Under
Employee Benefit Plans.
OMB Control Number: 1545–1643.
Type of Review: Extension without
change of a currently approved
collection.
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Abstract: This previously approved
regulation provides guidance as to when
amounts deferred under or paid from a
nonqualified deferred compensation
plan are taken into account as wages for
purposes of the employment taxes
imposed by the Federal Insurance
Contributions Act (FICA). Section
31.3121(v)(2)–1(a)(2) requires that the
material terms of a plan be set forth in
writing.
Form: None.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 12,500.
Title: T.D. 8861, Private Foundation
Disclosure Rules.
OMB Control Number: 1545–1655.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: This document contains
final regulations that amend the
regulations relating to the public
disclosure requirements described in
section 6104(d) of the Internal Revenue
Code. These final regulations implement
changes made by the Tax and Trade
Relief Extension Act of 1998, which
extended to private foundations the
same rules regarding public disclosure
of annual information returns that apply
to other tax-exempt organizations. These
final regulations provide guidance for
private foundations required to make
copies of applications for recognition of
exemption and annual information
returns available for public inspection
and to comply with requests for copies
of those documents.
Form: None.
Affected Public: Not-for-profit
institutions.
Estimated Total Annual Burden
Hours: 32,596.
Title: Purchase Price Allocations in
Deemed Actual Asset Acquisitions.
OMB Control Number: 1545–1658.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: TD 8940 contains previously
approved final regulations relating to
deemed and actual asset acquisitions
under sections 338 and 1060. The final
regulations affect sellers and buyers of
corporate stock that are eligible to elect
to treat the transaction as a deemed
asset acquisition. The final regulations
also affect sellers and buyers of assets
that constitute a trade or business.
Form: None.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 25.
Title: AJCA Modifications to the
Section 6112 Regulations.
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OMB Control Number: 1545–1686.
Type of Review: Revision of a
currently approved collection.
Abstract: Previously Approved,
Section 6112, as amended by the
American Jobs Creation Act of 2004,
Public Law 108–357, 188 Stat. 1418,
requires that each material advisor with
respect to any reportable transaction
shall maintain (in such manner as the
Secretary may by regulations prescribe)
a list identifying each person with
respect to whom the advisor acted as a
material advisor with respect to the
transaction and containing other
information as the Secretary may, by
regulations, require. Under § 301.6112–
1(a), material advisors are required to
prepare and maintain a list as described
in the regulations and are required to
furnish the list to the IRS upon written
request by the IRS. Revenue Procedure
2008–20 provides guidance relating to
the obligation of material advisors to
prepare and maintain lists with respect
to reportable transactions under § 6112
of the Internal Revenue Code. This
revenue procedure allows material
advisors to use a form (Form 13976),
available on the Internal Revenue
Service website for maintaining the
itemized statement component of the
list under § 6112. See section 301.6112–
1(b)(3)(i) of the Procedure and
Administration Regulations. The form is
not required to be used by a material
advisor for that material advisor to
comply with the requirements of
§ 301.6112–1, but is offered as an option
for maintaining the list.
Form: 13976.
Affected Public: Businesses or otherfor-profits.
Estimated Total Annual Burden
Hours: 50,000.
Title: Revenue Procedure 2003–84,
Optional Election to Make Monthly Sec.
706 Allocations.
OMB Control Number: 1545–1768.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: This previously approved
revenue procedure allows certain
partnerships with money market fund
partners to make an optional election to
close the partnership’s books on a
monthly basis with respect to the money
market fund partners.
Form: None.
Affected Public: Businesses or otherfor-profits.
Estimated Total Annual Burden
Hours: 500.
Title: Revenue Procedure 2014–55,
Election Procedures and Information
Reporting with Respect to Interests in
Certain Canadian Retirement Plans.
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OMB Control Number: 1545–1773.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: Revenue Procedure 2002–23
provides guidance for the application by
U.S. citizens and residents of the U.S.—
Canada Income Tax Treaty, as amended
by the 1995 protocol, in order to defer
U.S. income taxes on income accrued in
certain Canadian retirement plans. This
revenue procedure was superseded by
Revenue Procedure 2014–55, published
in the Internal Revenue Bulletin dated
October 27, 2014.
Form: None.
Affected Public: Individuals or
Households.
Estimated Total Annual Burden
Hours: 10,000.
Title: Notice 2002–27—IRA Required
Minimum Distribution Reporting.
OMB Control Number: 1545–1779.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: This notice provides
guidance with respect to the reporting
requirements, that is, data that
custodians and trustees of IRAs must
furnish IRA owners in those instances
where there must be a minimum
distribution from an individual
retirement arrangement.
Form: None.
Affected Public: Businesses or otherfor-profits.
Estimated Total Annual Burden
Hours: 1,170,000.
Title: Rev Proc 2002–32 as Modified
by Rev Proc 2006–21, Waiver of 60month Bar on Reconsolidation after
Disaffiliation.
OMB Control Number: 1545–1784.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: This previously approved
Revenue Procedure 2002–32 provides
qualifying taxpayers with a waiver of
the general rule of § 1504(a)(3)(A) of the
Internal Revenue Code barring
corporations from filing consolidated
returns as a member of a group of which
it had been a member for 60 months
following the year of disaffiliation;
Revenue Procedure 2006–21 modifies
Rev. Proc. 89–56, 1989–2 C.B. 643, Rev.
Proc. 90–39, 1990–2 C.B. 365, and Rev.
Proc. 2002–32, 2002–20 IRB p. 959, to
eliminate impediments to the electronic
filing of Federal income tax returns (efiling) and to reduce the reporting
requirements in each of these revenue
procedures.
Form: None.
Affected Public: Businesses or otherfor-profits.
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Estimated Total Annual Burden
Hours: 100.
Title: Split-Dollar Life Insurance
Arrangements.
OMB Control Number: 1545–1792.
Type of Review: Extension without
change of a previously approved
collection.
Abstract: The previously approved
final regulations provide guidance for
loans made pursuant to a split-dollar
life insurance arrangement. To obtain a
particular treatment under the
regulations for certain split-dollar loans,
the parties to the loan must make a
written representation, which must be
kept as part of their books and records
and a copy filed with their federal
income tax returns. In addition, if a
split-dollar loan provides for contingent
payments, the lender must produce a
projected payment schedule for the loan
and give the borrower a copy of the
schedule. This schedule is used by
parties to compute their interest
accruals and any imputed transfers for
tax purposes.
Form: None.
Affected Public: Businesses or otherfor-profits.
Estimated Total Annual Burden
Hours: 32,500.
Title: T.D. 9088, Compensatory Stock
Options Under Section 482.
OMB Control Number: 1545–1794.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: T.D. 9088 contains
previously approved final regulations
that provide guidance regarding the
application of the rules of section 482
governing qualified cost sharing
arrangements (QCSAs). These
regulations provide guidance regarding
the treatment of stock-based
compensation for purposes of the rules
governing qualified cost sharing
arrangements and for purposes of the
comparability factors to be considered
under the comparable profits method.
Form: None.
Affected Public: Businesses or otherfor-profits.
Estimated Total Annual Burden
Hours: 2,000.
Title: T.D. 9079—Ten or More
Employer Plan Compliance Information.
OMB Control Number: 1545–1795.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: This document contains
previously approved final regulations
that provide rules regarding the
requirements for a welfare benefit fund
that is part of a 10 or more employer
plan. The regulations affect certain
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employers that provide welfare benefits
to employees through a plan to which
more than one employer contributes.
Form: None.
Affected Public: Businesses or otherfor-profits.
Estimated Total Annual Burden
Hours: 2,500.
Title: (TD9082) (Final), Revision of
Income Tax Regulations under Sections
897, 1445, and 6109 to require use of
Taxpayer Identifying Numbers on
Submission under the Section 897 and
1445.
OMB Control Number: 1545–1797.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: The previously approved
collection of information relates to
applications for withholding certificates
under Treas. Reg. 1.1445–1 to be filed
with the IRS with respect to (1)
dispositions of U.S. real property
interests that have been used by foreign
persons as a principle residence within
the prior 5 years and excluded from
gross income under section 121 and (2)
dispositions of U.S. real property
interests by foreign persons in deferred
like kind exchanges that qualify for
nonrecognition under section 1031.
Form: None.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 600.
Title: IRS e-file Electronic Funds
Withdrawal Authorization for Form
7004.
OMB Control Number: 1545–1927.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: Form 8878–A is used by a
corporate officer or agent and an
electronic return originator (ERO) to use
a personal identification number (PIN)
to authorize an electronic funds
withdrawal for a tax payment made
with a request to extend the filing due
date for a corporate income tax return.
Form: 8878–A.
Affected Public: Businesses or otherfor-profits.
Estimated Total Annual Burden
Hours: 505,400.
Title: T.D. 9248—Residence and
Source Rules Involving U.S. Possessions
and Other Conforming Changes (Final
and Temporary).
OMB Control Number: 1545–1930.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: T.D. 9248 contains
previously approved final regulations
that provide rules for determining bona
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fide residency in the following U.S.
possessions: American Samoa, Guam,
the Northern Mariana Islands, Puerto
Rico, and the United States Virgin
Islands under sections 937(a) and 881(b)
of the Internal Revenue Code (Code).
Form: None.
Affected Public: Individuals or
Households.
Estimated Total Annual Burden
Hours: 300,000.
Title: TD 9394—Section 1446
Regulations; Form 8804–C—Certificate
of Partner-Level Items to Reduce Section
1446 Withholding.
OMB Control Number: 1545–1934.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: These previously approved
regulations implement withholding
regime on partnerships conducting
business in the United States that have
foreign partners. Such partners are
required to pay withholding tax in
installments on each foreign partner’s
allocable share of the partnership’s U.S.
Business taxable income. Special rules
for publicly traded partnerships such
that these partnerships pay withholding
tax on distributions to foreign partners.
Form 8804–C is used by a foreign
partner who chooses to provide to a
partnership a certification under
Regulations section 1.1446–6 to reduce
or eliminate the partnership’s
withholding tax obligation under
section 1446 (1446 tax) on the partner’s
allocable share of effectively connected
taxable income (ECTI) from the
partnership.
Form: 8804–C.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 18,701.
Title: Notice 2005–41, Guidance
Regarding Qualified Intellectual
Property Contributions.
OMB Control Number: 1545–1937.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: This previously approved
notice explains section 170(e)(1)(B)(iii)
and 170(m) as added by section 882 of
the American Jobs Creation Act of 2004.
Under section 170(e)(1)(B)(iii), a donor’s
initial charitable contribution deduction
for a gift of qualified intellectual
property is limited to the lesser of the
donor’s adjusted basis is the property or
its fair market value. Under section
170(m), the donor may claim additional
deduction in subsequent years if the
property produces income.
Form: None.
Affected Public: Businesses or otherfor-profits.
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Estimated Total Annual Burden
Hours: 30.
Title: Notification Requirement for
Transfer of Partnership Interest in
Electing Investment Partnership (EIP).
OMB Control Number: 1545–1939.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: The American Jobs Creation
Act of 2004, Public Law 108–357, 118
Stat. 1418 (the Act), was enacted on
October 22, 2004. The Treasury
Department and the Internal Revenue
Service intend to issue regulations
implementing §§ 833 and 834 of the Act,
which amended §§ 704, 734, 743, and
6031 of the Internal Revenue Code. This
previously approved notice provides
interim procedures for partnerships and
their partners to comply with the
mandatory basis provisions of §§ 734
and 743, as amended by the Act. This
notice also provides interim procedures
for electing investment partnerships
(EIPs) and their partners to comply with
§§ 743(e) and 6031(f), as provided in
§ 833(b) of the Act.
Form: None.
Affected Public: Businesses or otherfor-profits.
Estimated Total Annual Burden
Hours: 552,100.
Title: T.D. 9315 (Final) Dual
Consolidated Loss Regulations.
OMB Control Number: 1545–1946.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: This document contains
previously approved final regulations
under section 1503(d) of the Internal
Revenue Code (Code) regarding dual
consolidated losses. Section 1503(d)
generally provides that a dual
consolidated loss of a dual resident
corporation cannot reduce the taxable
income of any other member of the
affiliated group unless, to the extent
provided in regulations, the loss does
not offset the income of any foreign
corporation. Similar rules apply to
losses of separate units of domestic
corporations. These final regulations
address various dual consolidated loss
issues, including exceptions to the
general prohibition against using a dual
consolidated loss to reduce the taxable
income of any other member of the
affiliated group.
Form: None.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 2,765.
Title: Excise Tax on Certain Transfers
of Qualifying Geothermal or Mineral
Interests.
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OMB Control Number: 1545–2099.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: Form 8924, Excise Tax on
Certain Transfers of Qualifying
Geothermal or Mineral Interests, is
required by Section 403 of the Tax
Relief and Health Care Act of 2006
which imposes an excise tax on certain
transfers of qualifying mineral or
geothermal interests.
Form: 8924.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 111.
Title: Form 3921—Exercise of an
Incentive Stock Option Under . . . ;
Form 3922—Transfer of Stock Acquired
Through an . . . ; TD 9470—
Information Reporting Requirements
Under Code Sec. 6039.
OMB Control Number: 1545–2129.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: Form 3921 is a copy of the
information return filed with the IRS
which transferred shares of stock to a
recipient through exercise of an
incentive stock option under section
422(b). Form 3922 is used to record a
transfer of the legal title of a share of
stock acquired by the employee where
the stock was acquired pursuant to the
exercise of an option described in
section 423(c). Previously approved
REG–103146–08 reflects the changes to
section 6039 of the Internal Revenue
Code made by section 403 of the Tax
Relief and Health Care Act of 2006.
Forms: 3921, 3922.
Affected Public: Businesses or otherfor-profits.
Estimated Total Annual Burden
Hours: 25,205.
Title: Transfers by Domestic
Corporations That Are Subject to
Section 367(a)(5); Distributions by
Domestic Corporations That Are Subject
to Section 1248(f). (TD 9614 & 9615).
OMB Control Number: 1545–2183.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: The previously approved
income tax regulations under section
367(a) reflect changes by the Technical
and Miscellaneous Corrections Act of
1988. Section 367(a)(5) provides that a
transfer of assets to a foreign corporation
in an exchange described in section 361
is subject to section 367(a)(1), unless
certain ownership requirements and
other conditions are met. TD 9760
contains final regulations under sections
367, 1248, and 6038B of the Internal
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Revenue Code (Code). These regulations
finalize the elimination of one of two
exceptions to the coordination rule
between asset transfers and indirect
stock transfers for certain outbound
asset reorganizations. The regulations
also finalize modifications to the
exception to the coordination rule for
section 351 exchanges so that it is
consistent with the remaining asset
reorganization exception. In addition,
the regulations finalize modifications to
the procedures for obtaining relief for
failures to satisfy certain reporting
requirements. Finally, the regulations
finalize certain changes with respect to
transfers of stock or securities by a
domestic corporation to a foreign
corporation in a section 361 exchange.
Form: None.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 3,260.
Title: Information Reporting by
Applicable Large Employers on Health
Insurance Coverage Offered Under
Employer-Sponsored Plans.
OMB Control Number: 1545–2251.
Type of Review: Revision of a
currently approved collection.
Abstract: This document contains
previously approved regulations
providing guidance to employers that
are subject to the information reporting
requirements under section 6056 of the
Internal Revenue Code, enacted by the
Patient Protection and Affordable Care
Act (Pub. L. 111–148 (124 Stat.119
(2010)). Section 6056 requires those
employers to report to the IRS
information about their compliance
with the employer shared responsibility
provisions of section 4980H of the Code
and about the health care coverage, if
any, they have offered employees.
Section 6056 also requires those
employers to furnish related statements
to employees in order that employees
may use the statements to help
determine whether, for each month of
the calendar year, they can claim on
their tax returns a premium tax credit
under section 36B of the Code (premium
tax credit).
Forms: 1094–C, 1095–C, 4424.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 22,600,002.
Title: Statement of Liability of Lender,
Surety, or Other Person for Withholding
Taxes.
OMB Control Number: 1545–2254.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: Third parties who directly
pay another’s payrolls can be held liable
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for the full amount of taxes required to
be withheld but not paid to the
Government (subject to the 25%
limitation). IRC 3505 deals with persons
who supply funds to an employer for
the purpose of paying wages. The
notification that a third party is paying
or supplying wages will usually be
made by filing of the Form 4219,
Statement of Liability of Lender, Surety,
or Other Person for Withholding Taxes.
The Form 4219, Statement of Liability of
Lender, Surety, or Other Person for
Withholding Taxes, is to be submitted
and associated with each employer and
for every calendar quarter for which a
liability under section 3505 is incurred.
Form: 4291.
Affected Public: Businesses or other
for-profits, Farms, Not-for-profit
institutions.
Estimated Total Annual Burden
Hours: 12,833.
Title: Safe Harbor for Inadvertent
Normalization Violations.
OMB Control Number: 1545–2276.
Type of Review: Extension without
change of a currently approved
collection.
Abstract: Revenue Procedure 2017–47
provides a safe harbor that allows a
utility taxpayer that inadvertently uses
a practice or procedure that is
inconsistent with the normalization
rules (such as failure to use the
proration methodology) to correct that
practice or procedure at the next
available opportunity and be considered
not to have violated the normalization
rules by their inadvertent error without
requiring the taxpayer to obtain a
private letter ruling from the Service
regarding the inadvertent error.
Form: None.
Affected Public: Businesses or other
for-profits.
Estimated Total Annual Burden
Hours: 1,800.
Authority: 44 U.S.C. 3501 et seq.
Dated: February 9, 2018.
Jennifer P. Quintana,
Treasury PRA Clearance Officer.
[FR Doc. 2018–03052 Filed 2–13–18; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Proposed Collections; Comment
Requests
Departmental Offices;
Department of the Treasury.
SUMMARY: The Department of the
Treasury, as part of its continuing effort
to reduce paperwork burdens, invites
the general public and other Federal
agencies to comment on revisions of an
AGENCY:
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]]>Agencies
[Federal Register Volume 83, Number 31 (Wednesday, February 14, 2018)]
[Notices]
[Pages 6732-6735]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-03052]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Multiple IRS Information Collection Requests
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury will submit the following
information collection requests to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, on or after the date of publication of this
notice. The public is invited to submit comments on these requests.
DATES: Comments should be received on or before March 16, 2018 to be
assured of consideration.
ADDRESSES: Send comments regarding the burden estimate, or any other
aspect of the information collection, including suggestions for
reducing the burden, to (1) Office of Information and Regulatory
Affairs, Office of Management and Budget, Attention: Desk Officer for
Treasury, New Executive Office Building, Room 10235, Washington, DC
20503, or email at [email protected] and (2) Treasury PRA
Clearance Officer, 1750 Pennsylvania Ave. NW, Suite 8142, Washington,
DC 20220, or email at [email protected].
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Jennifer Quintana by emailing [email protected], calling
(202) 622-0489, or viewing the entire information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Internal Revenue Service (IRS)
Title: Form 1099-C--Cancellation of Debt.
OMB Control Number: 1545-1424.
Type of Review: Revision of a currently approved collection.
Abstract: Form 1099-C is used for reporting canceled debt, as
required by section 6050P of the Internal Revenue Code. It is used to
verify that debtors are correctly reporting their income.
Form: 1099-C.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 1,438,998.
Title: TD 8746--Amortizable Bond Premium.
OMB Control Number: 1545-1491.
Type of Review: Revision of a currently approved collection.
Abstract: This regulation addresses the tax treatment of bond
premium. The regulation provides that a holder may make an election to
amortize bond premium by offsetting interest income with bond premium,
and the holder must attach a statement to their tax return providing
certain information. The regulation also provides that a taxpayer may
receive automatic consent to change its method of accounting for
premium provided the taxpayer attaches a statement to its tax return.
The information requested is necessary for the IRS to determine whether
an issuer or a holder has changed its method of accounting for premium.
Form: None.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 2,500.
Title: T.D. 8802--Certain Asset Transfers to a Tax-Exempt Entity.
OMB Control Number: 1545-1633.
Type of Review: Extension without change of a currently approved
collection.
Abstract: This document contains previously approved final
regulations that implement provisions of the Tax Reform Act of 1986 and
the Technical and Miscellaneous Revenue Act of 1988. The final
regulations generally affect a taxable corporation that transfers all
or substantially all of its assets to a tax-exempt entity or converts
from a taxable corporation to a tax-exempt entity in a transaction
other than a liquidation, and generally require the taxable corporation
to recognize gain or loss as if it had sold the assets transferred at
fair market value.
Form: None.
Affected Public: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 125.
Title: REG-209484-87 (TD 8814 final) Federal Insurance
Contributions Act (FICA) Taxation of Amounts Under Employee Benefit
Plans.
OMB Control Number: 1545-1643.
Type of Review: Extension without change of a currently approved
collection.
Abstract: This previously approved regulation provides guidance as
to when amounts deferred under or paid from a nonqualified deferred
compensation plan are taken into account as wages for purposes of the
employment taxes imposed by the Federal Insurance Contributions Act
(FICA). Section 31.3121(v)(2)-1(a)(2) requires that the material terms
of a plan be set forth in writing.
Form: None.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 12,500.
Title: T.D. 8861, Private Foundation Disclosure Rules.
OMB Control Number: 1545-1655.
Type of Review: Extension without change of a currently approved
collection.
Abstract: This document contains final regulations that amend the
regulations relating to the public disclosure requirements described in
section 6104(d) of the Internal Revenue Code. These final regulations
implement changes made by the Tax and Trade Relief Extension Act of
1998, which extended to private foundations the same rules regarding
public disclosure of annual information returns that apply to other
tax-exempt organizations. These final regulations provide guidance for
private foundations required to make copies of applications for
recognition of exemption and annual information returns available for
public inspection and to comply with requests for copies of those
documents.
Form: None.
Affected Public: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 32,596.
Title: Purchase Price Allocations in Deemed Actual Asset
Acquisitions.
OMB Control Number: 1545-1658.
Type of Review: Extension without change of a currently approved
collection.
Abstract: TD 8940 contains previously approved final regulations
relating to deemed and actual asset acquisitions under sections 338 and
1060. The final regulations affect sellers and buyers of corporate
stock that are eligible to elect to treat the transaction as a deemed
asset acquisition. The final regulations also affect sellers and buyers
of assets that constitute a trade or business.
Form: None.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 25.
Title: AJCA Modifications to the Section 6112 Regulations.
[[Page 6733]]
OMB Control Number: 1545-1686.
Type of Review: Revision of a currently approved collection.
Abstract: Previously Approved, Section 6112, as amended by the
American Jobs Creation Act of 2004, Public Law 108-357, 188 Stat. 1418,
requires that each material advisor with respect to any reportable
transaction shall maintain (in such manner as the Secretary may by
regulations prescribe) a list identifying each person with respect to
whom the advisor acted as a material advisor with respect to the
transaction and containing other information as the Secretary may, by
regulations, require. Under Sec. 301.6112-1(a), material advisors are
required to prepare and maintain a list as described in the regulations
and are required to furnish the list to the IRS upon written request by
the IRS. Revenue Procedure 2008-20 provides guidance relating to the
obligation of material advisors to prepare and maintain lists with
respect to reportable transactions under Sec. 6112 of the Internal
Revenue Code. This revenue procedure allows material advisors to use a
form (Form 13976), available on the Internal Revenue Service website
for maintaining the itemized statement component of the list under
Sec. 6112. See section 301.6112-1(b)(3)(i) of the Procedure and
Administration Regulations. The form is not required to be used by a
material advisor for that material advisor to comply with the
requirements of Sec. 301.6112-1, but is offered as an option for
maintaining the list.
Form: 13976.
Affected Public: Businesses or other-for-profits.
Estimated Total Annual Burden Hours: 50,000.
Title: Revenue Procedure 2003-84, Optional Election to Make Monthly
Sec. 706 Allocations.
OMB Control Number: 1545-1768.
Type of Review: Extension without change of a currently approved
collection.
Abstract: This previously approved revenue procedure allows certain
partnerships with money market fund partners to make an optional
election to close the partnership's books on a monthly basis with
respect to the money market fund partners.
Form: None.
Affected Public: Businesses or other-for-profits.
Estimated Total Annual Burden Hours: 500.
Title: Revenue Procedure 2014-55, Election Procedures and
Information Reporting with Respect to Interests in Certain Canadian
Retirement Plans.
OMB Control Number: 1545-1773.
Type of Review: Extension without change of a currently approved
collection.
Abstract: Revenue Procedure 2002-23 provides guidance for the
application by U.S. citizens and residents of the U.S.--Canada Income
Tax Treaty, as amended by the 1995 protocol, in order to defer U.S.
income taxes on income accrued in certain Canadian retirement plans.
This revenue procedure was superseded by Revenue Procedure 2014-55,
published in the Internal Revenue Bulletin dated October 27, 2014.
Form: None.
Affected Public: Individuals or Households.
Estimated Total Annual Burden Hours: 10,000.
Title: Notice 2002-27--IRA Required Minimum Distribution Reporting.
OMB Control Number: 1545-1779.
Type of Review: Extension without change of a currently approved
collection.
Abstract: This notice provides guidance with respect to the
reporting requirements, that is, data that custodians and trustees of
IRAs must furnish IRA owners in those instances where there must be a
minimum distribution from an individual retirement arrangement.
Form: None.
Affected Public: Businesses or other-for-profits.
Estimated Total Annual Burden Hours: 1,170,000.
Title: Rev Proc 2002-32 as Modified by Rev Proc 2006-21, Waiver of
60-month Bar on Reconsolidation after Disaffiliation.
OMB Control Number: 1545-1784.
Type of Review: Extension without change of a currently approved
collection.
Abstract: This previously approved Revenue Procedure 2002-32
provides qualifying taxpayers with a waiver of the general rule of
Sec. 1504(a)(3)(A) of the Internal Revenue Code barring corporations
from filing consolidated returns as a member of a group of which it had
been a member for 60 months following the year of disaffiliation;
Revenue Procedure 2006-21 modifies Rev. Proc. 89-56, 1989-2 C.B. 643,
Rev. Proc. 90-39, 1990-2 C.B. 365, and Rev. Proc. 2002-32, 2002-20 IRB
p. 959, to eliminate impediments to the electronic filing of Federal
income tax returns (e-filing) and to reduce the reporting requirements
in each of these revenue procedures.
Form: None.
Affected Public: Businesses or other-for-profits.
Estimated Total Annual Burden Hours: 100.
Title: Split-Dollar Life Insurance Arrangements.
OMB Control Number: 1545-1792.
Type of Review: Extension without change of a previously approved
collection.
Abstract: The previously approved final regulations provide
guidance for loans made pursuant to a split-dollar life insurance
arrangement. To obtain a particular treatment under the regulations for
certain split-dollar loans, the parties to the loan must make a written
representation, which must be kept as part of their books and records
and a copy filed with their federal income tax returns. In addition, if
a split-dollar loan provides for contingent payments, the lender must
produce a projected payment schedule for the loan and give the borrower
a copy of the schedule. This schedule is used by parties to compute
their interest accruals and any imputed transfers for tax purposes.
Form: None.
Affected Public: Businesses or other-for-profits.
Estimated Total Annual Burden Hours: 32,500.
Title: T.D. 9088, Compensatory Stock Options Under Section 482.
OMB Control Number: 1545-1794.
Type of Review: Extension without change of a currently approved
collection.
Abstract: T.D. 9088 contains previously approved final regulations
that provide guidance regarding the application of the rules of section
482 governing qualified cost sharing arrangements (QCSAs). These
regulations provide guidance regarding the treatment of stock-based
compensation for purposes of the rules governing qualified cost sharing
arrangements and for purposes of the comparability factors to be
considered under the comparable profits method.
Form: None.
Affected Public: Businesses or other-for-profits.
Estimated Total Annual Burden Hours: 2,000.
Title: T.D. 9079--Ten or More Employer Plan Compliance Information.
OMB Control Number: 1545-1795.
Type of Review: Extension without change of a currently approved
collection.
Abstract: This document contains previously approved final
regulations that provide rules regarding the requirements for a welfare
benefit fund that is part of a 10 or more employer plan. The
regulations affect certain
[[Page 6734]]
employers that provide welfare benefits to employees through a plan to
which more than one employer contributes.
Form: None.
Affected Public: Businesses or other-for-profits.
Estimated Total Annual Burden Hours: 2,500.
Title: (TD9082) (Final), Revision of Income Tax Regulations under
Sections 897, 1445, and 6109 to require use of Taxpayer Identifying
Numbers on Submission under the Section 897 and 1445.
OMB Control Number: 1545-1797.
Type of Review: Extension without change of a currently approved
collection.
Abstract: The previously approved collection of information relates
to applications for withholding certificates under Treas. Reg. 1.1445-1
to be filed with the IRS with respect to (1) dispositions of U.S. real
property interests that have been used by foreign persons as a
principle residence within the prior 5 years and excluded from gross
income under section 121 and (2) dispositions of U.S. real property
interests by foreign persons in deferred like kind exchanges that
qualify for nonrecognition under section 1031.
Form: None.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 600.
Title: IRS e-file Electronic Funds Withdrawal Authorization for
Form 7004.
OMB Control Number: 1545-1927.
Type of Review: Extension without change of a currently approved
collection.
Abstract: Form 8878-A is used by a corporate officer or agent and
an electronic return originator (ERO) to use a personal identification
number (PIN) to authorize an electronic funds withdrawal for a tax
payment made with a request to extend the filing due date for a
corporate income tax return.
Form: 8878-A.
Affected Public: Businesses or other-for-profits.
Estimated Total Annual Burden Hours: 505,400.
Title: T.D. 9248--Residence and Source Rules Involving U.S.
Possessions and Other Conforming Changes (Final and Temporary).
OMB Control Number: 1545-1930.
Type of Review: Extension without change of a currently approved
collection.
Abstract: T.D. 9248 contains previously approved final regulations
that provide rules for determining bona fide residency in the following
U.S. possessions: American Samoa, Guam, the Northern Mariana Islands,
Puerto Rico, and the United States Virgin Islands under sections 937(a)
and 881(b) of the Internal Revenue Code (Code).
Form: None.
Affected Public: Individuals or Households.
Estimated Total Annual Burden Hours: 300,000.
Title: TD 9394--Section 1446 Regulations; Form 8804-C--Certificate
of Partner-Level Items to Reduce Section 1446 Withholding.
OMB Control Number: 1545-1934.
Type of Review: Extension without change of a currently approved
collection.
Abstract: These previously approved regulations implement
withholding regime on partnerships conducting business in the United
States that have foreign partners. Such partners are required to pay
withholding tax in installments on each foreign partner's allocable
share of the partnership's U.S. Business taxable income. Special rules
for publicly traded partnerships such that these partnerships pay
withholding tax on distributions to foreign partners. Form 8804-C is
used by a foreign partner who chooses to provide to a partnership a
certification under Regulations section 1.1446-6 to reduce or eliminate
the partnership's withholding tax obligation under section 1446 (1446
tax) on the partner's allocable share of effectively connected taxable
income (ECTI) from the partnership.
Form: 8804-C.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 18,701.
Title: Notice 2005-41, Guidance Regarding Qualified Intellectual
Property Contributions.
OMB Control Number: 1545-1937.
Type of Review: Extension without change of a currently approved
collection.
Abstract: This previously approved notice explains section
170(e)(1)(B)(iii) and 170(m) as added by section 882 of the American
Jobs Creation Act of 2004. Under section 170(e)(1)(B)(iii), a donor's
initial charitable contribution deduction for a gift of qualified
intellectual property is limited to the lesser of the donor's adjusted
basis is the property or its fair market value. Under section 170(m),
the donor may claim additional deduction in subsequent years if the
property produces income.
Form: None.
Affected Public: Businesses or other-for-profits.
Estimated Total Annual Burden Hours: 30.
Title: Notification Requirement for Transfer of Partnership
Interest in Electing Investment Partnership (EIP).
OMB Control Number: 1545-1939.
Type of Review: Extension without change of a currently approved
collection.
Abstract: The American Jobs Creation Act of 2004, Public Law 108-
357, 118 Stat. 1418 (the Act), was enacted on October 22, 2004. The
Treasury Department and the Internal Revenue Service intend to issue
regulations implementing Sec. Sec. 833 and 834 of the Act, which
amended Sec. Sec. 704, 734, 743, and 6031 of the Internal Revenue
Code. This previously approved notice provides interim procedures for
partnerships and their partners to comply with the mandatory basis
provisions of Sec. Sec. 734 and 743, as amended by the Act. This
notice also provides interim procedures for electing investment
partnerships (EIPs) and their partners to comply with Sec. Sec. 743(e)
and 6031(f), as provided in Sec. 833(b) of the Act.
Form: None.
Affected Public: Businesses or other-for-profits.
Estimated Total Annual Burden Hours: 552,100.
Title: T.D. 9315 (Final) Dual Consolidated Loss Regulations.
OMB Control Number: 1545-1946.
Type of Review: Extension without change of a currently approved
collection.
Abstract: This document contains previously approved final
regulations under section 1503(d) of the Internal Revenue Code (Code)
regarding dual consolidated losses. Section 1503(d) generally provides
that a dual consolidated loss of a dual resident corporation cannot
reduce the taxable income of any other member of the affiliated group
unless, to the extent provided in regulations, the loss does not offset
the income of any foreign corporation. Similar rules apply to losses of
separate units of domestic corporations. These final regulations
address various dual consolidated loss issues, including exceptions to
the general prohibition against using a dual consolidated loss to
reduce the taxable income of any other member of the affiliated group.
Form: None.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 2,765.
Title: Excise Tax on Certain Transfers of Qualifying Geothermal or
Mineral Interests.
[[Page 6735]]
OMB Control Number: 1545-2099.
Type of Review: Extension without change of a currently approved
collection.
Abstract: Form 8924, Excise Tax on Certain Transfers of Qualifying
Geothermal or Mineral Interests, is required by Section 403 of the Tax
Relief and Health Care Act of 2006 which imposes an excise tax on
certain transfers of qualifying mineral or geothermal interests.
Form: 8924.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 111.
Title: Form 3921--Exercise of an Incentive Stock Option Under . . .
; Form 3922--Transfer of Stock Acquired Through an . . . ; TD 9470--
Information Reporting Requirements Under Code Sec. 6039.
OMB Control Number: 1545-2129.
Type of Review: Extension without change of a currently approved
collection.
Abstract: Form 3921 is a copy of the information return filed with
the IRS which transferred shares of stock to a recipient through
exercise of an incentive stock option under section 422(b). Form 3922
is used to record a transfer of the legal title of a share of stock
acquired by the employee where the stock was acquired pursuant to the
exercise of an option described in section 423(c). Previously approved
REG-103146-08 reflects the changes to section 6039 of the Internal
Revenue Code made by section 403 of the Tax Relief and Health Care Act
of 2006.
Forms: 3921, 3922.
Affected Public: Businesses or other-for-profits.
Estimated Total Annual Burden Hours: 25,205.
Title: Transfers by Domestic Corporations That Are Subject to
Section 367(a)(5); Distributions by Domestic Corporations That Are
Subject to Section 1248(f). (TD 9614 & 9615).
OMB Control Number: 1545-2183.
Type of Review: Extension without change of a currently approved
collection.
Abstract: The previously approved income tax regulations under
section 367(a) reflect changes by the Technical and Miscellaneous
Corrections Act of 1988. Section 367(a)(5) provides that a transfer of
assets to a foreign corporation in an exchange described in section 361
is subject to section 367(a)(1), unless certain ownership requirements
and other conditions are met. TD 9760 contains final regulations under
sections 367, 1248, and 6038B of the Internal Revenue Code (Code).
These regulations finalize the elimination of one of two exceptions to
the coordination rule between asset transfers and indirect stock
transfers for certain outbound asset reorganizations. The regulations
also finalize modifications to the exception to the coordination rule
for section 351 exchanges so that it is consistent with the remaining
asset reorganization exception. In addition, the regulations finalize
modifications to the procedures for obtaining relief for failures to
satisfy certain reporting requirements. Finally, the regulations
finalize certain changes with respect to transfers of stock or
securities by a domestic corporation to a foreign corporation in a
section 361 exchange.
Form: None.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 3,260.
Title: Information Reporting by Applicable Large Employers on
Health Insurance Coverage Offered Under Employer-Sponsored Plans.
OMB Control Number: 1545-2251.
Type of Review: Revision of a currently approved collection.
Abstract: This document contains previously approved regulations
providing guidance to employers that are subject to the information
reporting requirements under section 6056 of the Internal Revenue Code,
enacted by the Patient Protection and Affordable Care Act (Pub. L. 111-
148 (124 Stat.119 (2010)). Section 6056 requires those employers to
report to the IRS information about their compliance with the employer
shared responsibility provisions of section 4980H of the Code and about
the health care coverage, if any, they have offered employees. Section
6056 also requires those employers to furnish related statements to
employees in order that employees may use the statements to help
determine whether, for each month of the calendar year, they can claim
on their tax returns a premium tax credit under section 36B of the Code
(premium tax credit).
Forms: 1094-C, 1095-C, 4424.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 22,600,002.
Title: Statement of Liability of Lender, Surety, or Other Person
for Withholding Taxes.
OMB Control Number: 1545-2254.
Type of Review: Extension without change of a currently approved
collection.
Abstract: Third parties who directly pay another's payrolls can be
held liable for the full amount of taxes required to be withheld but
not paid to the Government (subject to the 25% limitation). IRC 3505
deals with persons who supply funds to an employer for the purpose of
paying wages. The notification that a third party is paying or
supplying wages will usually be made by filing of the Form 4219,
Statement of Liability of Lender, Surety, or Other Person for
Withholding Taxes. The Form 4219, Statement of Liability of Lender,
Surety, or Other Person for Withholding Taxes, is to be submitted and
associated with each employer and for every calendar quarter for which
a liability under section 3505 is incurred.
Form: 4291.
Affected Public: Businesses or other for-profits, Farms, Not-for-
profit institutions.
Estimated Total Annual Burden Hours: 12,833.
Title: Safe Harbor for Inadvertent Normalization Violations.
OMB Control Number: 1545-2276.
Type of Review: Extension without change of a currently approved
collection.
Abstract: Revenue Procedure 2017-47 provides a safe harbor that
allows a utility taxpayer that inadvertently uses a practice or
procedure that is inconsistent with the normalization rules (such as
failure to use the proration methodology) to correct that practice or
procedure at the next available opportunity and be considered not to
have violated the normalization rules by their inadvertent error
without requiring the taxpayer to obtain a private letter ruling from
the Service regarding the inadvertent error.
Form: None.
Affected Public: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 1,800.
Authority: 44 U.S.C. 3501 et seq.
Dated: February 9, 2018.
Jennifer P. Quintana,
Treasury PRA Clearance Officer.
[FR Doc. 2018-03052 Filed 2-13-18; 8:45 am]
BILLING CODE 4830-01-P
