Proposed Extension of Information Collection Request Submitted for Public Comment; Transitional Guidance Under Sections 162(f) and 6050X With Respect to Certain Fines, Penalties, and Other Amounts, 45015 [2018-19172]

Download as PDF Federal Register / Vol. 83, No. 171 / Tuesday, September 4, 2018 / Notices DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Extension of Information Collection Request Submitted for Public Comment; Transitional Guidance Under Sections 162(f) and 6050X With Respect to Certain Fines, Penalties, and Other Amounts 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 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 transitional guidance under sections 162(f) and 6050X with respect to certain fines, penalties, and other amounts. DATES: Written comments should be received on or before November 5, 2018 to be assured of consideration. ADDRESSES: Direct all written comments to Laurie Brimmer, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224. Requests for additional information or copies of the regulations should be directed to R. Joseph Durbala, at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Transitional Guidance Under Sections 162(f) and 6050X with Respect To Certain Fines, Penalties, and Other Amounts. OMB Number: 1545–New. Regulation Project Number: Notice 2018–23, Form 1098–F. Abstract: The collection covers the new information reporting requirements under IRC 162(f) and new 6050X, which was added by the Tax Cuts and Jobs Act (TCJA). Section 13306 of ‘‘An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,’’ Public Law 115–97 (the ‘‘Act’’), which was signed into law on December 22, 2017, amended section 162(f) of the Internal Revenue Code (‘‘Code’’) and added new section 6050X to the Code. The Department of the Treasury (‘‘Treasury Department’’) and the Internal Revenue Service (‘‘IRS’’) intend to publish sradovich on DSK3GMQ082PROD with NOTICES SUMMARY: VerDate Sep<11>2014 17:54 Aug 31, 2018 Jkt 244001 proposed regulations under sections 162(f) and 6050X. Current Actions: The Treasury Department and the IRS intend to issue proposed regulations amending and adding sections to the Income Tax Regulations with respect to sections 162(f) and 6050X. To assist in the development of the proposed regulations, the IRS has requests comments from the public and affected governments and nongovernmental entities, on any and all issues related to the application and implementation of sections 162(f) and 6050X that the proposed regulations should address. This submission is being made to seek new approval as required in the Paperwork Reduction Act. Type of Review: New collection. Affected Public: Federal government, State, Local, or Tribal Government. Estimated Number of Respondents: 200. Estimated Time per Respondent: 7 min. Estimated Total Annual Burden Hours: 24. The following paragraph applies to all 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 if 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. Desired Focus of Comments: The Internal Revenue Service (IRS) is particularly interested in comments that: • Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; • Evaluate the accuracy of the agency’s estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; • Enhance the quality, utility, and clarity of the information to be collected; and • Minimize the burden of the collection of information on those who are to respond, including using appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., by PO 00000 Frm 00159 Fmt 4703 Sfmt 4703 45015 permitting electronic submissions of responses. Comments submitted in response to this notice will be summarized and/or included in the ICR for OMB approval of the extension of the information collection; they will also become a matter of public record. Approved: August 28, 2018. Laurie Brimmer, IRS, Senior Tax Analyst. [FR Doc. 2018–19172 Filed 8–31–18; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Proposed Collection; Comment Request Departmental Offices, Treasury Department. ACTION: Notice and request for comments. AGENCY: 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 an information collection that is due for renewed approval by the Office of Management and Budget. The Office of International Affairs within the Department of the Treasury is soliciting comments concerning recordkeeping requirements associated with Reporting of International Capital and Foreign Currency Transactions and Positions— 31 CFR part 128. DATES: Written comments should be received on or before November 5, 2018 to be assured of consideration. ADDRESSES: Direct all written comments on international capital transactions and positions to: Dwight Wolkow, International Portfolio Investment Data Systems, Department of the Treasury, Room 5422, 1500 Pennsylvania Avenue NW, Washington, DC 20220. In view of possible delays in mail delivery, please also notify Mr. Wolkow by email (comments2TIC@treasury.gov), FAX (202–622–2009) or telephone (202–622– 1276). Direct all written comments on foreign currency transactions and positions to: Emily Weis, Department of the Treasury, Room 1328, 1500 Pennsylvania Avenue NW, Washington DC 20220. In view of possible delays in mail delivery, please also notify Ms. Weis by email (Emily.Weis@ treasury.gov), FAX (202–622–9068) or telephone (202–622–5513). FOR FURTHER INFORMATION CONTACT: Requests for additional information on international capital transactions and positions should be directed to Mr. SUMMARY: E:\FR\FM\04SEN1.SGM 04SEN1

Agencies

[Federal Register Volume 83, Number 171 (Tuesday, September 4, 2018)]
[Notices]
[Page 45015]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-19172]



[[Page 45015]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Transitional Guidance Under Sections 162(f) and 
6050X With Respect to Certain Fines, Penalties, and Other Amounts

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the 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 transitional guidance under sections 162(f) and 6050X with 
respect to certain fines, penalties, and other amounts.

DATES: Written comments should be received on or before November 5, 
2018 to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be directed to R. Joseph Durbala, at Internal Revenue Service, 
Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or 
through the internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Transitional Guidance Under Sections 162(f) and 6050X with 
Respect To Certain Fines, Penalties, and Other Amounts.
    OMB Number: 1545-New.
    Regulation Project Number: Notice 2018-23, Form 1098-F.
    Abstract: The collection covers the new information reporting 
requirements under IRC 162(f) and new 6050X, which was added by the Tax 
Cuts and Jobs Act (TCJA).
    Section 13306 of ``An Act to provide for reconciliation pursuant to 
titles II and V of the concurrent resolution on the budget for fiscal 
year 2018,'' Public Law 115-97 (the ``Act''), which was signed into law 
on December 22, 2017, amended section 162(f) of the Internal Revenue 
Code (``Code'') and added new section 6050X to the Code. The Department 
of the Treasury (``Treasury Department'') and the Internal Revenue 
Service (``IRS'') intend to publish proposed regulations under sections 
162(f) and 6050X.
    Current Actions: The Treasury Department and the IRS intend to 
issue proposed regulations amending and adding sections to the Income 
Tax Regulations with respect to sections 162(f) and 6050X. To assist in 
the development of the proposed regulations, the IRS has requests 
comments from the public and affected governments and nongovernmental 
entities, on any and all issues related to the application and 
implementation of sections 162(f) and 6050X that the proposed 
regulations should address.
    This submission is being made to seek new approval as required in 
the Paperwork Reduction Act.
    Type of Review: New collection.
    Affected Public: Federal government, State, Local, or Tribal 
Government.
    Estimated Number of Respondents: 200.
    Estimated Time per Respondent: 7 min.
    Estimated Total Annual Burden Hours: 24.
    The following paragraph applies to all 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 if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: August 28, 2018.
Laurie Brimmer,
IRS, Senior Tax Analyst.
[FR Doc. 2018-19172 Filed 8-31-18; 8:45 am]
 BILLING CODE 4830-01-P