Proposed Allowance of Information Collection Request Submitted for Public Comment; Information Reporting for Certain Life Insurance Contract Transactions, 46017-46018 [2018-19619]
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Federal Register / Vol. 83, No. 176 / Tuesday, September 11, 2018 / Notices
The Internal Revenue Service
(IRS), 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
Request for Discharge From Personal
Liability Under Internal Revenue Code
Section 2204 or 6905.
DATES: Written comments should be
received on or before November 13,
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 form and instructions
should be directed to Martha R. Brinson,
at (202)317–5753, or at Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or
through the internet at
Martha.R.Brinson@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Request for Discharge From
Personal Liability Under Internal
Revenue Code Section 2204 or 6905.
OMB Number: 1545–0432.
Form Number: 5495.
Abstract: Form 5495 provides
guidance under sections 2204 and 6905
for executors of estates and fiduciaries
of decedent’s trusts. The form, filed after
regular filing of an Estate, Gift, or
Income tax return for a decedent, is
used by the executor or fiduciary to
request discharge from personal liability
for any deficiency for the tax and
periods shown on the form.
Current Actions: There are no changes
being made to Form 5495 at this time.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
Households.
Estimated Number of Responses:
25,000.
Estimated Time per Response: 12
hours, 16 minutes.
Estimated Total Annual Burden
Hours: 306,500.
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
daltland on DSKBBV9HB2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
18:49 Sep 10, 2018
Jkt 244001
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. Comments
will be 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 has 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 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: August 28, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018–19620 Filed 9–10–18; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Allowance of Information
Collection Request Submitted for
Public Comment; Information
Reporting for Certain Life Insurance
Contract Transactions
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 the
guidance for taxpayers regarding
information reporting for certain life
insurance contract transactions.
DATES: Written comments should be
received on or before November 13,
2018 to be assured of consideration.
ADDRESSES: Direct all written comments
to Carolyn Brown, Internal Revenue
Service, Room 6236, 1111 Constitution
Avenue NW, Washington, DC 20224.
Requests for additional information or
copies of the regulations should be
SUMMARY:
PO 00000
Frm 00143
Fmt 4703
Sfmt 4703
46017
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: Information Reporting for
Certain Life Insurance Contract
Transactions.
OMB Number: 1545—New.
Regulation Project Number: Notice
2018–41, Form 1099–LS, Form 1099–
SB.
Abstract: The collection covers the
new information reporting requirements
for certain life insurance contracts
under new IRC 6050Y, which were
added by the Tax Cuts and Jobs Act
(TCJA).
The new reporting requirements
apply to reportable death benefits paid
and reportable policy sales made after
Dec. 31, 2017. On April 26, 2018, the
Internal Revenue Service provided
transitional guidance delaying any
reporting under IRC 6050Y until final
regulations are issued. The transitional
guidance provides taxpayers additional
time to satisfy any reporting obligations
arising prior to publication of final
regulations.
Current Actions: The IRS described
the new information reporting
requirements for certain life insurance
contracts under new IRC 6050Y, which
were added by the Tax Cuts and Jobs
Act. The new reporting requirements
apply to reportable death benefits paid
and reportable policy sales made after
Dec. 31, 2017. As part of the guidance,
however, the IRS provided transitional
guidance delaying any reporting under
IRC 6050Y until final regulations are
issued.
This submission is being made to seek
new approval as required in the
Paperwork Reduction Act.
Type of Review: New collection.
Affected Public: Individuals or
Households, Business or other for profit,
Not for profit institutions.
Estimated Number of Respondents:
6,000.
Estimated Time per Respondent: 7
min.
Estimated Total Annual Burden
Hours: 720.
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
E:\FR\FM\11SEN1.SGM
11SEN1
46018
Federal Register / Vol. 83, No. 176 / Tuesday, September 11, 2018 / Notices
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: September 4, 2018.
R. Joseph Durbala,
IRS, Tax Analyst.
[FR Doc. 2018–19619 Filed 9–10–18; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Allowance 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.
daltland on DSKBBV9HB2PROD with NOTICES
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
SUMMARY:
VerDate Sep<11>2014
18:49 Sep 10, 2018
Jkt 244001
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 13,
2018 to be assured of consideration.
ADDRESSES: Direct all written comments
to Carolyn Brown, Internal Revenue
Service, Room 6236, 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
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.
PO 00000
Frm 00144
Fmt 4703
Sfmt 9990
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: September 4, 2018.
R. Joseph Durbala,
IRS, Tax Analyst.
[FR Doc. 2018–19621 Filed 9–10–18; 8:45 am]
BILLING CODE 4830–01–P
E:\FR\FM\11SEN1.SGM
11SEN1
]]>Agencies
[Federal Register Volume 83, Number 176 (Tuesday, September 11, 2018)]
[Notices]
[Pages 46017-46018]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-19619]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Allowance of Information Collection Request Submitted
for Public Comment; Information Reporting for Certain Life Insurance
Contract Transactions
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 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 the guidance for taxpayers regarding information reporting
for certain life insurance contract transactions.
DATES: Written comments should be received on or before November 13,
2018 to be assured of consideration.
ADDRESSES: Direct all written comments to Carolyn Brown, Internal
Revenue Service, Room 6236, 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: Information Reporting for Certain Life Insurance Contract
Transactions.
OMB Number: 1545--New.
Regulation Project Number: Notice 2018-41, Form 1099-LS, Form 1099-
SB.
Abstract: The collection covers the new information reporting
requirements for certain life insurance contracts under new IRC 6050Y,
which were added by the Tax Cuts and Jobs Act (TCJA).
The new reporting requirements apply to reportable death benefits
paid and reportable policy sales made after Dec. 31, 2017. On April 26,
2018, the Internal Revenue Service provided transitional guidance
delaying any reporting under IRC 6050Y until final regulations are
issued. The transitional guidance provides taxpayers additional time to
satisfy any reporting obligations arising prior to publication of final
regulations.
Current Actions: The IRS described the new information reporting
requirements for certain life insurance contracts under new IRC 6050Y,
which were added by the Tax Cuts and Jobs Act. The new reporting
requirements apply to reportable death benefits paid and reportable
policy sales made after Dec. 31, 2017. As part of the guidance,
however, the IRS provided transitional guidance delaying any reporting
under IRC 6050Y until final regulations are issued.
This submission is being made to seek new approval as required in
the Paperwork Reduction Act.
Type of Review: New collection.
Affected Public: Individuals or Households, Business or other for
profit, Not for profit institutions.
Estimated Number of Respondents: 6,000.
Estimated Time per Respondent: 7 min.
Estimated Total Annual Burden Hours: 720.
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
[[Page 46018]]
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: September 4, 2018.
R. Joseph Durbala,
IRS, Tax Analyst.
[FR Doc. 2018-19619 Filed 9-10-18; 8:45 am]
BILLING CODE 4830-01-P
