Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple IRS Information Collection Requests, 63967-63968 [2018-26841]
Download as PDF
Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices
respondent; 260 total annual burden
hours.
Public Comments Invited: You are
asked to comment on any aspect of this
information collection, including: (1)
Whether the proposed collection is
necessary for the FHWA’s performance;
(2) the accuracy of the estimated
burdens; (3) ways for the FHWA to
enhance the quality, usefulness, and
clarity of the collected information; and
(4) ways that the burden could be
minimized, including the use of
electronic technology, without reducing
the quality of the collected information.
The agency will summarize and/or
include your comments in the request
for OMB’s clearance of this information
collection.
Authority: The Paperwork Reduction Act
of 1995; 44 U.S.C. Chapter 35, as amended;
and 49 CFR 1.48.
Issued on: December 6, 2018.
Michael Howell,
Information Collection Officer.
[FR Doc. 2018–26874 Filed 12–11–18; 8:45 am]
BILLING CODE 4910–22–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 January 11, 2019 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 8100, Washington, DC
20220, or email at PRA@treasury.gov.
amozie on DSK3GDR082PROD with NOTICES1
SUMMARY:
VerDate Sep<11>2014
18:39 Dec 11, 2018
Jkt 247001
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:
Internal Revenue Service (IRS)
1. Title: Return of U.S. Persons With
Respect to Certain Foreign Partnerships.
OMB Control Number: 1545–1668.
Type of Review: Revision of a
currently approved collection.
Description: The Taxpayer Relief Act
of 1997 significantly modified the
information reporting requirements with
respect to foreign partnerships. The Act
made the following three changes (1)
expanded section 6038B to require U.S.
persons transferring property to foreign
partnerships in certain transactions to
report those transfers; (2) expanded
section 6038 to require certain U.S.
Partners of controlled foreign
partnerships to report information about
the partnerships; and (3) modified the
reporting required under section 6046A
with respect to acquisitions and
dispositions of foreign partnership
interests.
Form 8838–P is used to extend the
statute of limitations for U.S. persons
who transfers appreciated property to
partnerships with foreign partners
related to the transferor. The form is
filed when the transferor makes a gain
recognition agreement. This agreement
allows the transferor to defer the
payment of tax on the transfer. The IRS
uses Form 8838–P so that it may assess
tax against the transferor after the
expiration of the original statute of
limitations.
Form: 8865 Schedules G, H, K–1, O &
P; 8838–P.
Affected Public: Businesses or other
for-profits, Individuals and households.
Estimated Number of Respondents:
34,450.
Frequency of Response: Annually.
Estimated Total Number of Annual
Responses: 34,450.
Estimated Time per Response: 8.18
hours.
Estimated Total Annual Burden
Hours: 281,974.
2. Title: Employer Credit for Paid
Family and Medical Leave.
OMB Control Number: 1545–XXXX.
Type of Review: New collection.
Description: The law establishes a
credit for employers that provide paid
family and medical leave to employees.
This is a general business credit
employers may claim, based on wages
paid to qualifying employees while they
PO 00000
Frm 00143
Fmt 4703
Sfmt 4703
63967
are on family and medical leave, subject
to certain conditions. The credit is for
wages paid beginning after December
31, 2017 and it is not available for wages
paid beginning after December 31, 2019,
Supporting documentation is attached.
Form: 8994.
Affected Public: Individuals and
households.
Estimated Number of Respondents:
660,000.
Frequency of Response: Annually.
Estimated Total Number of Annual
Responses: 660,000.
Estimated Time per Response: 1.94
hours.
Estimated Total Annual Burden
Hours: 1,280,400.
3. Title: Form 461—Limitation on
Business Losses.
OMB Control Number: 1545–XXXX.
Type of Review: New collection.
Description: Form 461 and its separate
instructions calculates the limitation on
business losses, and the excess business
losses that will be treated as net
operating loss (NOL) carried forward to
subsequent taxable years. In the case of
a partnership or S corporation, the
provision applies at the partner or
shareholder level. This form will used
by noncorporate taxpayers and will
attached to a tax return (F1040, 1040NR,
1041, 1041–QFT, 1041–N, or 990–T).
Form: 461.
Affected Public: Businesses or other
for-profits.
Estimated Number of Respondents:
2,909,026.
Frequency of Response: Annually.
Estimated Total Number of Annual
Responses: 2,909,026.
Estimated Time per Response: 23
minutes.
Estimated Total Annual Burden
Hours: 1,105,430.
4. Title: Information Reporting for
Certain Life Insurance Contract
Transactions.
OMB Control Number: 1545–XXXX.
Type of Review: New collection.
Description: The collection covers the
new information reporting requirements
for certain life insurance contracts
under new IRC 6050Y, which was
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.
Form: 1099–SB, 1099–LS.
E:\FR\FM\12DEN1.SGM
12DEN1
63968
Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices
amozie on DSK3GDR082PROD with NOTICES1
Affected Public: Businesses or other
for-profits.
Estimated Number of Respondents:
6,000.
Frequency of Response: Annually, On
occasion.
Estimated Total Number of Annual
Responses: 6,000.
Estimated Time per Response: 7
minutes.
Estimated Total Annual Burden
Hours: 720.
5. Title: Transitional Guidance Under
Sections 162(f) and 6050X With Respect
to Certain Fines, Penalties, and Other
Amounts.
OMB Control Number: 1545–XXXX.
Type of Review: New collection.
Description: 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).
Generally, no deduction is allowed for
any amount paid to, or at the direction
of, a government or specified
nongovernmental entity for the violation
of any law. The general rule does not
apply to the following exceptions:
• Amounts that constitute restitution
(including remediation of property);
• Amounts paid to come into
compliance with the law;
• Amounts paid or incurred as the
result of certain court orders in which
VerDate Sep<11>2014
18:39 Dec 11, 2018
Jkt 247001
no government or specified
nongovernmental agency is a party; and
• Amounts paid or incurred for taxes
due.
To be deductible under an exception,
the Taxpayer must establish that an
amount required to be paid is for
restitution, remediation or to come into
compliance with the law, AND the
amount must be specifically identified
in the settlement agreement or court
order as restitution, remediation or to
come into compliance with the law.
Any amount paid or incurred as
reimbursement to the Government for
the costs of any investigation or
litigation are not deductible under one
of the exceptions (under prior law, these
amounts were often considered
compensatory and deductible).
The 2017 Tax Cuts and Jobs Act also
enacted IRC section 6050X, which
requires government agencies or
specified nongovernmental regulatory
entities to file an information return
which identifies:
1. The amount required to be paid as
a result of the suit or agreement to
which IRC section 162(f)(1) applies;
2. Any amount required to be paid as
a result of the suit or agreement that
constitutes restitution or remediation of
property; and
3. Any amount required to be paid as
a result of the suit or agreement for the
PO 00000
Frm 00144
Fmt 4703
Sfmt 9990
purpose of coming into compliance with
any law that was violated or involved in
the investigation or inquiry.
This reporting requirement will not be
required with respect to amounts paid
or incurred under a binding court order
or agreement entered into before the
date provided in the future proposed
regulations, which will be no earlier
than January 1, 2019.
Notice 2018–23 provides information
for section 6050X and transitional
guidance under IRC § 162(f).
Form: 1098–F.
Affected Public: Businesses or other
for-profits.
Estimated Number of Respondents:
200.
Frequency of Response: Annually, On
occasion.
Estimated Total Number of Annual
Responses: 200.
Estimated Time per Response: 7
minutes.
Estimated Total Annual Burden
Hours: 24.
Authority: 44 U.S.C. 3501 et seq.
Dated: December 6, 2018.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2018–26841 Filed 12–11–18; 8:45 am]
BILLING CODE 4830–01–P
E:\FR\FM\12DEN1.SGM
12DEN1
Agencies
[Federal Register Volume 83, Number 238 (Wednesday, December 12, 2018)]
[Notices]
[Pages 63967-63968]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-26841]
=======================================================================
-----------------------------------------------------------------------
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 January 11, 2019 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 8100, 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)
1. Title: Return of U.S. Persons With Respect to Certain Foreign
Partnerships.
OMB Control Number: 1545-1668.
Type of Review: Revision of a currently approved collection.
Description: The Taxpayer Relief Act of 1997 significantly modified
the information reporting requirements with respect to foreign
partnerships. The Act made the following three changes (1) expanded
section 6038B to require U.S. persons transferring property to foreign
partnerships in certain transactions to report those transfers; (2)
expanded section 6038 to require certain U.S. Partners of controlled
foreign partnerships to report information about the partnerships; and
(3) modified the reporting required under section 6046A with respect to
acquisitions and dispositions of foreign partnership interests.
Form 8838-P is used to extend the statute of limitations for U.S.
persons who transfers appreciated property to partnerships with foreign
partners related to the transferor. The form is filed when the
transferor makes a gain recognition agreement. This agreement allows
the transferor to defer the payment of tax on the transfer. The IRS
uses Form 8838-P so that it may assess tax against the transferor after
the expiration of the original statute of limitations.
Form: 8865 Schedules G, H, K-1, O & P; 8838-P.
Affected Public: Businesses or other for-profits, Individuals and
households.
Estimated Number of Respondents: 34,450.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 34,450.
Estimated Time per Response: 8.18 hours.
Estimated Total Annual Burden Hours: 281,974.
2. Title: Employer Credit for Paid Family and Medical Leave.
OMB Control Number: 1545-XXXX.
Type of Review: New collection.
Description: The law establishes a credit for employers that
provide paid family and medical leave to employees. This is a general
business credit employers may claim, based on wages paid to qualifying
employees while they are on family and medical leave, subject to
certain conditions. The credit is for wages paid beginning after
December 31, 2017 and it is not available for wages paid beginning
after December 31, 2019, Supporting documentation is attached.
Form: 8994.
Affected Public: Individuals and households.
Estimated Number of Respondents: 660,000.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 660,000.
Estimated Time per Response: 1.94 hours.
Estimated Total Annual Burden Hours: 1,280,400.
3. Title: Form 461--Limitation on Business Losses.
OMB Control Number: 1545-XXXX.
Type of Review: New collection.
Description: Form 461 and its separate instructions calculates the
limitation on business losses, and the excess business losses that will
be treated as net operating loss (NOL) carried forward to subsequent
taxable years. In the case of a partnership or S corporation, the
provision applies at the partner or shareholder level. This form will
used by noncorporate taxpayers and will attached to a tax return
(F1040, 1040NR, 1041, 1041-QFT, 1041-N, or 990-T).
Form: 461.
Affected Public: Businesses or other for-profits.
Estimated Number of Respondents: 2,909,026.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 2,909,026.
Estimated Time per Response: 23 minutes.
Estimated Total Annual Burden Hours: 1,105,430.
4. Title: Information Reporting for Certain Life Insurance Contract
Transactions.
OMB Control Number: 1545-XXXX.
Type of Review: New collection.
Description: The collection covers the new information reporting
requirements for certain life insurance contracts under new IRC 6050Y,
which was 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.
Form: 1099-SB, 1099-LS.
[[Page 63968]]
Affected Public: Businesses or other for-profits.
Estimated Number of Respondents: 6,000.
Frequency of Response: Annually, On occasion.
Estimated Total Number of Annual Responses: 6,000.
Estimated Time per Response: 7 minutes.
Estimated Total Annual Burden Hours: 720.
5. Title: Transitional Guidance Under Sections 162(f) and 6050X
With Respect to Certain Fines, Penalties, and Other Amounts.
OMB Control Number: 1545-XXXX.
Type of Review: New collection.
Description: 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).
Generally, no deduction is allowed for any amount paid to, or at
the direction of, a government or specified nongovernmental entity for
the violation of any law. The general rule does not apply to the
following exceptions:
Amounts that constitute restitution (including remediation
of property);
Amounts paid to come into compliance with the law;
Amounts paid or incurred as the result of certain court
orders in which no government or specified nongovernmental agency is a
party; and
Amounts paid or incurred for taxes due.
To be deductible under an exception, the Taxpayer must establish
that an amount required to be paid is for restitution, remediation or
to come into compliance with the law, AND the amount must be
specifically identified in the settlement agreement or court order as
restitution, remediation or to come into compliance with the law.
Any amount paid or incurred as reimbursement to the Government for
the costs of any investigation or litigation are not deductible under
one of the exceptions (under prior law, these amounts were often
considered compensatory and deductible).
The 2017 Tax Cuts and Jobs Act also enacted IRC section 6050X,
which requires government agencies or specified nongovernmental
regulatory entities to file an information return which identifies:
1. The amount required to be paid as a result of the suit or
agreement to which IRC section 162(f)(1) applies;
2. Any amount required to be paid as a result of the suit or
agreement that constitutes restitution or remediation of property; and
3. Any amount required to be paid as a result of the suit or
agreement for the purpose of coming into compliance with any law that
was violated or involved in the investigation or inquiry.
This reporting requirement will not be required with respect to
amounts paid or incurred under a binding court order or agreement
entered into before the date provided in the future proposed
regulations, which will be no earlier than January 1, 2019.
Notice 2018-23 provides information for section 6050X and
transitional guidance under IRC Sec. 162(f).
Form: 1098-F.
Affected Public: Businesses or other for-profits.
Estimated Number of Respondents: 200.
Frequency of Response: Annually, On occasion.
Estimated Total Number of Annual Responses: 200.
Estimated Time per Response: 7 minutes.
Estimated Total Annual Burden Hours: 24.
Authority: 44 U.S.C. 3501 et seq.
Dated: December 6, 2018.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2018-26841 Filed 12-11-18; 8:45 am]
BILLING CODE 4830-01-P