Proposed Collection; Comment Request for TD 9452, 25335-25336 [2019-11379]

Download as PDF khammond on DSKBBV9HB2PROD with NOTICES Federal Register / Vol. 84, No. 105 / Friday, May 31, 2019 / Notices Mortgages and Mortgage Interest Statement. OMB Number: 1545–1380. Form Number: Form 1098. Regulation Project Number: TD 8571. Abstract: The regulation requires the reporting of certain information relating to payments of mortgage interest. The form is used to report $600 or more of mortgage interest received from an individual in the course of the mortgagor’s trade or business. Taxpayers must separately state on the form the amount of points and the amount of interest (other than points) received during the taxable year on a single mortgage and must provide to the payer of the points a separate statement setting forth the information being reported to the IRS. Current Actions: There are no changes to the form or existing regulation, however the agency has updated the number of respondent estimates based on current data. Type of Review: Revision of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 80,650,960. Estimated Time per Respondent: .23 hours. Estimated Total Annual Burden Hours: 20,131,656. The following paragraph applies to all of the collections of information covered by this notice. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information VerDate Sep<11>2014 16:42 May 30, 2019 Jkt 247001 technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: May 28, 2019. Laurie Brimmer, Senior Tax Analyst. [FR Doc. 2019–11377 Filed 5–30–19; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for TD 9452 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning final regulation TD 9452, Application of Separate Limitations to Dividends from Noncontrolled Section 902 Corporations. SUMMARY: Written comments should be received on or before July 30, 2019 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 regulation should be directed to Sara Covington, (202) 317– 6038, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at sara.l.covington@irs.gov. SUPPLEMENTARY INFORMATION: Title: Application of Separate Limitations to Dividends from Noncontrolled Section 902 Corporations. OMB Number: 1545–2014. Regulation Project Number: TD 9452. Abstract: The regulations require a collection of information in order for a taxpayer to make certain tax elections. The American Jobs Creation Act of 2004 amended the foreign tax credit treatment of dividends from noncontrolled section 902 corporations effective for post-2002 tax years, and the Gulf Opportunity Zone Act of 2005 permitted taxpayers to elect to defer the DATES: PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 25335 effective date of these amendments until post-2004 tax years (GOZA election). Treas. Reg. § 1.904–7(f)(9)(ii)(C) requires a taxpayer making the GOZA election to attach a statement to such effect to its next tax return for which the due date (with extensions) is more than 90 days after April 25, 2006. Treas. Reg. § 1.964– 1(c)(3) requires certain shareholders making tax elections (section 964 elections) on behalf of a controlled foreign corporation or noncontrolled section 902 corporation to sign a jointly executed consent (that is retained by one designated shareholder) and to attach a statement to their tax returns for the election year. Current Actions: There is no change in the paperwork burden previously approved by OMB. Type of Review: Extension of a currently approved collection. Affected Public: Individuals and Households, Businesses and other forprofit organizations. Estimated Number of Respondents: 50. Estimated Time per Respondent: 30 minutes. Estimated Total Annual Burden Hours: 25. The following paragraph applies to all of the collections of information covered by this notice: An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, E:\FR\FM\31MYN1.SGM 31MYN1 25336 Federal Register / Vol. 84, No. 105 / Friday, May 31, 2019 / Notices maintenance, and purchase of services to provide information. Approved: May 28, 2019. Laurie Brimmer, Senior Tax Analyst. [FR Doc. 2019–11379 Filed 5–30–19; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY AGENCY: Æ Self-Correction Program (SCP)—permits a plan sponsor to correct certain plan failures without contacting the IRS or paying any fee. Æ Voluntary Correction Program (VCP)— permits a plan sponsor to, any time before audit, pay a fee and receive IRS approval for correction of plan failures. Æ Audit Closing Agreement Program (Audit CAP)—permits a plan sponsor to pay a sanction and correct a plan failure while the plan is under audit. 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 Employee Plans Compliance Resolution System (EPCRS UPDATE OF REV. PROCS. 2018–52 and 2016–51, including Forms 8950, 8951, 14568, 14568–A through I). DATES: Written comments should be received on or before July 30, 2019 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 this notice 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: Employee Plans Compliance Resolution System (EPCRS UPDATE OF REV. PROCS. 2018–52 and 2016–51, including Forms 8950, 8951, 14568, 14568–A through I). OMB Number: 1545–1673. Abstract: This revenue procedure updates the Comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of §§ 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code, but that have Current Actions: Rev. Proc. 2018–52, 2018–42 I.R.B. 611, which modified and superseded Rev. Proc. 2016–51, 2016– 42 I.R.B. 465, the prior consolidated statement of the correction programs under EPCRS. Rev. Proc. 2018–52 provides that beginning January 1, 2019, Plan Sponsors may file a VCP submission with the IRS (including payment of applicable user fees) using the www.pay.gov website. On or after April 1, 2019, Plan Sponsors are required to use the www.pay.gov website when filing a VCP submission and paying applicable user fees. To ease the transition to the new submission procedures, from January 1, 2019, through March 31, 2019, Plan Sponsors are permitted to continue to file paper VCP submissions with the IRS in accordance with the procedures in sections 10 and 11 of Rev. Proc. 2016– 51. The IRS will not accept paper VCP submissions postmarked on or after April 1, 2019. In addition, beginning April 1, 2019, the IRS no longer will process user fees paid with a paper check. In order to provide new procedures for filing a VCP submission and paying applicable user fees on the www.pay.gov website, section 10 includes several modifications. Section 10.01 is revised to set forth the requirements for satisfying the VCP procedures. In addition to satisfying the terms of a compliance statement, the Plan Sponsor must file the submission and pay the applicable user fee using the www.pay.gov website. Many of the procedures for filing the VCP submission are set forth in section 11. Although the Plan Sponsor is responsible for filing the VCP submission and paying the user fee using the www.pay.gov website, section 10.01 clarifies that a Plan Sponsor may Internal Revenue Service Proposed Collection; Comment Request for Employee Plans Compliance Resolution System (EPCRS UPDATE OF REV. PROCS. 2018–52 and 2016–51, Including Forms 8950, 8951, 14568, 14568–A Through I) Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. SUMMARY: khammond on DSKBBV9HB2PROD with NOTICES not met these requirements for a period of time. This system (http:// www.irs.gov/Retirement-Plans/EPCRSOverview), the Employee Plans Compliance Resolution System (EPCRS), permits Plan Sponsors to correct these failures and thereby continue to provide their employees with retirement benefits on a taxfavored basis. The components of EPCRS are: VerDate Sep<11>2014 16:42 May 30, 2019 Jkt 247001 PO 00000 Frm 00106 Fmt 4703 Sfmt 4703 designate an authorized representative to file the VCP submission if certain requirements are satisfied. Section 11 sets forth filing procedures for VCP submissions. These procedures have been modified to reflect electronic filing of VCP submissions and payment of applicable user fees using the www.pay.gov website. An electronic VCP submission filed using the www.pay.gov website must include many of the same materials as a VCP submission filed on paper pursuant to Rev. Proc. 2016–51. For a description of the modifications to Rev. Proc. 2016–51, see section 2 of Rev. Proc. 2018–52. Type of Review: Revision of a currently approved collection. Affected Public: Individuals and business or other for-profit organizations, not-for-profit institutions, and state, local or tribal governments. Estimated Number of Respondents: 14,300. Estimated Average Time per Respondent: 13 hours, 21 minutes. Estimated Total Annual Burden Hours: 190,941. The following paragraph applies to all of the collections of information covered by this notice: An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. 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. E:\FR\FM\31MYN1.SGM 31MYN1

Agencies

[Federal Register Volume 84, Number 105 (Friday, May 31, 2019)]
[Notices]
[Pages 25335-25336]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11379]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for TD 9452

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the general public 
and other Federal agencies to take this opportunity to comment on 
information collections, as required by the Paperwork Reduction Act of 
1995. The IRS is soliciting comments concerning final regulation TD 
9452, Application of Separate Limitations to Dividends from 
Noncontrolled Section 902 Corporations.

DATES: Written comments should be received on or before July 30, 2019 
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 regulation should be directed to Sara Covington, (202) 
317-6038, at Internal Revenue Service, Room 6526, 1111 Constitution 
Avenue NW, Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Application of Separate Limitations to Dividends from 
Noncontrolled Section 902 Corporations.
    OMB Number: 1545-2014.
    Regulation Project Number: TD 9452.
    Abstract: The regulations require a collection of information in 
order for a taxpayer to make certain tax elections. The American Jobs 
Creation Act of 2004 amended the foreign tax credit treatment of 
dividends from noncontrolled section 902 corporations effective for 
post-2002 tax years, and the Gulf Opportunity Zone Act of 2005 
permitted taxpayers to elect to defer the effective date of these 
amendments until post-2004 tax years (GOZA election). Treas. Reg. Sec.  
1.904-7(f)(9)(ii)(C) requires a taxpayer making the GOZA election to 
attach a statement to such effect to its next tax return for which the 
due date (with extensions) is more than 90 days after April 25, 2006. 
Treas. Reg. Sec.  1.964-1(c)(3) requires certain shareholders making 
tax elections (section 964 elections) on behalf of a controlled foreign 
corporation or noncontrolled section 902 corporation to sign a jointly 
executed consent (that is retained by one designated shareholder) and 
to attach a statement to their tax returns for the election year.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals and Households, Businesses and other 
for-profit organizations.
    Estimated Number of Respondents: 50.
    Estimated Time per Respondent: 30 minutes.
    Estimated Total Annual Burden Hours: 25.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation,

[[Page 25336]]

maintenance, and purchase of services to provide information.

    Approved: May 28, 2019.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2019-11379 Filed 5-30-19; 8:45 am]
BILLING CODE 4830-01-P