Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Nonqualified Deferred Compensation and IRC Section 409A, 26178-26179 [2019-11808]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 84, Number 108 (Wednesday, June 5, 2019)]
[Notices]
[Pages 26178-26179]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11808]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request for Nonqualified Deferred 
Compensation and IRC Section 409A

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 nonqualified deferred compensation and IRC section 409A.

DATES: Written comments should be received on or before August 5, 2019 
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

[[Page 26179]]

Constitution Avenue NW, Washington, DC 20224, or through the internet, 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Nonqualified Deferred Compensation and IRC Section 409A.
    OMB Number: 1545-2164.
    Regulation Project Number: TD 9321, Notices 2008-113, 2010-6, and 
2010-80.
    Abstract: Nonqualified deferred compensation plans subject to IRC 
Section 409A must comply with IRC Section 409A both in operation and in 
form. Failures to comply with these requirements will cause amounts 
deferred under the plan to be included in income and subject to the 
additional taxes under IRC Section 409A to the extent the amounts are 
not subject to a substantial risk of forfeiture and not previously 
included in income. In response to requests from taxpayers that a 
mechanism be created to allow them to correct operational failures and 
failures to comply with the plan document requirements without 
incurring all of the adverse tax consequences that would otherwise 
apply, the IRS and Treasury issued a series of notices providing for 
self-correction of certain operational and documentary failures.
    The current guidance is Notice 2008-113, 2008-2 C.B. 1305 
(operational failures), Notice 2010-6, 2010-3 I.R.B. 275 (document 
failures) and Notice 2010-80, 2010-51 I.R.B. 853 (modifying Notices 
2008-113 and 2010-6). The notices specify the types of failures that 
may be corrected, the timeframes within which correction must be 
completed, the participants who are eligible for correction, what must 
be done to correct and the taxes (if any) that must be paid. Generally, 
the notices require the employer (and in many cases the employee) to 
attach a statement to their tax returns disclosing that a correction 
has occurred and to inform the revenue agent of the correction at the 
beginning of an examination.
    Current Actions: There is no change to the burden previously 
approved by OMB. This form is being submitted for renewal purposes 
only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or Households, Farms, and Businesses 
and other for-profit organizations.
    Estimated Number of Respondents: 20,000.
    Estimated Time per Respondent: 30 mins.
    Estimated Total Annual Burden Hours: 10,000.
    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: May 30, 2019.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2019-11808 Filed 6-4-19; 8:45 am]
 BILLING CODE 4830-01-P