Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service Information Collection Requests, 69824-69825 [2019-27352]
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69824
Federal Register / Vol. 84, No. 244 / Thursday, December 19, 2019 / Notices
(Authority: Pub. L. 104–13, 44 U.S.C.
3506(c)(2)(A))
Jamal El-Hindi,
Deputy Director, Financial Crimes
Enforcement Network.
[FR Doc. 2019–27359 Filed 12–18–19; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Multiple
Internal Revenue Service 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 21, 2020 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.
FOR FURTHER INFORMATION CONTACT:
Copies of the submissions may be
obtained from Spencer W. Clark by
emailing PRA@treasury.gov, calling
(202) 927–5331, or viewing the entire
information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
lotter on DSKBCFDHB2PROD with NOTICES
SUMMARY:
Internal Revenue Service (IRS)
1. Title: Qualified Business Income
Deduction Simplified Computation
(Form 8995).
OMB Control Number: 1545–NEW.
Type of Review: New collection.
Description: Form 8995 is used by
taxpayers to figure the deduction for
items of income, gain, deduction, and
loss from trades or businesses that are
effectively connected with the conduct
of a trade or business in the U.S.
VerDate Sep<11>2014
19:13 Dec 18, 2019
Jkt 250001
Form: 8995.
Affected Public: Individuals and
households.
Estimated Number of Respondents:
10,000.
Frequency of Response: On occasion.
Estimated Total Number of Annual
Responses: 10,000.
Estimated Time per Response: 3
hours.
Estimated Total Annual Burden
Hours: 30,000.
2. Title: Initial and Annual Statements
of Qualified Opportunity Fund (QOF)
Investments (Form 8997).
OMB Control Number: 1545–NEW.
Type of Review: New collection.
Description: Form 8997 will be used
by eligible taxpayers holding a qualified
opportunity fund (QOF) investment to
report their QOF investments and
deferred gains.
Form: 8997.
Affected Public: Individuals and
households.
Estimated Number of Respondents:
10,000.
Frequency of Response: Once,
Annually.
Estimated Total Number of Annual
Responses: 10,000.
Estimated Time per Response: 1 hour.
Estimated Total Annual Burden
Hours: 10,000.
3. Title: Revenue Procedure 2019–38
Section 199A Trade or Business Safe
Harbor: Rental Real Estate.
OMB Control Number: 1545–NEW.
Type of Review: New collection.
Description: Congress enacted section
199A to provide a deduction to noncorporate taxpayers of up to 20 percent
of the taxpayer’s qualified business
income from each of the taxpayer’s
qualified trades or businesses, including
those operated through a partnership, S
corporation, or sole proprietorship, as
well as a deduction of up to 20 percent
of aggregate qualified real estate
investment trust (REIT) dividends and
qualified publicly traded partnership
income.
This revenue procedure provides a
safe harbor under which a rental real
estate enterprise will be treated as a
trade or business for purposes of section
199A of the Internal Revenue Code
(Code) and §§ 1.199A–1 through
1.199A–6 of the Income Tax Regulations
(26 CFR part I).
Form: None.
Affected Public: Businesses or other
for-profits.
Estimated Number of Respondents:
1,100,000.
Frequency of Response: Annually.
Estimated Total Number of Annual
Responses: 1,100,000.
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
Estimated Time per Response: 5
hours.
Estimated Total Annual Burden
Hours: 5,500,000.
4. Title: Form 4506–T and Form
4506–C Request for Transcript of Tax
Return and IVES Request for Transcript
of Tax Return.
OMB Control Number: 1545–1872.
Type of Review: Revision of a
currently approved collection.
Description: Internal Revenue Code
section 7513 allows taxpayers to request
a copy of a tax return or related
products. Form 4506–T is used to
request all products except copies of
returns. The information provided will
be used to search the taxpayers account
and provide the requested information
and to ensure that the requestor is the
taxpayer or someone authorized by the
taxpayer to obtain the documents
requested. Form 4506–C is used to
permit the cleared and vetted Income
Verification Express Service (IVES)
participants to request tax return
information on the behalf of the
authorizing taxpayer.
Form: 4506–T, 4506–C.
Affected Public: Individuals and
households.
Estimated Number of Respondents:
18,263,857.
Frequency of Response: Once, On
occasion.
Estimated Total Number of Annual
Responses: 18,263,857.
Estimated Time per Response: 42
minutes.
Estimated Total Annual Burden
Hours: 12,803,169.
5. Title: Nonemployee Compensation.
OMB Control Number: 1545–0116.
Type of Review: Reinstatement of a
previously approved collection.
Description: Form 1099–NEC is used
to report payments made in the course
of a trade or business for services
performed by someone who is not an
employee, cash payments for fish and
withholding of federal income tax under
the backup withholding rules.
Form: 1099–NEC.
Affected Public: Businesses or other
for-profits.
Estimated Number of Respondents:
70,802,480.
Frequency of Response: On occasion,
annually.
Estimated Total Number of Annual
Responses: 70,802,480.
Estimated Time per Response: 5
minutes.
Estimated Total Annual Burden
Hours: 5,900,206.
Authority: 44 U.S.C. 3501 et seq.
E:\FR\FM\19DEN1.SGM
19DEN1
69825
Federal Register / Vol. 84, No. 244 / Thursday, December 19, 2019 / Notices
Dated: December 13, 2019.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2019–27352 Filed 12–18–19; 8:45 am]
emailing PRA@treasury.gov, calling
(202) 927–5331, or viewing the entire
information collection request at
www.reginfo.gov.
BILLING CODE 4830–01–P
SUPPLEMENTARY INFORMATION:
DEPARTMENT OF THE TREASURY
PRA Approval of Forms Used by
Business Taxpayers
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; U.S.
Business Income Tax Return
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Notice.
AGENCY:
The Department of the
Treasury will submit the following
information collection request 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
this request.
DATES: Comments should be received on
or before January 21, 2020 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.
FOR FURTHER INFORMATION CONTACT:
Copies of the submissions may be
obtained from Spencer W. Clark by
SUMMARY:
Today, over 90 percent of all business
entity tax returns are prepared using
software by the taxpayer or with
preparer assistance. These are forms
used by business taxpayers. These
include Forms 1065, 1066, 1120, 1120–
C, 1120–F, 1120–H, 1120–ND, 1120–S,
1120–SF, 1120–FSC, 1120–L, 1120–PC,
1120–REIT, 1120–RIC, 1120–POL, and
related schedules that business entity
taxpayers attach to their tax returns (see
Appendix A for this notice).
Tax Compliance Burden
Tax compliance burden is defined as
the time and money taxpayers spend to
comply with their tax filing
responsibilities. Time-related activities
include recordkeeping, tax planning,
gathering tax materials, learning about
the law and what you need to do, and
completing and submitting the return.
Out-of- pocket costs include expenses
such as purchasing tax software, paying
a third-party preparer, and printing and
postage. Tax compliance burden does
not include a taxpayer’s tax liability,
economic inefficiencies caused by suboptimal choices related to tax
deductions or credits, or psychological
costs.
PRA Submission to OMB
Title: U.S. Business Income Tax
Return.
OMB Number: 1545–0123.
Form Numbers: Forms 1065, 1066,
1120, 1120–C, 1120–F, 1120–H, 1120–
ND, 1120–S, 1120–SF, 1120–FSC, 1120–
L, 1120–PC, 1120–REIT, 1120–RIC,
1120–POL and all attachments to these
forms (see the Appendix to this notice).
Abstract: These forms are used by
businesses to report their income tax
liability.
Current Actions: The change in
estimated aggregate compliance burden
can be explained by three major
sources—technical adjustments,
statutory changes, and discretionary
agency (IRS) actions.
Type of Review: Revision of currently
approved collections.
Affected Public: Corporations and
Pass-Through Entities.
Estimated Number of Respondents:
12,000,000.
Total Estimated Time: 3.344 billion
hours (3,344,000,000 hours).
Estimated Time per Respondent: 279
hours (278.666667 hours).
Total Estimated Out-of-Pocket Costs:
$61.558 billion ($61,558,000,000).
Estimated Out-of-Pocket Cost per
Respondent: $5,130.
Total Monetized Burden: 190,981
billion.
Estimated Total Monetized Burden
per Respondent: $15,915.
Tables 1, 2, and 3 below show the
burden model estimates for each of the
three classifications of business
taxpayers: Partnerships (Table 1),
corporations (Table 2) and S
corporations (Table 3). As the tables
show, the average filing compliance is
different for the three forms of business.
Showing a combined average burden for
all businesses would understate the
burden for taxable corporations and
overstate the burden for the two passthrough entities (partnerships and
corporations). In addition, the burden
for small and large businesses is shown
separately for each type of business
entity in order to clearly convey the
substantially higher burden faced by the
largest businesses.
TABLE 1—TAXPAYER BURDEN FOR PARTNERSHIPS
[Forms 1065, 1066, and all attachments]
Total number
of returns
Primary form filed or type of taxpayer
lotter on DSKBCFDHB2PROD with NOTICES
All Partnerships ................................................................................................
Small ................................................................................................................
Large * ..............................................................................................................
Average time
4.5
4.2
0.3
290
270
610
Average cost
Average
monetized
burden
5,900
4,400
29,000
17,800
13,200
89,300
TABLE 2—TAXPAYER BURDEN FOR TAXABLE CORPORATIONS
[Forms 1120, 1120–C, 1120–F, 1120–H, 1120–ND, 1120–SF, 1120–FSC, 1120–L, 1120–PC, 1120–POL and all attachments]
Total number
of returns
Primary form filed or type of taxpayer
All Taxable Corporations .................................................................................
Small ................................................................................................................
VerDate Sep<11>2014
19:13 Dec 18, 2019
Jkt 250001
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
Average time
2.1
2.0
E:\FR\FM\19DEN1.SGM
335
280
19DEN1
Average cost
7,700
4,000
Average
monetized
burden
23,500
13,500
]]>Agencies
[Federal Register Volume 84, Number 244 (Thursday, December 19, 2019)]
[Notices]
[Pages 69824-69825]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27352]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Multiple Internal Revenue Service 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 21, 2020 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 Spencer W. Clark by emailing [email protected], calling
(202) 927-5331, or viewing the entire information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Internal Revenue Service (IRS)
1. Title: Qualified Business Income Deduction Simplified
Computation (Form 8995).
OMB Control Number: 1545-NEW.
Type of Review: New collection.
Description: Form 8995 is used by taxpayers to figure the deduction
for items of income, gain, deduction, and loss from trades or
businesses that are effectively connected with the conduct of a trade
or business in the U.S.
Form: 8995.
Affected Public: Individuals and households.
Estimated Number of Respondents: 10,000.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 10,000.
Estimated Time per Response: 3 hours.
Estimated Total Annual Burden Hours: 30,000.
2. Title: Initial and Annual Statements of Qualified Opportunity
Fund (QOF) Investments (Form 8997).
OMB Control Number: 1545-NEW.
Type of Review: New collection.
Description: Form 8997 will be used by eligible taxpayers holding a
qualified opportunity fund (QOF) investment to report their QOF
investments and deferred gains.
Form: 8997.
Affected Public: Individuals and households.
Estimated Number of Respondents: 10,000.
Frequency of Response: Once, Annually.
Estimated Total Number of Annual Responses: 10,000.
Estimated Time per Response: 1 hour.
Estimated Total Annual Burden Hours: 10,000.
3. Title: Revenue Procedure 2019-38 Section 199A Trade or Business
Safe Harbor: Rental Real Estate.
OMB Control Number: 1545-NEW.
Type of Review: New collection.
Description: Congress enacted section 199A to provide a deduction
to non-corporate taxpayers of up to 20 percent of the taxpayer's
qualified business income from each of the taxpayer's qualified trades
or businesses, including those operated through a partnership, S
corporation, or sole proprietorship, as well as a deduction of up to 20
percent of aggregate qualified real estate investment trust (REIT)
dividends and qualified publicly traded partnership income.
This revenue procedure provides a safe harbor under which a rental
real estate enterprise will be treated as a trade or business for
purposes of section 199A of the Internal Revenue Code (Code) and
Sec. Sec. 1.199A-1 through 1.199A-6 of the Income Tax Regulations (26
CFR part I).
Form: None.
Affected Public: Businesses or other for-profits.
Estimated Number of Respondents: 1,100,000.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 1,100,000.
Estimated Time per Response: 5 hours.
Estimated Total Annual Burden Hours: 5,500,000.
4. Title: Form 4506-T and Form 4506-C Request for Transcript of Tax
Return and IVES Request for Transcript of Tax Return.
OMB Control Number: 1545-1872.
Type of Review: Revision of a currently approved collection.
Description: Internal Revenue Code section 7513 allows taxpayers to
request a copy of a tax return or related products. Form 4506-T is used
to request all products except copies of returns. The information
provided will be used to search the taxpayers account and provide the
requested information and to ensure that the requestor is the taxpayer
or someone authorized by the taxpayer to obtain the documents
requested. Form 4506-C is used to permit the cleared and vetted Income
Verification Express Service (IVES) participants to request tax return
information on the behalf of the authorizing taxpayer.
Form: 4506-T, 4506-C.
Affected Public: Individuals and households.
Estimated Number of Respondents: 18,263,857.
Frequency of Response: Once, On occasion.
Estimated Total Number of Annual Responses: 18,263,857.
Estimated Time per Response: 42 minutes.
Estimated Total Annual Burden Hours: 12,803,169.
5. Title: Nonemployee Compensation.
OMB Control Number: 1545-0116.
Type of Review: Reinstatement of a previously approved collection.
Description: Form 1099-NEC is used to report payments made in the
course of a trade or business for services performed by someone who is
not an employee, cash payments for fish and withholding of federal
income tax under the backup withholding rules.
Form: 1099-NEC.
Affected Public: Businesses or other for-profits.
Estimated Number of Respondents: 70,802,480.
Frequency of Response: On occasion, annually.
Estimated Total Number of Annual Responses: 70,802,480.
Estimated Time per Response: 5 minutes.
Estimated Total Annual Burden Hours: 5,900,206.
Authority: 44 U.S.C. 3501 et seq.
[[Page 69825]]
Dated: December 13, 2019.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2019-27352 Filed 12-18-19; 8:45 am]
BILLING CODE 4830-01-P
