Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service Information Collection Requests, 69824-69825 [2019-27352]

Download as PDF 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]


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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