Proposed Collection; Comment Request on Capitalization of Interest, 4356-4357 [2020-01176]

Download as PDF lotter on DSKBCFDHB2PROD with NOTICES 4356 Federal Register / Vol. 85, No. 16 / Friday, January 24, 2020 / Notices Abstract: The purpose of the form is to authenticate the electronic filing of Form 8963, Report of Health Insurance Provider Information. Current Actions: There are no changes being made to the form at this time. Type of Review: Extension of a currently approved collection. Affected Public: Businesses and other for-profit organizations and Not-forprofit organizations. Estimated Number of Respondents: 2,550. Estimated Time per Respondent: 1 hour 37 minutes. Estimated Total Annual Burden Hours: 4,131. 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, maintenance, and purchase of services to provide information. Approved: January 14, 2020. Philippe Thomas, Supervisory Tax Analyst. [FR Doc. 2020–01173 Filed 1–23–20; 8:45 am] BILLING CODE 4830–01–P VerDate Sep<11>2014 17:03 Jan 23, 2020 Jkt 250001 DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8316 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Form 8316, Information Regarding Request for Refund of Social Security Tax Erroneously Withheld on Wages Received by a Nonresident Alien on an F, J, or M Type Visa. DATES: Written comments should be received on or before March 24, 2020 to be assured of consideration. ADDRESSES: Direct all written comments to Dr. Philippe Thomas, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form should be directed to LaNita Van Dyke at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Lanita.VanDYke@irs.gov@irs.gov. SUPPLEMENTARY INFORMATION: Title: Information Regarding Request for Refund of Social Security Tax Erroneously Withheld on Wages Received by a Nonresident Alien on an F, J, or M Type Visa. OMB Number: 1545–1862. Form Number: 8316. Abstract: Certain foreign students and other nonresident visitors are exempt from FICA tax for services performed as specified in the Immigration and Naturalization Act. Applicants for refund of this FICA tax withheld by their employer must complete Form 8316 to verify that they are entitled to a refund of the FICA, that the employer has not paid back any part of the tax withheld and that the taxpayer has attempted to secure a refund from his/ her employer. Current Actions: There are no changes being made to the form at this time. Type of Review: Extension of a currently approved collection. SUMMARY: PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 Affected Public: Individuals. Estimated Number of Respondents: 22,000. Estimated Time per Respondent: 15 minutes. Estimated Total Annual Burden Hours: 5,500. 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, maintenance, and purchase of services to provide information. Approved: January 15, 2020. Philippe Thomas, Supervisory Tax Analyst. [FR Doc. 2020–01172 Filed 1–23–20; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request on Capitalization of Interest 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 SUMMARY: E:\FR\FM\24JAN1.SGM 24JAN1 lotter on DSKBCFDHB2PROD with NOTICES Federal Register / Vol. 85, No. 16 / Friday, January 24, 2020 / Notices 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 TD 8584, capitalization of interest. DATES: Written comments should be received on or before March 24, 2020 to be assured of consideration. ADDRESSES: Direct all written comments to Dr. Philippe Thomas, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the information collection should be directed to LaNita Van Dyke (202) 317–6009, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Lanita.VanDyke@irs.gov. SUPPLEMENTARY INFORMATION: Title: Capitalization of Interest. OMB Number: 1545–1265. Regulation Project Number: TD 8584. Abstract: Internal Revenue Code section 263A(f) requires taxpayers to estimate the length of the production period and total cost of tangible personal property to determine if Interest capitalization is required. This regulation requires taxpayers to maintain contemporaneous written records of production period estimates, to file a ruling request to segregate activities in applying the interest capitalization rules, and to request the consent of the Commissioner to change their methods of accounting for the capitalization of interest. Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved approval. Affected Public: Individuals or households, and business or other forprofit organizations. Estimated Number of Respondents: 500,050. Estimated Time per Respondent: 14 Minutes. Estimated Total Annual Burden Hours: 116,767 Hours. 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 VerDate Sep<11>2014 17:03 Jan 23, 2020 Jkt 250001 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, maintenance, and purchase of services to provide information. Approved: January 15, 2020. Philippe Thomas, Supervisory Tax Analyst. [FR Doc. 2020–01176 Filed 1–23–20; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the Tip Reporting Alternative Commitment Agreement (TRAC) for Use in the Food and Beverage Industry; the Tip Rate Determination Agreement (TRDA) for industries other than the food and beverage industry and the gaming industry. SUMMARY: Written comments should be received on or before March 24, 2020 to be assured of consideration. DATES: PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 4357 Direct all written comments to Dr. Philippe Thomas, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the collection tools should be directed to LaNita Van Dyke, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at LaNita.VanDyke@irs.gov. SUPPLEMENTARY INFORMATION: Currently, the IRS is seeking comments concerning the following information collection tools, reporting, and record-keeping requirements: Title: Tip Reporting Alternative Commitment Agreement (TRAC) for Use in the Food and Beverage Industry. OMB Number: 1545–1549. Form Number: N/A. Abstract: Announcement 2000–22, 2000–19 I.R.B. 987, and Announcement 2001–1, #2001–2 I.R.B. p.277, contain Information required by the Internal Revenue Service in its compliance efforts to assist employers and their employees in understanding and complying with Internal Revenue Code section 6053(a), which requires employees to report all their tips monthly to their employers. 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: Business or other forprofit organizations. Estimated Number of Respondents: 41,800. Estimated Time per Respondent: 7 hrs., 6 min. Estimated Total Annual Burden Hours: 296,916. 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. ADDRESSES: E:\FR\FM\24JAN1.SGM 24JAN1

Agencies

[Federal Register Volume 85, Number 16 (Friday, January 24, 2020)]
[Notices]
[Pages 4356-4357]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-01176]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request on Capitalization of 
Interest

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 general public 
and other

[[Page 4357]]

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 TD 8584, capitalization of interest.

DATES: Written comments should be received on or before March 24, 2020 
to be assured of consideration.

ADDRESSES: Direct all written comments to Dr. Philippe Thomas, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection should be directed to LaNita Van 
Dyke (202) 317-6009, or at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet, 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Capitalization of Interest.
    OMB Number: 1545-1265.
    Regulation Project Number: TD 8584.
    Abstract: Internal Revenue Code section 263A(f) requires taxpayers 
to estimate the length of the production period and total cost of 
tangible personal property to determine if Interest capitalization is 
required. This regulation requires taxpayers to maintain 
contemporaneous written records of production period estimates, to file 
a ruling request to segregate activities in applying the interest 
capitalization rules, and to request the consent of the Commissioner to 
change their methods of accounting for the capitalization of interest.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved approval.
    Affected Public: Individuals or households, and business or other 
for-profit organizations.
    Estimated Number of Respondents: 500,050.
    Estimated Time per Respondent: 14 Minutes.
    Estimated Total Annual Burden Hours: 116,767 Hours.
    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, 
maintenance, and purchase of services to provide information.

    Approved: January 15, 2020.
Philippe Thomas,
Supervisory Tax Analyst.
[FR Doc. 2020-01176 Filed 1-23-20; 8:45 am]
 BILLING CODE 4830-01-P