Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service Information Collection Requests, 5776-5779 [2020-01846]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 85, Number 21 (Friday, January 31, 2020)]
[Notices]
[Pages 5776-5779]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-01846]



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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.

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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 March 2, 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: Carryforward Election of Unused Private Activity Bond 
Volume Cap.
    OMB Control Number: 1545-0874.
    Type of Review: Revision of a currently approved collection.
    Description: Section 146(f) of the Internal Revenue Code requires 
that issuing authorities of certain types of tax-exempt bonds must 
notify the IRS if they intend to carry forward the unused limitation 
for specific projects. The IRS uses the information to complete the 
required study of tax-exempt bonds (required by Congress).
    Form: 8328.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 200.
    Frequency of Response: On Occasion.
    Estimated Total Number of Annual Responses: 200.
    Estimated Time per Response: 13 hours and 13 minutes.
    Estimated Total Annual Burden Hours: 2,644.
    2. Title: Form 8288, U.S. Withholding Tax Return for Dispositions 
by Foreign Persons of U.S. Real Property Interests: Form 8288-A, 
Statement of Withholding on Dispositions by Foreign Persons.
    OMB Control Number: 1545-0902.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: Internal Revenue Code section 1445 requires 
transferees to withhold tax on the amount realized from sales or other 
dispositions by foreign persons of U.S. real property interests. Form 
8288 is used to report and transmit the amount withheld to the IRS. 
Form 8288-A is used by the IRS to validate the withholding, and a copy 
is returned to the transferor for his or her use in filing a tax 
return.
    Form: 8288, 8288-A.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 27,500.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 27,500.
    Estimated Time per Response: 8 hours and 52 minutes.
    Estimated Total Annual Burden Hours: 243,675.
    3. Title: Qualified Disclaimers of Property.
    OMB Control Number: 1545-0959.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: 26 U.S.C. Section 2518 allows a person to disclaim an 
interest in property received by gift or inheritance. The interest is 
treated as if the dis-claimant never received or transferred such 
interest for Federal gift tax purposes. A qualified disclaimer must be 
in writing and delivered to the transferor or trustee.
    Form: None.
    Affected Public: Individuals and households.
    Estimated Number of Respondents: 2,000.
    Frequency of Response: On Occasion.
    Estimated Total Number of Annual Responses: 2,000.
    Estimated Time per Response: 30 minutes.
    Estimated Total Annual Burden Hours: 1,000.
    4. Title: Buildings qualifying for carryover allocations.
    OMB Control Number: 1545-0990.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: State housing credit agencies (Agencies) are required 
by Code section 42(l)(3) to report annually the amount of low-income 
housing credits that they allocated to qualified buildings during the 
year. Agencies report the amount allocated to the building owners and 
to the IRS in Part I of Form 8609. Carryover allocations are reported 
to the Agencies in carryover allocation documents. The Agencies report 
the carryover allocations to the IRS on Schedule A (Form 8610). Form 
8610 is a transmittal and reconciliation document for Forms 8609, 
Schedule A (Form 8610), binding agreements, and election statements.
    Form: 8610, Schedule A (Form 8610).
    Affected Public: State and Local Governments.
    Estimated Number of Respondents: 53.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 1,353.
    Estimated Time per Response: 5 hours.
    Estimated Total Annual Burden Hours: 6,738.
    5. Title: Information Return for Real Estate Mortgage Investment 
Conduits (REMICs) and Issuers of Collateralized Debt Obligations.
    OMB Control Number: 1545-1099.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: Form 8811 is used to collect name, address, and phone 
number of a representative of a REMIC who can provide brokers with the 
correct income amounts that the broker's clients must report on their 
income tax returns. The form allows the IRS to provide the REMIC 
industry the information necessary to issue correct information returns 
to investors.
    Form: 8811.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 1,000.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 1,000.
    Estimated Time per Response: 4 hours and 23 minutes.
    Estimated Total Annual Burden Hours: 4,380.
    6. Title: Continuing Education Provider Application and Request for 
Provider Number.
    OMB Control Number: 1545-1459.
    Type of Review: Extension without change of a currently approved 
collection.

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    Description: Section 10.6(g) of Treasury Department Circular No. 
230, Regulations Governing the Practice of Attorneys, Certified Public 
Accountants, Enrolled Agents, Enrolled Actuaries and Appraisers before 
the Internal Revenue Service (31 CFR part 10), requires those who 
desire to qualify as a sponsor of continuing professional education 
programs for enrolled agents to file an application to be recognized by 
the Director of Practice.
    Form: 8498.
    Affected Public: Individuals and households.
    Estimated Number of Respondents: 800.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 800.
    Estimated Time per Response: 36 minutes.
    Estimated Total Annual Burden Hours: 480.
    7. Title: Hedging Transactions.
    OMB Control Number: 1545-1480.
    Type of Review: Revision of a currently approved collection.
    Description: TD 8985 contains final regulations relating to the 
character of gain or loss from hedging transactions. The regulations 
reflect changes to the law made by the Ticket to Work and Work 
Incentives Improvement Act of 1999. The regulations affect businesses 
entering into hedging transactions.
    Form: None.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 127,100.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 167,100.
    Estimated Time per Response: 1 hour and 1 minute.
    Estimated Total Annual Burden Hours: 171,050.
    8. Title: Treatment of Shareholders of Certain Passive Investment 
Companies.
    OMB Control Number: 1545-1507.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: Sections 1291 thru 1297 of the Internal Revenue Code 
of 1986 provide special rules for the taxation of shareholders of 
passive foreign investment companies (PFICs). Section 1295 of the Code 
permits a shareholder to elect to treat a PFIC as a qualified electing 
fund (QEF) in order to include a pro rata share of the QEF's annual 
earnings under section 1293. If the shareholder makes the QEF election 
after the first year as a PFIC in the shareholder's holding period of 
the foreign corporation, the shareholder is subject to both sections 
1291 and 1293. The final regulations provide rules for elections that 
may be made by shareholders of such QEFs.
    This collection covers final regulations added to the Income Tax 
Regulations (26 CFR part 1) under section 1291(d)(2) of the Internal 
Revenue Code. The final regulations provide rules for making a deemed 
sale or deemed dividend election to purge a shareholder's holding 
period of stock of a PFIC of those taxable years during which the PFIC 
was not a QEF. The Tax Reform Act of 1986 added section 1291(d)(2)(A), 
relating to the deemed sale election, effective for taxable years of 
foreign corporations beginning after December 31, 1986. The Technical 
and Miscellaneous Revenue Act of 1988 amended section 1291(d)(2) to add 
new section 1291(d)(2)(B), relating to the deemed dividend election, 
effective for taxable years of foreign corporations beginning after 
December 31, 1986.
    Form: None.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 276,250.
    Frequency of Response: Annually, On occasion.
    Estimated Total Number of Annual Responses: 406,250.
    Estimated Time per Response: 31 minutes.
    Estimated Total Annual Burden Hours: 212,500.
    9. Title: Revenue Procedure 97-22, Examination of returns and 
claims for refund, credits, or abatement, determination of correct tax 
liability.
    OMB Control Number: 1545-1533.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: The information requested in Revenue Procedure 97-22 
under sections 4 and 5 is required to ensure that records maintained in 
an electronic storage system will constitute records within the meaning 
of section 6001.
    Form: None.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 50,000.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 50,000.
    Estimated Time per Response: 20 hours.
    Estimated Total Annual Burden Hours: 1,000,400.
    10. Title: Rule to be Included in Final Regulations under Section 
897(e) of the Code.
    OMB Control Number: 1545-1660.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: Notice 99-43 announced modification of the current 
rules under Temporary Regulation section 1.897-6T(a)(1) regarding 
transfers, exchanges and other dispositions of U.S. real property 
interests in nonrecognition transactions occurring after June 18, 1980. 
The notice provided that, contrary to section 1.897-6T(a)(1), a foreign 
taxpayer will not recognize a gain under Code 897(e) for an exchange 
described in Code section 368(a)(1)(E) or (F), provided the taxpayer 
receives substantially identical shares of the same domestic 
corporation with the same divided rights, voting power, liquidation 
preferences, and convertibility as the shares exchanged without any 
additional rights or features.
    Form: None.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 100.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 100.
    Estimated Time per Response: 2 hours.
    Estimated Total Annual Burden Hours: 200.
    11. Title: Practice before the Internal Revenue Service.
    OMB Control Number: 1545-1726.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: Form 14360 is used to file a complaint against an 
approved IRS Continuing Education Provider (CE) who is not meeting 
Revenue Procedure 2012-12 standards while offering CE programs to 
enrolled agents, enrolled retirement plan agents, and other tax return 
preparers.
    Form's 14364 primary purpose of this form is to evaluate the 
content and delivery of our continuing education programs.
    Form 14392--This waiver is typically requested when an individual 
has not been or will not be able to acquire the required CE credits 
prior to the renewal deadline for Enrolled Agents, or Enrolled 
Retirement Plan Agents.
    The purpose of Rev. Proc. 2012-12 is to describe the procedures and 
standards that organizations must follow to be identified by the 
Internal Revenue Service as a qualifying organization that may accredit 
continuing education providers under section10.9(a)(1)(iii) of Circular 
230. This revenue procedure also describes the standards for a 
continuing education

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provider under section 10.9(a)(1) and the procedures that individuals 
and entities must follow to be approved by the Internal Revenue Service 
as a continuing education provider under section 10.9(a)(1)(iv).
    TD 9527--These regulations affect individuals who practice before 
the IRS and providers of continuing education programs. The regulations 
modify the general standards of practice before the IRS and the 
standards with respect to tax returns.
    TD 9011--These regulations affect individuals who are eligible to 
practice before the Internal Revenue Service. These regulations modify 
the general standards of practice before the Internal Revenue Service.
    Form: 14360, 14364, 14392.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 718,400.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 718,400.
    Estimated Time per Response: 2 hours and 28 minutes.
    Estimated Total Annual Burden Hours: 1,777,125.
    12. Title: Special rules for long-term contracts under section 460.
    OMB Control Number: 1545-1732.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: Internal Revenue Code (IRC) section 1.460 provides 
rules for determining whether a contract for the manufacture, building, 
installation, or construction of property is a long-term contract under 
section 460 and what activities must be accounted for as a single long-
term contract. Specific rules for long-term manufacturing and 
construction contracts are provided in Sec. Sec.  1.460-2 and 1.460-3, 
respectively. A taxpayer generally must determine the income from a 
long-term contract using the percentage-of-completion method described 
in Sec.  1.460-4(b) (PCM) and the cost allocation rules described in 
Sec.  1.460-5(b) or (c). In addition, after a contract subject to the 
PCM is completed, a taxpayer generally must apply the look-back method 
described in Sec.  1.460-6 to determine the amount of interest owed on 
any hypothetical underpayment of tax, or earned on any hypothetical 
overpayment of tax, attributable to accounting for the long-term 
contract under the PCM.
    TD 8929 requires that information be collected in order to notify 
the Commissioner of a taxpayer's decision to sever or aggregate one or 
more long- term contracts under the regulations. The statement is 
needed so the Commissioner can determine whether the taxpayer properly 
severed or aggregated its contract(s). The regulations affect any 
taxpayer that manufactures or constructs property under long-term 
contracts.
    TD 8775 and requires taxpayers to attach a notification statement 
to their returns when they make the election and TD 8995 is required to 
enable taxpayers to make look-back computations when the income from a 
long-term contract has been previously reported by another taxpayer.
    Form: 8697.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 79,333.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 79,333.
    Estimated Time per Response: 1 hour and 15 minutes.
    Estimated Total Annual Burden Hours: 99,078.
    13. Title: Health Coverage Tax Credit (HCTC) Advance Payments (Form 
1099-H).
    OMB Control Number: 1545-1813.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: Section 6050T requires that if you are a provider of 
qualified health insurance coverage (defined in section 35(e)) and you 
receive advance payments from the Department of the Treasury on behalf 
of eligible recipients pursuant to section 7527, you must file Forms 
1099-H to report those advance payments. You must also furnish a 
statement reporting that information to the eligible recipient.
    Form: 1099-H.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 300.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 49,000.
    Estimated Time per Response: 18 minutes.
    Estimated Total Annual Burden Hours: 49,000.
    14. Title: Consent to Disclosure of Return Information.
    OMB Control Number: 1545-1856.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: The Consent Form is provided to external applicant 
that will allow the Service the ability to conduct tax checks to 
determine if an applicant is suitability for employment once they are 
determined qualified and within reach to receive an employment offer. 
Form 13362 can be sent and received electronically.
    Form: 13362.
    Affected Public: Individuals and households.
    Estimated Number of Respondents: 46,000.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 46,000.
    Estimated Time per Response: 10 minutes.
    Estimated Total Annual Burden Hours: 7,664.
    15. Title: Taxation and Reporting of REIT Excess Inclusion Income 
by REITs, RICs, and Other Pass-Through Entities (Notice 2006-97).
    OMB Control Number: 1545-2036.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: The notice requires certain REITs, RICs, partnerships 
and other Pass-Through Entities that have excess inclusion income to 
disclose the amount and character of such income allocable to their 
record interest owners. The record interest owners need the information 
to properly report and pay taxes on such income.
    Form: None.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 50.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 50.
    Estimated Time per Response: 2 hours.
    Estimated Total Annual Burden Hours: 100.
    16. Title: Form 8933--Carbon Dioxide Sequestration Credit.
    OMB Control Number: 1545-2132.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: Form 8933 will provide a standardized format to claim 
this credit to an eligible person that captures, after October 3, 2008, 
qualified carbon dioxide at a qualified facility and physically or 
contractually ensures the disposal of or the use as a tertiary 
injectant of the qualified carbon dioxide.
    Form: 8933.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 100.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 100.
    Estimated Time per Response: 2 hours and 9 minutes.
    Estimated Total Annual Burden Hours: 215.

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    17. Title: Election to Expense Certain Depreciable Assets.
    OMB Control Number: 1545-2197.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: Form 1097-BTC, Bond Tax Credit, is an information 
return used to report tax credit bond credits distributed to 
shareholders. Shareholders of the RIC include in income, their 
proportionate share of the interest income attributable to the credits 
and are allowed the proportionate share of credits. A RIC must report 
the shareholder's proportionate share of credits and gross income after 
the close of the RIC's tax year. Form 1097-BTC, Bond Tax Credit, has 
been designed to report to the taxpayers and the IRS the tax credit 
distributed.
    Form: 1097-BTC.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 212.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 212.
    Estimated Time per Response: 19 minutes.
    Estimated Total Annual Burden Hours: 67 hours.
    18. Title: Country-by-Country Reporting.
    OMB Control Number: 1545-2272.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: 26 CFR 1.6038-4, issued under the authority of 26 
U.S.C. 6001, 6011, 6012, 6031, 6038, and 7805, requires U.S. taxpayers 
(generally, U.S. business entities with at least $850,000,000 in 
revenue in the prior reporting period) to furnish certain information 
with respect to their global operations.
    Except as provided in 1.6038-4(h), every ultimate parent entity of 
a U.S. multinational enterprise (MNE) group must make an annual return 
on Form 8975, Country-by-Country Report, setting forth the information 
described in paragraph (d) of this section, and any other information 
required by Form 8975, with respect to the reporting period described 
in 1.6038-4(c).
    Form 8975 was developed to provide certain information required to 
report annual country-by-country reporting by certain United States 
persons that are the ultimate parent entity of a US MNE that has annual 
revenue for the preceding annual accounting period of $850 million or 
more. Separate Schedule A's (Form 8975) are to be filed for each tax 
jurisdiction in which a group has one or more constituent entities 
resident.
    Form: 8975, 8975 Schedule A.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 3,120.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 3,120.
    Estimated Time per Response: 1 hour and 30 minutes.
    Estimated Total Annual Burden Hours: 4,680.
    19. Title: Form 14693--Application for Reduced Rate of Withholding 
on Whistleblower Award Payment.
    OMB Control Number: 1545-2273.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: The Application for Reduced Rate of Withholding on 
Whistleblower Award Payment will be used by the whistleblower to apply 
for a reduction in withholding to minimize the likelihood of the IRS 
over withholding tax from award payments providing whistleblowers with 
a pre-award payment opportunity to substantiate their relevant attorney 
fees and court costs. The Whistleblower Office will review and evaluate 
the form and calculate the rate.
    Form: 14693.
    Affected Public: Individuals and households.
    Estimated Number of Respondents: 100.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 100.
    Estimated Time per Response: 45 minutes.
    Estimated Total Annual Burden Hours: 75.

    Authority:  44 U.S.C. 3501 et seq.

    Dated: January 28, 2020.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2020-01846 Filed 1-30-20; 8:45 am]
 BILLING CODE 4830-01-P