Proposed Collection; Comment Request for Regulation Project, 67424-67425 [2020-23379]

Download as PDF 67424 Federal Register / Vol. 85, No. 205 / Thursday, October 22, 2020 / Notices Estimated Time per Respondent: 30 minutes. Estimated Total Annual Burden Hours: 12,500. 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 through the use of 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: October 18, 2020. Chakinna B. Clemons, Supervisory Tax Analyst. [FR Doc. 2020–23380 Filed 10–21–20; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Regulation Project 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 existing Final Regulation, TD 9467-Measurement of Assets and Liabilities for Pension SUMMARY: VerDate Sep<11>2014 17:35 Oct 21, 2020 Jkt 253001 Funding Purposes, Pension Funding Stabilization under the Highway and Transportation Funding Act of 2014 (HAFTA), Notice 2020–61-Special rules for single-employer defined benefit pension plans under the Cares Act, and Notice 2020–60-Election of alternative minimum funding standards for community newspaper plans benefit pension plans under the Cares Act. DATES: Written comments should be received on or before December 21, 2020 to be assured of consideration. ADDRESSES: Direct all written comments to Kinna Brewington, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the regulations should be directed to LaNita Van Dyke, at (202) 317–6009, 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: Measurement of Assets and Liabilities for Pension Funding Purposes. OMB Number: 1545–2095. Regulation Project Number: REG– 139236–07 (TD 9467). Abstract: In order to implement the statutory provisions under sections 430 and 436, this final regulation contains collections of information in §§ 1.430(f)–1(f), 1.430(h)(2)–1(e), 1.436– 1(f), and 1.436–1(h). The information required under § 1.430(f)–1(f) is required in order for plan sponsors to make elections regarding a plan’s credit balances upon occasion. The information under § 1.430(g)–1(d)(3) is required in order for a plan sponsor to include as a plan asset a contribution made to avoid a restriction under section 436. The information required under § 1.430(h)(2)–1(e) is required in order for a plan sponsor to make an election to use an alternative interest rate for purposes of determining a plan’s funding obligations under § 1.430(h)(2)– 1. The information required under §§ 1.436–1(f) and 1.436–1(h) is required in order for a qualified defined benefit plan’s enrolled actuary to provide a timely certification of the plan’s adjusted funding target attainment percentage (AFTAP) for each plan year to avoid certain benefit restrictions. The Highway and Transportation Funding Act of 2014 (HATFA), Public Law 113–159, was enacted on August 8, 2014, and was effective retroactively for single employer defined benefit pension plans, optional for plan years beginning in 2013 and mandatory for plan years beginning in 2014. PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 Section 3608(b) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law 116–136 provides that for purposes of applying § 436 of the Code (and § 206(g) of ERISA), a sponsor of a single-employer defined benefit pension plan may elect to treat the plan’s adjusted funding target attainment percentage (AFTAP) for the last plan year ending before January 1, 2020, as the AFTAP for plan years that include calendar year 2020. Notice 2020–61, in part, provides guidance on the rules relating to this election. Section 115(a) of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), Division O of the Further Consolidated Appropriations Act, 2020, Public Law 116–94, added new § 430(m) to the Code to permit the plan sponsor of a community newspaper plan under which no participant has had an increase in accrued benefit after December 31, 2017 to elect to have alternative minimum funding standards apply to the plan in lieu of the minimum funding requirements that would otherwise apply under § 430. Pursuant to § 430(m)(2), any election under § 430(m) will be made at such time and in such manner as prescribed by the Secretary, and once an election is made with respect to a plan year, it will apply to all subsequent plan years unless revoked with the consent of the Secretary. Notice 2020–60 provides guidance regarding this election. Current Actions: There are changes to the collection. Type of Review: Revisions to a currently approved collection. Affected Public: Individuals, business or other for-profit organizations, not-forprofit institutions and Federal, state, local or tribal governments. TD 9467 Estimated Number of Respondents: 80,000. Estimated Time per Respondent: 1.5 hrs. Estimated Total Annual Burden Hours: 120,000. Notice: 2020–60. Estimated Number of Respondents: 1,000. Estimated Time per Respondent: 1 hr. Estimated Total Annual Burden Hours: 1,000. Notice 2020–61. Estimated Number of Respondents: 20. Estimated Time per Respondent: 4 hr. Estimated Total Annual Burden Hours: 80. The following paragraph applies to all of the collections of information covered by this notice: E:\FR\FM\22OCN1.SGM 22OCN1 Federal Register / Vol. 85, No. 205 / Thursday, October 22, 2020 / Notices 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: October 18, 2020. Chakinna B. Clemons, Supervisory Tax Analyst. [FR Doc. 2020–23379 Filed 10–21–20; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Proposed Collections; Comment Requests Departmental Offices; Department of the Treasury. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork burdens, invites the general public and other Federal agencies to comment on an information collection that is due for extension approval by the Office of Management and Budget. The Office of International Affairs of the Department of the Treasury is soliciting comments concerning extension without change of the following three related forms: Foreign Currency Form FC–1 (OMB No. 1505–0012), Weekly Consolidated Foreign Currency Report of Major Market Participants; Form FC–2 (OMB No. 1505–0010), Monthly Consolidated Foreign Currency Report of Major AGENCY: VerDate Sep<11>2014 17:35 Oct 21, 2020 Jkt 253001 Market Participants; Form FC–3 (OMB No. 1505–0014), Quarterly Consolidated Foreign Currency Report. The reports are mandatory. DATES: Written comments should be received on or before December 21, 2020 to be assured of consideration. ADDRESSES: Direct all written comments to Camilla Cunningham, Markets Room, Department of the Treasury, Room 1328, 1500 Pennsylvania Avenue NW, Washington, DC 20220. In view of possible delays in mail delivery, please also notify Ms. Cunningham by email (Camilla.Cunningham@treasury.gov), or telephone (202–880–2101). FOR FURTHER INFORMATION CONTACT: Copies of the proposed forms and instructions are available on the Federal Reserve Bank of New York’s website. They are in the section for Banking Reporting Forms and Instructions, on the web pages for the TFC–1, TFC–2 and TFC–3 forms, for example at: https:// www.newyorkfed.org/banking/ reportingforms/TFC_1.html; https:// www.newyorkfed.org/banking/ reportingforms/TFC_2.html; and https:// www.newyorkfed.org/banking/ reportingforms/TFC_3.html. Requests for additional information should be directed to Ms. Cunningham. SUPPLEMENTARY INFORMATION: Title: Weekly Consolidated Foreign Currency Report of Major Market Participants, Foreign Currency Form FC–1. OMB Control Number: 1505–0012. Title: Monthly Consolidated Foreign Currency Report of Major Market Participants, Foreign Currency Form FC–2. OMB Control Number: 1505–0010. Title: Quarterly Consolidated Foreign Currency Report, Foreign Currency Form FC–3. OMB Control Number: 1505–0014. Abstract: The filing of Foreign Currency Forms FC–1, FC–2, and FC–3 is pursuant to (31 U.S.C. 5315, which directs the Secretary of the Treasury to prescribe regulations (31 CFR 128, Subpart C), requiring reports on foreign currency transactions conducted by a United States person or a foreign person controlled by a United States person. The forms collect data on the foreign exchange spot, forward, futures, and options markets from all significant market participants. Current Actions: No changes in the forms or instructions will be made. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: Foreign Currency Form FC–1: 29 respondents. PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 67425 Foreign Currency Form FC–2: 29 respondents. Foreign Currency Form FC–3: 47 respondents. Estimated Average Time per Response: Foreign Currency Form FC–1: 48 minutes (0.8 hours) per response. Foreign Currency Form FC–2: Three hours 36 minutes (3.6 hours) per response. Foreign Currency Form FC–3: Eight (8) hours per response. Estimated Total Annual Burden Hours: Foreign Currency Form FC–1: 1,207 hours, based on 52 reporting periods per year. Foreign Currency Form FC–2: 1,253 hours, based on 12 reporting periods per year. Foreign Currency Form FC–3: 1,504 hours, based on 4 reporting periods per year. Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for Office of Management and Budget approval. All comments will become a matter of public record. The public is invited to submit written comments concerning: (a) Whether Foreign Currency Forms FC–1, FC–2, and FC–3 are necessary for the proper performance of the functions of the Office, including whether the information will have practical uses; (b) the accuracy of the above estimates of the burdens; (c) ways to enhance the quality, usefulness and clarity of the information to be collected; (d) ways to minimize the reporting and/or record keeping burdens on respondents, including the use of information technologies to automate the collection of the data; and (e) estimates of capital or start-up costs of operation, maintenance and purchase of services to provide information. Camilla Cunningham, Economic Research Analyst, Markets Room, U.S. Department of the Treasury. [FR Doc. 2020–23337 Filed 10–21–20; 8:45 am] BILLING CODE 4810–25–P DEPARTMENT OF VETERANS AFFAIRS Loan Guaranty Assistance to Eligible Individuals in Acquiring Specially Adapted Housing Cost-of-Construction Index Department of Veterans Affairs. Notice. AGENCY: ACTION: The Department of Veterans Affairs (VA) announces that the SUMMARY: E:\FR\FM\22OCN1.SGM 22OCN1

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[Federal Register Volume 85, Number 205 (Thursday, October 22, 2020)]
[Notices]
[Pages 67424-67425]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-23379]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: 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 existing Final Regulation, TD 9467-Measurement of 
Assets and Liabilities for Pension Funding Purposes, Pension Funding 
Stabilization under the Highway and Transportation Funding Act of 2014 
(HAFTA), Notice 2020-61-Special rules for single-employer defined 
benefit pension plans under the Cares Act, and Notice 2020-60-Election 
of alternative minimum funding standards for community newspaper plans 
benefit pension plans under the Cares Act.

DATES: Written comments should be received on or before December 21, 
2020 to be assured of consideration.

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

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

SUPPLEMENTARY INFORMATION: 
    Title: Measurement of Assets and Liabilities for Pension Funding 
Purposes.
    OMB Number: 1545-2095.
    Regulation Project Number: REG-139236-07 (TD 9467).
    Abstract: In order to implement the statutory provisions under 
sections 430 and 436, this final regulation contains collections of 
information in Sec. Sec.  1.430(f)-1(f), 1.430(h)(2)-1(e), 1.436-1(f), 
and 1.436-1(h). The information required under Sec.  1.430(f)-1(f) is 
required in order for plan sponsors to make elections regarding a 
plan's credit balances upon occasion. The information under Sec.  
1.430(g)-1(d)(3) is required in order for a plan sponsor to include as 
a plan asset a contribution made to avoid a restriction under section 
436. The information required under Sec.  1.430(h)(2)-1(e) is required 
in order for a plan sponsor to make an election to use an alternative 
interest rate for purposes of determining a plan's funding obligations 
under Sec.  1.430(h)(2)-1. The information required under Sec. Sec.  
1.436-1(f) and 1.436-1(h) is required in order for a qualified defined 
benefit plan's enrolled actuary to provide a timely certification of 
the plan's adjusted funding target attainment percentage (AFTAP) for 
each plan year to avoid certain benefit restrictions.
    The Highway and Transportation Funding Act of 2014 (HATFA), Public 
Law 113-159, was enacted on August 8, 2014, and was effective 
retroactively for single employer defined benefit pension plans, 
optional for plan years beginning in 2013 and mandatory for plan years 
beginning in 2014.
    Section 3608(b) of the Coronavirus Aid, Relief, and Economic 
Security Act (CARES Act), Public Law 116-136 provides that for purposes 
of applying Sec.  436 of the Code (and Sec.  206(g) of ERISA), a 
sponsor of a single-employer defined benefit pension plan may elect to 
treat the plan's adjusted funding target attainment percentage (AFTAP) 
for the last plan year ending before January 1, 2020, as the AFTAP for 
plan years that include calendar year 2020. Notice 2020-61, in part, 
provides guidance on the rules relating to this election.
    Section 115(a) of the Setting Every Community Up for Retirement 
Enhancement Act of 2019 (SECURE Act), Division O of the Further 
Consolidated Appropriations Act, 2020, Public Law 116-94, added new 
Sec.  430(m) to the Code to permit the plan sponsor of a community 
newspaper plan under which no participant has had an increase in 
accrued benefit after December 31, 2017 to elect to have alternative 
minimum funding standards apply to the plan in lieu of the minimum 
funding requirements that would otherwise apply under Sec.  430. 
Pursuant to Sec.  430(m)(2), any election under Sec.  430(m) will be 
made at such time and in such manner as prescribed by the Secretary, 
and once an election is made with respect to a plan year, it will apply 
to all subsequent plan years unless revoked with the consent of the 
Secretary. Notice 2020-60 provides guidance regarding this election.
    Current Actions: There are changes to the collection.
    Type of Review: Revisions to a currently approved collection.
    Affected Public: Individuals, business or other for-profit 
organizations, not-for-profit institutions and Federal, state, local or 
tribal governments.

TD 9467

    Estimated Number of Respondents: 80,000.
    Estimated Time per Respondent: 1.5 hrs.
    Estimated Total Annual Burden Hours: 120,000.
    Notice: 2020-60.
    Estimated Number of Respondents: 1,000.
    Estimated Time per Respondent: 1 hr.
    Estimated Total Annual Burden Hours: 1,000.
    Notice 2020-61.
    Estimated Number of Respondents: 20.
    Estimated Time per Respondent: 4 hr.
    Estimated Total Annual Burden Hours: 80.
    The following paragraph applies to all of the collections of 
information covered by this notice:

[[Page 67425]]

    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: October 18, 2020.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2020-23379 Filed 10-21-20; 8:45 am]
BILLING CODE 4830-01-P