Proposed Extension of Information Collection Request Submitted for Public Comment; Election Out of GST Deemed Allocations, 67423-67424 [2020-23380]

Download as PDF Federal Register / Vol. 85, No. 205 / Thursday, October 22, 2020 / Notices DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for IRS e-File Signature Authorization for Forms 720, 2290 and 8879–EX Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: The Department of the Treasury, 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 8879–EX, IRS e-file Signature Authorization for Forms 720, 2290, and 8849. 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 copies of the form and instructions 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.VanDyk@irs.gov. SUPPLEMENTARY INFORMATION: Title: IRS e-file Signature Authorization for Forms 720, 2290, and 8849. OMB Number: 1545–2081. Form Number: 8879–EX. Abstract: The Form 8879–EX, IRS efile Signature Authorization for Forms 720, 2990, and 8849, will be used in the Modernized e-File program. Form 8879– EX authorizes an a taxpayer and an electronic return originator (ERO) to use a personal identification number (PIN) to electronically sign an electronic excise tax return and, if applicable, authorize an electronic funds withdrawal. Current Actions: There are no changes being made to the form at this time. Type of Review: Extension of a previously approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 15,000. Estimated Time per Respondent: 3 hours, 7 minutes. SUMMARY: VerDate Sep<11>2014 17:35 Oct 21, 2020 Jkt 253001 Estimated Total Annual Burden Hours: 46,800. 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: October 18, 2020. Chakinna B. Clemons, Supervisory Tax Analyst. [FR Doc. 2020–23382 Filed 10–21–20; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Extension of Information Collection Request Submitted for Public Comment; Election Out of GST Deemed Allocations Internal Revenue Service (IRS), Treasury. ACTION: Notice. AGENCY: The Internal Revenue Service (IRS), in accordance with the Paperwork Reduction Act of 1995 (PRA 95), provides the general public and Federal agencies with an opportunity to comment on proposed and continuing collections of information. This helps IRS assess the impact of its information SUMMARY: PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 67423 collection requirements and minimize the reporting burden on the public and helps the public understand IRS’s information collection requirements and provide the requested data in the desired format. Currently, the IRS is soliciting comments concerning the reporting burden associated with making the Election Out of GST Deemed Allocations. 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 6526m, 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: Election Out of GST Deemed Allocations. OMB Number: 1545–1892. Regulation Project Number: TD 9208. Abstract: This information is required by the IRS for taxpayers who elect to have the automatic allocation rules not apply to the current transfer and/or to future transfers to the trust or to terminate such election. This information is also required by the IRS for taxpayers who elect to treat trusts described in section 2632(c)(3)(B)(i) through (vi) as GST trusts or to terminate such election. This information will be used to identify the trusts to which the election or termination of election will apply. Current Actions: This notice requests public comment on the burden associated with making the Election Out of GST Deemed Allocations. The IRS notes that an agency may not conduct or sponsor, and a person is not required to respond to, an information collection unless it 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. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households. Estimated Number of Respondents: 25,000. E:\FR\FM\22OCN1.SGM 22OCN1 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

Agencies

[Federal Register Volume 85, Number 205 (Thursday, October 22, 2020)]
[Notices]
[Pages 67423-67424]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-23380]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Election Out of GST Deemed Allocations

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice.

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

SUMMARY: The Internal Revenue Service (IRS), in accordance with the 
Paperwork Reduction Act of 1995 (PRA 95), provides the general public 
and Federal agencies with an opportunity to comment on proposed and 
continuing collections of information. This helps IRS assess the impact 
of its information collection requirements and minimize the reporting 
burden on the public and helps the public understand IRS's information 
collection requirements and provide the requested data in the desired 
format. Currently, the IRS is soliciting comments concerning the 
reporting burden associated with making the Election Out of GST Deemed 
Allocations.

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 6526m, 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: Election Out of GST Deemed Allocations.
    OMB Number: 1545-1892.
    Regulation Project Number: TD 9208.
    Abstract: This information is required by the IRS for taxpayers who 
elect to have the automatic allocation rules not apply to the current 
transfer and/or to future transfers to the trust or to terminate such 
election. This information is also required by the IRS for taxpayers 
who elect to treat trusts described in section 2632(c)(3)(B)(i) through 
(vi) as GST trusts or to terminate such election. This information will 
be used to identify the trusts to which the election or termination of 
election will apply.
    Current Actions: This notice requests public comment on the burden 
associated with making the Election Out of GST Deemed Allocations. The 
IRS notes that an agency may not conduct or sponsor, and a person is 
not required to respond to, an information collection unless it 
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.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 25,000.

[[Page 67424]]

    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