Proposed Collection; Comment Request on Information Collection for Treasury Decision 9568, Methods To Determine Taxable Income in Connection With a Cost Sharing Arrangement-IRC Section 482, 74792-74793 [2020-25829]

Download as PDF 74792 Federal Register / Vol. 85, No. 226 / Monday, November 23, 2020 / Notices standard is not expected to be issued before the second half of 2021. The reporting revisions to Schedule RC–M for the international remittance transfer items discussed in Section II.D of the July 2020 notice 20 would take effect March 31, 2021.21 The reporting changes to the Call Reports and the FFIEC 101 for the TLAC investments final rule would take effect June 30, 2021. The specific wording of the captions for the new or revised Call Report, FFIEC 101, and FFIEC 002 data items discussed in the October 2019 and July 2020 notices and this notice and the numbering of these data items should be regarded as preliminary. The Call Report instructional clarifications to the Glossary entry for ‘‘Accrued Interest Receivable’’ and Schedule RC–B for pledged equity securities would take effect December 31, 2020, while the instructional clarifications to Schedule RI for shared fees and commissions from securitiesrelated and insurance activities would take effect March 31, 2021. IV. Request for Comment Public comment is requested on all aspects of this joint notice. Comment is specifically invited on: (a) Whether the proposed revisions to the collections of information that are the subject of this notice are necessary for the proper performance of the agencies’ functions, including whether the information has practical utility; (b) The accuracy of the agencies’ estimates of the burden of the information collections as they are proposed to be revised, including the validity of the methodology and assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of information collections 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. 20 85 FR 44374–44375 (July 22, 2020). will report current Schedule RC–M, item 16, in December 2020; will not report current Schedule RC–M, item 16, at all in June 2021; and will report the proposed revised Schedule RC–M, item 16, in December 2021 (covering all of calendar year 2021). 21 Institutions VerDate Sep<11>2014 17:07 Nov 20, 2020 Jkt 253001 Comments submitted in response to this joint notice will be shared among the agencies. Theodore J. Dowd, Deputy Chief Counsel, Office of the Comptroller of the Currency. Board of Governors of the Federal Reserve System. Ann E. Misback, Secretary of the Board. Federal Deposit Insurance Corporation. James P. Sheesley, Acting Assistant Executive Secretary. [FR Doc. 2020–25743 Filed 11–20–20; 8:45 am] BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request on Information Collection for Treasury Decision 9568, Methods To Determine Taxable Income in Connection With a Cost Sharing Arrangement—IRC Section 482 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 Treasury Decision Methods to Determine Taxable Income in connection with a Cost Sharing Arrangement—IRC section 482. DATES: Written comments should be received on or before January 22, 2021 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 collection tools 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: Currently, the IRS is seeking comments concerning the following information collection tools, reporting, and record-keeping requirements: SUMMARY: PO 00000 Frm 00129 Fmt 4703 Sfmt 4703 Title: Methods to Determine Taxable Income in connection with a Cost Sharing Arrangement—IRC section 482. OMB Number: 1545–1364. Treasury Decision Number: 9568. Abstract: This document contains final regulations regarding methods to determine taxable income in connection with a cost sharing arrangement under section 482 of the Internal Revenue Code (Code). The final regulations address issues that have arisen in administering the current cost sharing regulations. The final regulations affect domestic and foreign entities that enter into cost sharing arrangements described in the final regulations. Current Actions: There are no changes to the information collection. Type of Review: Extension without change of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 500. Estimated Time per Response: 18 hours, 42 minutes. Estimated Total Annual Burden Hours: 9,350. The following paragraph applies to all 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. E:\FR\FM\23NON1.SGM 23NON1 Federal Register / Vol. 85, No. 226 / Monday, November 23, 2020 / Notices Approved: November 18, 2020. Chakinna B. Clemons, Supervisory Tax Analyst. [FR Doc. 2020–25829 Filed 11–20–20; 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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning information collection requirements related to continuation coverage requirements application to group health plans. DATES: Written comments should be received on or before January 22, 2021 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 form should be directed to LaNita Van Dyke, at (202) 317–6009 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington DC 20224, or through the internet at Lanita.VanDyke@irs.gov. SUPPLEMENTARY INFORMATION: Title: AJCA Modifications to the Section 6112 Regulations. OMB Number: 1545–1686. Regulation Project Number: TD 9352 (Form 13976). Abstract: This document contains final regulations under section 6112 of the Internal Revenue Code that provide the rules relating to the obligation of material advisors to prepare and maintain lists with respect to reportable transactions. These regulations affect material advisors responsible for keeping lists under section 6112. Current Actions: There are no changes to the paperwork burden previously approved by OMB. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations, individuals or SUMMARY: VerDate Sep<11>2014 17:07 Nov 20, 2020 Jkt 253001 households, and not-for-profit institutions. Estimated Number of Respondents: 500. The Estimated Time per Respondent: 100 hours. Estimated Total Annual Burden Hours: 50,000. The following paragraph applies to all 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: November 10, 2020. Chakinna B. Clemons, Supervisory Tax Analyst. [FR Doc. 2020–25828 Filed 11–20–20; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8823 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, SUMMARY: PO 00000 Frm 00130 Fmt 4703 Sfmt 4703 74793 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 8823, LowIncome Housing Credit Agencies Report of Noncompliance or Building Disposition. Written comments should be received on or before January 22, 2021 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 form and instructions should be directed to LaNita Van Dyke, at (202) 317–6009 or Internal Revenue Service, Room 6526, 1111 Constitution Ave. NW, Washington, DC 20224, or through the internet at Lanita.VanDyke@irs.gov. SUPPLEMENTARY INFORMATION: Title: Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. OMB Number: 1545–1204. Form Number: 8823. Abstract: Under Internal Revenue Code section 42(m)(1)(B)(iii), state housing credit agencies are required to notify the IRS of noncompliance with the low-income housing tax credit provisions. A separate form must be filed for each building that is not in compliance. The IRS uses this information to determine whether the low-income housing credit is being correctly claimed and whether there is any credit recapture. Current Actions: There are no changes to this form at this time. Type of Review: Extension of a currently approved collection. Affected Public: State or local government housing credit agencies. Estimated Number of Respondents: 20,000. Estimated Time per Respondent: 15.16 hours. Estimated Total Annual Burden Hours: 303,200. 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 DATES: E:\FR\FM\23NON1.SGM 23NON1

Agencies

[Federal Register Volume 85, Number 226 (Monday, November 23, 2020)]
[Notices]
[Pages 74792-74793]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-25829]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request on Information Collection 
for Treasury Decision 9568, Methods To Determine Taxable Income in 
Connection With a Cost Sharing Arrangement--IRC Section 482

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 Treasury Decision Methods to Determine Taxable 
Income in connection with a Cost Sharing Arrangement--IRC section 482.

DATES: Written comments should be received on or before January 22, 
2021 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 collection tools 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: Currently, the IRS is seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    Title: Methods to Determine Taxable Income in connection with a 
Cost Sharing Arrangement--IRC section 482.
    OMB Number: 1545-1364.
    Treasury Decision Number: 9568.
    Abstract: This document contains final regulations regarding 
methods to determine taxable income in connection with a cost sharing 
arrangement under section 482 of the Internal Revenue Code (Code). The 
final regulations address issues that have arisen in administering the 
current cost sharing regulations. The final regulations affect domestic 
and foreign entities that enter into cost sharing arrangements 
described in the final regulations.
    Current Actions: There are no changes to the information 
collection.
    Type of Review: Extension without change of a currently approved 
collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 500.
    Estimated Time per Response: 18 hours, 42 minutes.
    Estimated Total Annual Burden Hours: 9,350.
    The following paragraph applies to all 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.


[[Page 74793]]


    Approved: November 18, 2020.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2020-25829 Filed 11-20-20; 8:45 am]
BILLING CODE 4830-01-P

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