Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Mortgage Credit Certificates (MCCs), 77340-77341 [2020-26456]

Download as PDF 77340 Federal Register / Vol. 85, No. 231 / Tuesday, December 1, 2020 / Notices The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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 burden associated with Form 5308, Request for Change in Plan/Trust Year. DATES: Written comments should be received on or before February 1, 2021 to be assured of consideration. ADDRESSES: Direct all written comments to Kinna Brewington, Internal Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 20224. Requests for additional information or copies of the regulations should be directed to Ronald J. Durbala, at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Request for Change in Plan/Trust Year (Form 5308). OMB Number: 1545–0201. Regulation Project Number: Form 5308. Abstract: Form 5308 is used to request permission to change the plan or trust year for a pension benefit plan. The information submitted is used in determining whether IRS should grant permission for the change. Current Actions: There are no changes to the burden previously approved by OMB. This submission is for renewal purposes. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 20. Estimated Time per Respondent: 42 min. Estimated Total Annual Burden Hours: 14. 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 if 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. khammond on DSKJM1Z7X2PROD with NOTICES4 SUMMARY: VerDate Sep<11>2014 18:11 Nov 30, 2020 Jkt 253001 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 using 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: November 24, 2020. Ronald J. Durbala, IRS Tax Analyst. [FR Doc. 2020–26392 Filed 11–30–20; 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; Comment Request on Burden Related to Mortgage Credit Certificates (MCCs) Internal Revenue Service (IRS), Treasury. AGENCY: Notice and request for comments. ACTION: The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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 application process for determination of employee stock ownership plans. SUMMARY: PO 00000 Frm 00202 Fmt 4703 Sfmt 4703 Written comments should be received on or before February 1, 2021 to be assured of consideration. ADDRESSES: Direct all written comments to Kinna Brewington, Internal Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 20224. Requests for additional information or copies of the regulations should be directed to R. Joseph Durbala, at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Mortgage Credit Certificates (MCCs). OMB Number: 1545–0922. Regulation Project Number: Form 8329 and Form 8330. Abstract: Mortgage Credit Certificates provide qualified holders of the certificates with a credit against income tax liability. In general, an Issuer elects to establish a mortgage credit certificate program in lieu of issuing qualified mortgage revenue bonds. Section 25 of the Code permits states and political subdivisions to elect to issue Mortgage Credit Certificates in lieu of qualified mortgage revenue bonds. Form 8329 is used by lending institutions and Form 8330 is used by state and local governments to provide the IRS with information on the issuance of mortgage credit certificates (MCCs) authorized under Internal Revenue Code section 25. IRS matches the information supplied by lenders and issuers to ensure that the credit is computed properly. Current Actions: There is no change to the burden previously approved. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: Form 8329—10,000; Form 8330—2,000. Estimated Time per Respondent: Form 8329—5 hrs. 53 min.; Form 8330—7 hrs. 28 min. Estimated Total Annual Burden Hours: Form 8329—58,800; Form 8330—14,920. 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 if their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are DATES: E:\FR\FM\01DEN1.SGM 01DEN1 Federal Register / Vol. 85, No. 231 / Tuesday, December 1, 2020 / Notices confidential, as required by 26 U.S.C. 6103. 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 using 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: November 25, 2020. Ronald J. Durbala, IRS Tax Analyst. [FR Doc. 2020–26456 Filed 11–30–20; 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; Comment Request on Burden Related to Form CT–1 and CT–1 X 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 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 burden associated with Form CT–1, Employer’s Annual Railroad Retirement khammond on DSKJM1Z7X2PROD with NOTICES4 SUMMARY: VerDate Sep<11>2014 18:11 Nov 30, 2020 Jkt 253001 Tax Return and Form CT–1 X, Adjusted Employer’s Annual Railroad Retirement Tax Return or Claim for Refund. DATES: Written comments should be received on or before February 1, 2021 to be assured of consideration. ADDRESSES: Direct all written comments to Kinna Brewington, Internal Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 20224. Requests for additional information or copies of the regulations should be directed to Ronald J. Durbala, at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington DC 20224, or through the internet, at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Railroad Retirement Tax Act (Form CT–1 and CT–1X). OMB Number: 1545–0001. Regulation Project Number: Form CT– 1 and Form CT–1 X. Abstract: Railroad employers are required to file an annual return to report employer and employee Railroad Retirement Tax Act (RRTA) taxes. Form CT–1 is used for this purpose. The IRS uses the information to ensure that the employer has paid the correct tax. Form CT–1X is used to correct previously filed Forms CT–1. Current Actions: We have significantly revised the 2020 Form CT– 1 to allow for the reporting of new employment tax credits and the deferral of deposit and payment of certain taxes from the following provisions. • Public Law 116–127: Section 7001, Payroll credit for required paid sick leave; Section 7003, Payroll credit for required family leave; and Section 7005, Wages paid by reason of the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act not considered compensation under section 3221(a) • Public Law 116–136: Section 2301 Employee Retention Credit; and Section 2302, Delay of payment for employer payroll taxes. The changes to Form CT–1 will result in an estimated burden increase of 5,985 hours. This submission is for renewal purposes. Type of Review: Revision of a currently approved collection. Affected Public: Businesses or other for-profit organizations, not-for-profit institutions, and state, local or tribal governments. Estimated Number of Respondents: 2,400. Estimated Time per Respondent: 18 hrs., 56 min. Estimated Total Annual Burden Hours: 45,440. PO 00000 Frm 00203 Fmt 4703 Sfmt 4703 77341 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 if 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. 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 using 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: November 24, 2020. Ronald J. Durbala, IRS Tax Analyst. [FR Doc. 2020–26393 Filed 11–30–20; 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; Comment Request on Burden Related to Form 2678 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: E:\FR\FM\01DEN1.SGM 01DEN1

Agencies

[Federal Register Volume 85, Number 231 (Tuesday, December 1, 2020)]
[Notices]
[Pages 77340-77341]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26456]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request on Burden Related to Mortgage 
Credit Certificates (MCCs)

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 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 application process for determination of employee stock 
ownership plans.

DATES: Written comments should be received on or before February 1, 
2021 to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, Internal 
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be directed to R. Joseph Durbala, at Internal Revenue Service, 
Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or 
through the internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Mortgage Credit Certificates (MCCs).
    OMB Number: 1545-0922.
    Regulation Project Number: Form 8329 and Form 8330.
    Abstract: Mortgage Credit Certificates provide qualified holders of 
the certificates with a credit against income tax liability. In 
general, an Issuer elects to establish a mortgage credit certificate 
program in lieu of issuing qualified mortgage revenue bonds. Section 25 
of the Code permits states and political subdivisions to elect to issue 
Mortgage Credit Certificates in lieu of qualified mortgage revenue 
bonds. Form 8329 is used by lending institutions and Form 8330 is used 
by state and local governments to provide the IRS with information on 
the issuance of mortgage credit certificates (MCCs) authorized under 
Internal Revenue Code section 25. IRS matches the information supplied 
by lenders and issuers to ensure that the credit is computed properly.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: Form 8329--10,000; Form 8330--
2,000.
    Estimated Time per Respondent: Form 8329--5 hrs. 53 min.; Form 
8330--7 hrs. 28 min.
    Estimated Total Annual Burden Hours: Form 8329--58,800; Form 8330--
14,920.
    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 if their contents may become material in the administration of 
any internal revenue law. Generally, tax returns and tax return 
information are

[[Page 77341]]

confidential, as required by 26 U.S.C. 6103.
    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 using 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: November 25, 2020.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2020-26456 Filed 11-30-20; 8:45 am]
BILLING CODE 4830-01-P