Proposed Collection; Comment Request for Form 1041-A, 10000 [2021-03129]
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Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Notices
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: February 3, 2021.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2021–03138 Filed 2–16–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 1041–A
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 U.S. information return-trust
accumulation of charitable amounts.
DATES: Written comments should be
received on or before April 19, 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 information or copies of the
form and instructions should be
directed to Sara Covington (737)800–
6149, at Internal Revenue Service, Room
6526, 1111 Constitution Avenue NW,
Washington, DC 20224, or through the
internet at Sara.L.Covington@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: U.S. Information Return-Trust
Accumulation of Charitable Amounts.
OMB Number: 1545–0094.
Form Number: 1041–A.
Abstract: Form 1041–A is used to
report the information required in
Internal Revenue Code section 6034
concerning accumulation and
distribution of charitable amounts. The
data is used to verify the amounts for
which a charitable deduction was
allowed are used for charitable
purposes.
Current Actions: There are changes
(reduction in filers) in the paperwork
burden previously approved by OMB.
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SUMMARY:
VerDate Sep<11>2014
20:43 Feb 16, 2021
Jkt 253001
The Tax Cuts and Jobs Act of 2017 (Pub.
L. 115–97) amended section 641(c)(2).
As a result, Electing Small Business
Trusts (ESBTs)are no longer subject to
the charitable information reporting
requirements under section 6034 and do
not file Form 1041–A. This form is
being submitted for renewal purposes
only.
Type of Review: Extension of a
currently approved collection.
Affected Public: Businesses or other
for-profit organizations, and
individuals.
Estimated Number of Respondents:
6,700.
Estimated Time per Respondent: 36
hrs, 40 minutes.
Estimated Total Annual Burden
Hours: 245,622.
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: January 27, 2021.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2021–03129 Filed 2–16–21; 8:45 am]
BILLING CODE 4830–01–P
PO 00000
Frm 00096
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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
(IRS), 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 information
collections, as required by the
Paperwork Reduction Act of 1995. The
IRS is soliciting comments concerning
product liability losses and
accumulations for product liability
losses.
DATES: Written comments should be
received on or before April 19, 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 regulation should be
directed to Martha R. Brinson, at (202)
317–5753, or at Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or
through the internet at
Martha.R.Brinson@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Product Liability Losses and
Accumulations for Product Liability
Losses.
OMB Number: 1545–0863.
Regulation Project Number: TD 8096.
Abstract: T.D. 8096 provides final
regulations relating to product liability
losses and accumulations for the
payment of reasonable anticipated
product liability losses. Changes to the
applicable tax law were made by the
Revenue Act of 1978. Generally, a
taxpayer who sustains a product
liability loss must carry the loss back 10
years. However, a taxpayer may elect to
have such loss treated as a regular net
operating loss under section 172. If
desired, such election is made by
attaching a statement to the tax return.
This statement will enable the IRS to
monitor compliance with the statutory
requirements.
Current Actions: There are no changes
being made to this regulation.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations.
SUMMARY:
E:\FR\FM\17FEN1.SGM
17FEN1
]]>Agencies
[Federal Register Volume 86, Number 30 (Wednesday, February 17, 2021)]
[Notices]
[Page 10000]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03129]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1041-A
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
continuing information collections, as required by the Paperwork
Reduction Act of 1995. The IRS is soliciting comments concerning U.S.
information return-trust accumulation of charitable amounts.
DATES: Written comments should be received on or before April 19, 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 information or copies of
the form and instructions should be directed to Sara Covington
(737)800-6149, at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at [email protected].
SUPPLEMENTARY INFORMATION:
Title: U.S. Information Return-Trust Accumulation of Charitable
Amounts.
OMB Number: 1545-0094.
Form Number: 1041-A.
Abstract: Form 1041-A is used to report the information required in
Internal Revenue Code section 6034 concerning accumulation and
distribution of charitable amounts. The data is used to verify the
amounts for which a charitable deduction was allowed are used for
charitable purposes.
Current Actions: There are changes (reduction in filers) in the
paperwork burden previously approved by OMB. The Tax Cuts and Jobs Act
of 2017 (Pub. L. 115-97) amended section 641(c)(2). As a result,
Electing Small Business Trusts (ESBTs)are no longer subject to the
charitable information reporting requirements under section 6034 and do
not file Form 1041-A. This form is being submitted for renewal purposes
only.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses or other for-profit organizations, and
individuals.
Estimated Number of Respondents: 6,700.
Estimated Time per Respondent: 36 hrs, 40 minutes.
Estimated Total Annual Burden Hours: 245,622.
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: January 27, 2021.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2021-03129 Filed 2-16-21; 8:45 am]
BILLING CODE 4830-01-P
