Proposed Collection; Comment Request for Form 8582, 10003 [2021-03132]

Download as PDF Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Notices DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8582 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 information collection requirements related to Passive Activity Loss Limitations. 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 forms should be directed to Sara Covington, (737) 800–6149, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Sara.L.Covington@irs.gov. SUPPLEMENTARY INFORMATION: Title: Passive Activity Loss Limitations. OMB Number: 1545–1008. Form Number: 8582. Abstract: Internal Revenue Code section 469 limits the passive activity losses that a taxpayer may deduct. The passive activity losses from passive activities, to the extent that they exceed income from passive activities, cannot be deducted against nonpassive income. Form 8582 is used to figure the passive activity loss allowed and the actual loss to be reported on the tax returns. Current Actions: There is no change in the paperwork burden previously approved by OMB. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households, estates, and trusts. Estimated Number of Respondents: 250,000. Estimated Time per Respondent: 3 hours, 30 minutes. Estimated Total Annual Burden Hours: 875,000. The following paragraph applies to all of the collections of information covered by this notice: jbell on DSKJLSW7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 20:43 Feb 16, 2021 Jkt 253001 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: February 1, 2021. Sara L. Covington, IRS Tax Analyst. [FR Doc. 2021–03132 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 6765 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Form 6765, Credit for Increasing Research Activities. SUMMARY: PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 10003 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 form and instructions should be directed to Sara Covington, (737) 800–6149, 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: Credit for Increasing Research Activities. OMB Number: 1545–0619. Form Number: 6765. Abstract: Internal Revenue Code section 38 allows a credit against income tax (Determined under IRC section 41) for an increase in research activities in a trade or business. Form 6765 is used by businesses and individuals engaged in a trade or business to figure and report the credit. The data is used to verify that the credit claimed is correct. Current Actions: There are no changes being made to the form at this time. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations and individuals. Estimated Number of Respondents: 15,805. Estimated Time per Respondent: 18 hours, 2 minutes. Estimated Total Annual Burden Hours: 285,281. 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 DATES: E:\FR\FM\17FEN1.SGM 17FEN1

Agencies

[Federal Register Volume 86, Number 30 (Wednesday, February 17, 2021)]
[Notices]
[Page 10003]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03132]



[[Page 10003]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8582

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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

SUMMARY: 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 information 
collection requirements related to Passive Activity Loss Limitations.

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 forms should be directed to Sara Covington, (737) 800-
6149, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or 
through the internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Passive Activity Loss Limitations.
    OMB Number: 1545-1008.
    Form Number: 8582.
    Abstract: Internal Revenue Code section 469 limits the passive 
activity losses that a taxpayer may deduct. The passive activity losses 
from passive activities, to the extent that they exceed income from 
passive activities, cannot be deducted against nonpassive income. Form 
8582 is used to figure the passive activity loss allowed and the actual 
loss to be reported on the tax returns.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, estates, and trusts.
    Estimated Number of Respondents: 250,000.
    Estimated Time per Respondent: 3 hours, 30 minutes.
    Estimated Total Annual Burden Hours: 875,000.
    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: February 1, 2021.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2021-03132 Filed 2-16-21; 8:45 am]
BILLING CODE 4830-01-P