Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service Information Collection Requests, 10437-10438 [2021-03413]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 86, Number 32 (Friday, February 19, 2021)]
[Notices]
[Pages 10437-10438]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03413]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Multiple Internal Revenue Service Information 
Collection Requests

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on these requests.

DATES: Comments must be received on or before March 22, 2021.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Molly Stasko by emailing [email protected], calling (202) 
622-8922, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Internal Revenue Service (IRS)

    1. Title: Forms 945, 945-A, 945-X and TD 8672.
    OMB Control Number: 1545-1430.
    Type of Review: Extension of a currently approved collection.
    Description: Form 945 is used to report income tax withholding on 
non-payroll payments including backup withholding and withholding on 
pensions, annuities, IRAs, military retirement, and gambling winnings. 
Form 945-A is used by employers who deposit non-payroll income tax 
withheld (such as from pensions and gambling) on a semiweekly schedule, 
or whose tax liability on any day is $100,000 or more, use Form 945-A 
with Form 945 or CT-1 to report their tax liability. Form 945-X is used 
to correct errors made on Form 945, Annual Return of Withheld Federal 
Income Tax. TD 8672 relates to the reporting of non-payroll withheld 
income taxes under section 6011 of the Internal Revenue Code. The 
regulations require a person to file Form 945, Annual Return of 
Withheld Federal Income Tax, only for a calendar year in which the 
person is required to withhold Federal income tax from nonpayroll 
payments.
    Form: IRS Form 945, IRS Form 945-A, IRS Form 945-X, and TD 8672.
    Affected Public: Individuals or Households; Businesses or other 
for-profit organizations; Not-for-profit institutions; and Federal, 
State, Local, and Tribal governments.
    Estimated Number of Respondents: 59,318.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 59,318.
    Estimated Time per Response: 6 hour, 56 minutes.
    Estimated Total Annual Burden Hours: 411,278 hours.

    2. Title: Master and Prototype and Volume Submitter Plans, Revenue 
Procedure 2017-41.
    OMB Control Number: 1545-1674.
    Type of Review: Extension of a currently approved collection.
    Description: This revenue procedure modifies Rev. Proc. 2015-36 and 
sets forth the procedures for the merger of the master and prototype 
(M&P) program with the volume submitter (VS) plan. This revenue 
procedure requires employers adopting pre-approved plans to complete 
and sign new signature pages or new adoption agreements, as applicable, 
to restate their plans for recent changes in the law. This revenue 
procedure requires sponsors of pre-approved plans to furnish copies of 
their plans to the Service's Employee Plans Determinations office; to 
maintain records of employers that have adopted their plans; to prepare 
and communicate any necessary interim amendments to adopting employers; 
to make reasonable and diligent efforts to ensure that employers 
restate their plans when necessary; to notify employers if the sponsor 
concludes that employers' plans are no longer qualified; and to provide 
that mass submitters must keep records of their user fees. This allows 
mass submitters to certify to the number of other practitioners seeking 
approval of the identical pre-approved plan.
    Regulation Project Number: Revenue Procedure 2017- 41.
    Affected Public: Individuals or Households; Businesses or other 
for-profit organizations; Not-for-profit institutions; and Federal, 
State, Local, and Tribal governments.
    Estimated Number of Respondents: 321,500.
    Frequency of Response: On Occasion.
    Estimated Total Number of Annual Responses: 321,500.
    Estimated Time per Response: 3 hours, 45 minutes.
    Estimated Total Annual Burden Hours: 1,108,225 hours.

    3. Title: Election Out of Generation-Skipping Transfer Tax (GST) 
Deemed Allocations.
    OMB Control Number: 1545-1892.
    Type of Review: Extension of a currently approved collection.
    Description: 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.
    Affected Public: Individuals or Households.
    Estimated Number of Respondents: 25,000.
    Frequency of Response: On Occasion.
    Estimated Total Number of Annual Responses: 25,000.
    Estimated Time per Response: 30 minutes.
    Estimated Total Annual Burden Hours: 12,500 hours.

    4. Title: Longevity Annuity Contracts.
    OMB Control Number: 1545-2234.
    Type of Review: Extension of a currently approved collection.
    Description: This collection covers final regulations relating to 
the use of longevity annuity contracts in tax qualified defined 
contribution plans under section 401(a) of the Internal Revenue Code 
(Code), section 403(b) plans, individual retirement annuities and 
accounts (IRAs) under section 408, and eligible governmental plans 
under section 457(b).
    Form 1098-Q is used to comply with the reporting requirements under 
TD 9673. Any person who issues a contract intended to be a QLAC that is 
purchased or held under any plan, annuity, or account described in 
section 401(a), 403(a), 403(b), 408 (other than a Roth IRA) or eligible 
governmental plan under section 457(b), must file Form 1098-Q.

[[Page 10438]]

    Form Number: IRS Form 1098-Q and TD 9673.
    Affected Public: Individuals or Households; Businesses or other 
for-profit organizations; and Not-for-profit institutions.
    Estimated Number of Respondents: 150.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 213,966.
    Estimated Time per Response: 8 minutes.
    Estimated Total Annual Burden Hours: 28,529 hours.
    5. Title: Notice of Intent to Operate Under Section 501(c)(4), Form 
8976.
    OMB Control Number: 1545-2268.
    Type of Review: Extension of a currently approved collection.
    Description: The Protecting Americans from Tax Hikes Act of 2015 
(the PATH Act) section 506 to the Internal Revenue Code (Code) requires 
an organization described in section 501(c)(4), no later than 60 days 
after the organization is established, to notify the Secretary that it 
is operating as a section 501(c)(4) organization (the notification). 
Section 506(b) provides that the notification must include: (1) The 
name, address, and taxpayer identification number of the organization; 
(2) the date on which, and the State under the laws of which, the 
organization was organized; and (3) a statement of the purpose of the 
organization.
    Form Number: IRS Form 8976.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 2,500.
    Frequency of Response: Once.
    Estimated Total Number of Annual Responses: 2,500.
    Estimated Time per Response: 45 minutes.
    Estimated Total Annual Burden Hours: 1,875 hours.

    Authority: 44 U.S.C. 3501 et seq.

    Dated: February 16, 2021.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2021-03413 Filed 2-18-21; 8:45 am]
BILLING CODE 4830-01-P