Proposed Collection; Comment Request for Revenue Procedure Waiver of 60-Day Rollover Requirement, 20608 [2021-08019]

Download as PDF 20608 Federal Register / Vol. 86, No. 74 / Tuesday, April 20, 2021 / Notices Dated: April 15, 2021. Bradley Smith, Acting Director, Office of Foreign Assets Control, U.S. Department of the Treasury. [FR Doc. 2021–08086 Filed 4–19–21; 8:45 am] BILLING CODE 4810–AL–C DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Revenue Procedure Waiver of 60-Day Rollover Requirement 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 waiver of 60-Day rollover requirement. DATES: Written comments should be received on or before June 21, 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 Kerry Dennis, at (202) 317–5751 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Kerry.Dennis@irs.gov. SUPPLEMENTARY INFORMATION: Title: Waiver of 60-Day Rollover Requirement. OMB Number: 1545–2269. Revenue Procedure: 2020–46. Abstract: Revenue Procedure 2020–46 modifies and updates Rev. Proc. 2016– 47, 2016–37 I.R.B. 346. Section 3.02(2) of Rev. Proc. 2016–47 provides a list of permissible reasons for self-certification of eligibility for a waiver of the 60 day rollover requirement, and, in response to requests from stakeholders, this revenue procedure modifies that list by adding a new reason: A distribution was made to a state unclaimed property fund. As under Rev. Proc. 2016–47, a self-certification relates only to the reasons for missing the 60-day deadline, not to whether a distribution is otherwise eligible to be rolled over. An SUMMARY: VerDate Sep<11>2014 17:10 Apr 19, 2021 Jkt 253001 appendix contains a model letter that may be used for self-certification. Upon receipt of a self-certification, a plan administrator or IRA trustee may accept the contribution and treat it as having satisfied the requirements for a waiver of the 60-day requirement. Currently, the only way for a taxpayer to obtain a waiver of the 60 day requirement with respect to an amount distributed to a state unclaimed property fund is to apply to the Internal Revenue Service (IRS) for a favorable ruling, which is issued by the Tax Exempt and Government Entities Division (TE/GE). The user fee for a ruling is $10,000. The program outlined in this revenue procedure permits taxpayers to receive the benefits of a waiver without paying a user fee. Current Actions: There is no change to this existing revenue procedure. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or Households. Estimated Number of Respondents: 160. Estimated Time per Response: 3 hours. Estimated Total Annual Burden Hours: 480. 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. 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, PO 00000 Frm 00133 Fmt 4703 Sfmt 4703 maintenance, and purchase of services to provide information. Approved: April 5, 2021. Chakinna B. Clemons, Supervisory Tax Analyst. [FR Doc. 2021–08019 Filed 4–19–21; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Low Income Taxpayer Clinic Grant Program; Availability of 2022 Grant Application Package Internal Revenue Service (IRS), Treasury. ACTION: Notice. AGENCY: This document contains a notice that the IRS has made available the 2022 Grant Application Package and Guidelines (Publication 3319) for organizations interested in applying for a Low Income Taxpayer Clinic (LITC) matching grant for the 2022 grant year, which runs from January 1, 2022, through December 31, 2022. The application period runs from May 3, 2021, through June 18, 2021. DATES: All applications and requests for continued funding for the 2022 grant year must be filed electronically by 11:59 p.m. (Eastern Time) on June 18, 2021. The IRS is authorized to award multi-year grants not to exceed three years. For an organization not currently receiving a grant for 2021, an organization that received a single year grant in 2021, or an organization whose multi-year grant ends in 2021, the organization must apply electronically at www.grants.gov. For an organization currently receiving a grant for 2021 that is requesting funding for the second or third year of a multi-year grant, the organization must submit a NonCompeting Continuation Request for continued funding electronically at www.grantsolutions.gov. All organizations must use the funding number of TREAS–GRANTS–052022– 001, and the Catalog of Federal Domestic Assistance program number is 21.008. See https://beta.sam.gov/. The LITC Program Office is scheduling a Zoom webinar to cover the full application process for May 13, 2021. See www.irs.gov/advocate/low-incometaxpayer-clinics for complete details, including any changes to the date, time, and the posting of materials. FOR FURTHER INFORMATION CONTACT: Bill Beard at (949) 575–6200 (not a toll-free number) or by email at beard.william@ irs.gov. The LITC Program Office is located at: IRS, Taxpayer Advocate SUMMARY: E:\FR\FM\20APN1.SGM 20APN1

Agencies

[Federal Register Volume 86, Number 74 (Tuesday, April 20, 2021)]
[Notices]
[Page 20608]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-08019]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure Waiver 
of 60-Day Rollover Requirement

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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 waiver 
of 60-Day rollover requirement.

DATES: Written comments should be received on or before June 21, 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 Kerry Dennis, at (202) 317-
5751 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue 
NW, Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Waiver of 60-Day Rollover Requirement.
    OMB Number: 1545-2269.
    Revenue Procedure: 2020-46.
    Abstract: Revenue Procedure 2020-46 modifies and updates Rev. Proc. 
2016-47, 2016-37 I.R.B. 346. Section 3.02(2) of Rev. Proc. 2016-47 
provides a list of permissible reasons for self-certification of 
eligibility for a waiver of the 60 day rollover requirement, and, in 
response to requests from stakeholders, this revenue procedure modifies 
that list by adding a new reason: A distribution was made to a state 
unclaimed property fund. As under Rev. Proc. 2016-47, a self-
certification relates only to the reasons for missing the 60-day 
deadline, not to whether a distribution is otherwise eligible to be 
rolled over. An appendix contains a model letter that may be used for 
self-certification.
    Upon receipt of a self-certification, a plan administrator or IRA 
trustee may accept the contribution and treat it as having satisfied 
the requirements for a waiver of the 60-day requirement. Currently, the 
only way for a taxpayer to obtain a waiver of the 60 day requirement 
with respect to an amount distributed to a state unclaimed property 
fund is to apply to the Internal Revenue Service (IRS) for a favorable 
ruling, which is issued by the Tax Exempt and Government Entities 
Division (TE/GE). The user fee for a ruling is $10,000. The program 
outlined in this revenue procedure permits taxpayers to receive the 
benefits of a waiver without paying a user fee.
    Current Actions: There is no change to this existing revenue 
procedure.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or Households.
    Estimated Number of Respondents: 160.
    Estimated Time per Response: 3 hours.
    Estimated Total Annual Burden Hours: 480.
    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.
    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: April 5, 2021.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2021-08019 Filed 4-19-21; 8:45 am]
BILLING CODE 4830-01-P