Proposed Collection; Comment Request for Revenue Procedure Waiver of 60-Day Rollover Requirement, 20608 [2021-08019]
Download as PDF
<![CDATA[
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]
-----------------------------------------------------------------------
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.
-----------------------------------------------------------------------
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
