Proposed Collection; Comment Request for Form 1041-N, 26603 [2021-10168]
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Federal Register / Vol. 86, No. 92 / Friday, May 14, 2021 / Notices
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 1041–N
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
U.S. Income Tax Return for Electing
Alaska Native Settlement Trusts.
DATES: Written comments should be
received on or before July 13, 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 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: U.S. Income Tax Return for
Electing Alaska Native Settlement
Trusts.
OMB Number: 1545–1776.
Form Number: 1041–N.
Abstract: An Alaska Native
Settlement Trust (ANST) may elect
under section 646 to have the special
income tax treatment of that section
apply to the trust and its beneficiaries.
This one-time election is made by filing
Form 1041–N which is used by the
ANST to report its income, etc., and to
compute and pay any income tax. Form
1041–N is also used for the special
information reporting requirements that
apply to ANSTs.
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.
Estimated Number of Respondents:
20.
Estimated Time per Response: 40
mins.
Estimated Total Annual Burden
Hours: 793.
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SUMMARY:
VerDate Sep<11>2014
19:58 May 13, 2021
Jkt 253001
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. Comments
will be 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 has 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 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: May 6, 2021.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2021–10168 Filed 5–13–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information
Collection Request Submitted for
Public Comment; Comment Request
on Burden Related to Information
Reporting for Certain Life Insurance
Contract Transactions
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 public and other Federal
agencies to take this opportunity to
comment on proposed and/or
continuing information collections, as
required by the Paperwork Reduction
Act of 1995. Currently, the IRS is
soliciting comments concerning the
SUMMARY:
PO 00000
Frm 00147
Fmt 4703
Sfmt 4703
26603
burden related to the information
reporting for certain life insurance
contract transactions.
DATES: Written comments should be
received on or before July 13, 2021 to be
assured of consideration.
ADDRESSES: Direct all written comments
to Kinna Brewington, Internal Revenue
Service, Room 6529, 1111 Constitution
Avenue NW, Washington, DC 20224.
Requests for additional information or
copies of the regulations should be
directed to R. Joseph Durbala, at Internal
Revenue Service, Room 6129, 1111
Constitution Avenue NW, Washington,
DC 20224, or through the internet, at
RJoseph.Durbala@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Information Reporting for
Certain Life Insurance Contract
Transactions.
OMB Number: 1545–2281.
Regulation Project/Form Number:
Forms 1099–LS and 1099–SB.
Abstract: The collection covers the
information reporting requirements for
certain life insurance contracts under
IRC 6050Y, which was added by the Tax
Cuts and Jobs Act (TCJA). Form 1099–
LS is used by the acquirer of any
interest in a life insurance contract (also
known as a life insurance policy) in a
reportable policy sale to report the
acquisition. Form 1099–SB is used by
the issuer of a life insurance contract
(also known as a life insurance policy)
to report the seller’s investment in the
contract and surrender amount with
respect to an interest in a life insurance
contract transferred in a ‘‘reportable
policy sale’’ or transferred to a foreign
person.
Current Actions: There is no change to
the burden previously approved.
Type of Review: Extension of a
currently approved collection.
Affected Public: Businesses or other
for-profits.
Estimated Number of Responses:
6,000.
Estimated Time per Respondent: 7
min.
Estimated Total Annual Burden
Hours: 720.
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
E:\FR\FM\14MYN1.SGM
14MYN1
]]>Agencies
[Federal Register Volume 86, Number 92 (Friday, May 14, 2021)]
[Notices]
[Page 26603]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-10168]
[[Page 26603]]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1041-N
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 U.S. Income Tax
Return for Electing Alaska Native Settlement Trusts.
DATES: Written comments should be received on or before July 13, 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 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 [email protected].
SUPPLEMENTARY INFORMATION:
Title: U.S. Income Tax Return for Electing Alaska Native Settlement
Trusts.
OMB Number: 1545-1776.
Form Number: 1041-N.
Abstract: An Alaska Native Settlement Trust (ANST) may elect under
section 646 to have the special income tax treatment of that section
apply to the trust and its beneficiaries. This one-time election is
made by filing Form 1041-N which is used by the ANST to report its
income, etc., and to compute and pay any income tax. Form 1041-N is
also used for the special information reporting requirements that apply
to ANSTs.
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 for-profit Organizations.
Estimated Number of Respondents: 20.
Estimated Time per Response: 40 mins.
Estimated Total Annual Burden Hours: 793.
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.
Comments will be 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 has
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 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: May 6, 2021.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2021-10168 Filed 5-13-21; 8:45 am]
BILLING CODE 4830-01-P
