Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service Information Collection Requests, 28683-28684 [2021-11210]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 86, Number 101 (Thursday, May 27, 2021)]
[Notices]
[Pages 28683-28684]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-11210]


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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 June 28, 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: Employee Representative's Quarterly Railroad Tax Return.
    OMB Control Number: 1545-0002.
    Type of Review: Extension of a currently approved collection.
    Description: Employee representatives file Form CT-2 quarterly to 
report compensation on which railroad retirement taxes are due. The IRS 
uses this information to ensure that employee representatives have paid 
the correct tax. Form CT-2 also transmits the tax payment.
    Form Number: IRS Form CT-2.
    Affected Public: Individuals or Households.
    Estimated Number of Respondents: 112.
    Frequency of Response: Quarterly.
    Estimated Total Number of Annual Responses: 112.
    Estimated Time per Respondent: 1 hour 11minutes.
    Estimated Total Annual Burden Hours: 132 hours.

    2. Title: Cancellation of Debt.
    OMB Control Number: 1545-1424.
    Type of Review: Extension of a currently approved collection.
    Description: Form 1099-C is used by Federal government agencies, 
financial institutions, and credit unions to report the cancellation or 
forgiveness of a debt of $600 or more, as required by section 6050P of 
the Internal Revenue Code. The IRS uses the form to verify compliance 
with the reporting rules and to verify that the debtor has included the 
proper amount of canceled debt in income on his or her income tax 
return. These regulations under section 6050P of the Internal Revenue 
Code (Code), relating to the rule in Sec.  1.6050P-1(b)(2)(iv) that the 
36-month non-payment testing period is an identifiable event triggering 
an information reporting obligation on Form 1099-C for discharge of 
indebtedness by certain entities.

[[Page 28684]]

    Form Number: IRS Form 1099-C.
    Regulation Project Number: TD 9793.
    Affected Public: Businesses and other for-profit organizations; and 
not-for-profit institutions.
    Estimated Number of Respondents: 6,540,900.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 6,540,900.
    Estimated Time per Response: 13 minutes.
    Estimated Total Annual Burden Hours: 1,438,998 hours.

    3. Title: Electronic Filing of Form W-4.
    OMB Control Number: 1545-1435.
    Type of Review: Extension of a currently approved collection.
    Description: Information is required by the Internal Revenue 
Service to verify compliance with regulation section 31.3402(f)(2)-
1(g)(1), which requires submission to the Service of certain 
withholding exemption certificates. The affected respondents are 
employers that choose to make electronic filing of Forms W-4 available 
to their employees.
    Regulation Project Number: TD 8706.
    Affected Public: Businesses and other for-profit organizations; 
not-for-profit institutions; and State, Local or Tribal governments.
    Estimated Number of Respondents: 2,000.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 160,000.
    Estimated Time per Response: 15 minutes.
    Estimated Total Annual Burden Hours: 40,000 hours.

    4. Title: Limited Payability Claim Against the United States for 
Proceeds of An Internal Revenue Refund Check.
    OMB Control Number: 1545-2024.
    Type of Review: Extension of a currently approved collection.
    Description: Form 13818, Limited Payability Claim Against the 
United States for the Proceeds of an Internal Revenue Refund Check, is 
sent to the payee (taxpayer). This form is designed to provide 
taxpayers a method to file a claim for a replacement check when the 
original check is over 12 months old.
    Form Number: IRS Form 13818.
    Affected Public: Individual or Households; and Businesses and other 
for-profit organizations.
    Estimated Number of Respondents: 6,000.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 6,000.
    Estimated Time per Response: 1 hour.
    Estimated Total Annual Burden Hours: 6,000 hours.

    5. Title: S Corporation Guidance under Section 958 (Rules for 
Determining Stock Ownership) and Guidance Regarding the Treatment of 
Qualified Improvement Property under the Alternative Depreciation 
System for Purposes of the QBAI Rules for FDII and GILTI.
    OMB Control Number: 1545-2291.
    Type of Review: Extension of a currently approved collection.
    Description: The Treasury Department and the IRS published final 
regulations (TD 9866) in the Federal Register (84 FR 29288) under Sec.  
951A (final regulations). The final regulations adopted ``aggregate 
treatment'' with respect to income inclusion amounts arising from 
section 951A (the global intangible low tax income inclusion or GILTI) 
for partnerships. Under aggregate treatment, for purposes of 
determining the GILTI inclusion amount of any partner of a domestic 
partnership, each partner is treated as proportionately owning the 
stock of a controlled foreign corporation (CFC) owned by the 
partnership within the meaning of Sec.  958(a) in the same manner as if 
the domestic partnership were a foreign partnership. Because only a 
U.S. person that is a U.S. shareholder can have a GILTI inclusion 
amount, a partner that is not a U.S. shareholder of a partnership-owned 
CFC does not have a GILTI inclusion amount determined by reference to 
the partnership-owned CFC. Section 1.951A-1(e)(1) applies to taxable 
years of foreign corporations beginning after December 31, 2017, and to 
taxable years of U.S. shareholders in which or with which such taxable 
years of foreign corporations' end. There are no changes being made to 
the regulations at this time.
    Regulation Project Number: TD 9986 and Notice 2020-69.
    Affected Public: Individual or Households.
    Estimated Number of Respondents: 3,688.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 3,688.
    Estimated Time per Response: 30 minutes.
    Estimated Total Annual Burden Hours: 1,844 hours.

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

    Dated: May 24, 2021.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2021-11210 Filed 5-26-21; 8:45 am]
BILLING CODE 4830-01-P