Proposed Collection; Requesting Comments on Form 8995 and Form 8995-A, 29360 [2021-11445]
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29360
Federal Register / Vol. 86, No. 103 / Tuesday, June 1, 2021 / Notices
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting
Comments on Form 8995 and Form
8995–A
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 proposed and/or
continuing information collections, as
required by the Paperwork Reduction
Act of 1995. The IRS is soliciting
comments concerning Form 8995,
Qualified Business Income Deduction
Simplified Computation, and Form
8995–A, Qualified Business Income
Deduction.
SUMMARY:
Written comments should be
received on or before August 2, 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.
You must reference the information
collection’s title, form number,
reporting or record-keeping requirement
number, and OMB number in your
comment.
DATES:
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form and instructions
should be directed to Jon Callahan,
(737) 800–7639, at Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or
through the internet at jon.r.callahan@
irs.gov.
The IRS is
currently seeking comments concerning
the following information collection
tools, reporting, and record-keeping
requirements:
Title: Qualified Business Income
Deduction.
OMB Number: 1545–2294.
Form Number: Form 8995, Form
8995–A, Schedules A, B, C, and D.
Abstract: The Tax Cuts and Jobs Act
section 11011 added new IRC section
199A, which allows eligible taxpayers to
deduct a percentage of qualified
business income (QBI) earned by noncorporate businesses. Taxpayers use
Form 8995 and Form 8995–A to figure
and report the QBI deduction.
Current Actions: There are changes to
the existing collection: (1) Form 8995–
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SUPPLEMENTARY INFORMATION:
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A and Schedules A, B, C, and D were
added to calculate and report the
deduction, (2) the estimated number of
responses were updated, and (3) the
burden for Form 8995 was revised.
Type of Review: Revision of a
currently approved collection.
Affected Public: Individuals or
Households, Business or other for-profit
organizations.
Estimated Number of Responses:
41,426,000.
Estimated Time per Respondent: 8
hours, 12 minutes.
Estimated Total Annual Burden
Hours: 336,379,120.
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. 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: May 24, 2021.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2021–11445 Filed 5–28–21; 8:45 am]
BILLING CODE 4830–01–P
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DEPARTMENT OF VETERANS
AFFAIRS
[OMB Control No. 2900–0034]
Agency Information Collection
Activity: Trainee Request for Leave
(Chapter 31, Veteran Readiness and
Employment)
Veterans Benefits
Administration, Department of Veterans
Affairs.
ACTION: Notice.
AGENCY:
Veterans Benefits
Administration, Department of Veterans
Affairs (VA), is announcing an
opportunity for public comment on the
proposed collection of certain
information by the agency. Under the
Paperwork Reduction Act (PRA) of
1995, Federal agencies are required to
publish notice in the Federal Register
concerning each proposed collection of
information, including each proposed
extension of a currently approved
collection, and allow 60 days for public
comment in response to the notice.
DATES: Written comments and
recommendations on the proposed
collection of information should be
received on or before August 2, 2021.
ADDRESSES: Submit written comments
on the collection of information through
Federal Docket Management System
(FDMS) at www.Regulations.gov or to
Nancy J. Kessinger, Veterans Benefits
Administration (20M33), Department of
Veterans Affairs, 810 Vermont Avenue
NW, Washington, DC 20420 or email to
nancy.kessinger.@va.gov. Please refer to
‘‘OMB Control No. 2900–0034’’ in any
correspondence. During the comment
period, comments may be viewed online
through FDMS.
FOR FURTHER INFORMATION CONTACT:
Maribel Aponte, Office of Enterprise
and Integration, Data Governance
Analytics (008), 1717 H Street NW,
Washington, DC 20006, (202) 266–4688
or email maribel.aponte@va.gov. Please
refer to ‘‘OMB Control No. 2900–0034’’
in any correspondence.
SUPPLEMENTARY INFORMATION:
Under the PRA of 1995, Federal
agencies must obtain approval from the
Office of Management and Budget
(OMB) for each collection of
information they conduct or sponsor.
This request for comment is being made
pursuant to Section 3506(c)(2)(A) of the
PRA.
With respect to the following
collection of information, VBA invites
comments on: (1) Whether the proposed
collection of information is necessary
for the proper performance of VBA’s
functions, including whether the
SUMMARY:
E:\FR\FM\01JNN1.SGM
01JNN1
]]>Agencies
[Federal Register Volume 86, Number 103 (Tuesday, June 1, 2021)]
[Notices]
[Page 29360]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-11445]
[[Page 29360]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting Comments on Form 8995 and Form
8995-A
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
proposed and/or continuing information collections, as required by the
Paperwork Reduction Act of 1995. The IRS is soliciting comments
concerning Form 8995, Qualified Business Income Deduction Simplified
Computation, and Form 8995-A, Qualified Business Income Deduction.
DATES: Written comments should be received on or before August 2, 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. You must reference the information collection's title, form
number, reporting or record-keeping requirement number, and OMB number
in your comment.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
or copies of the form and instructions should be directed to Jon
Callahan, (737) 800-7639, at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at [email protected].
SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: Qualified Business Income Deduction.
OMB Number: 1545-2294.
Form Number: Form 8995, Form 8995-A, Schedules A, B, C, and D.
Abstract: The Tax Cuts and Jobs Act section 11011 added new IRC
section 199A, which allows eligible taxpayers to deduct a percentage of
qualified business income (QBI) earned by non-corporate businesses.
Taxpayers use Form 8995 and Form 8995-A to figure and report the QBI
deduction.
Current Actions: There are changes to the existing collection: (1)
Form 8995-A and Schedules A, B, C, and D were added to calculate and
report the deduction, (2) the estimated number of responses were
updated, and (3) the burden for Form 8995 was revised.
Type of Review: Revision of a currently approved collection.
Affected Public: Individuals or Households, Business or other for-
profit organizations.
Estimated Number of Responses: 41,426,000.
Estimated Time per Respondent: 8 hours, 12 minutes.
Estimated Total Annual Burden Hours: 336,379,120.
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. 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: May 24, 2021.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2021-11445 Filed 5-28-21; 8:45 am]
BILLING CODE 4830-01-P
