Proposed Collection; Comment Request on Reduction of Tax Attributes Due to Discharge of Indebtedness, 35868-35869 [2021-14374]
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35868
Federal Register / Vol. 86, No. 127 / Wednesday, July 7, 2021 / Notices
the Order, or any other sanctions
program implemented by the Office of
Foreign Assets Control.
Except to the extent otherwise
provided by law or unless licensed or
otherwise authorized by the Office of
Foreign Assets Control, the following
are also prohibited: (1) Any transaction
that evades or avoids, has the purpose
of evading or avoiding, causes a
violation of, or attempts to violate any
of the prohibitions contained in this
Directive; and (2) any conspiracy
formed to violate any of the prohibitions
in this Directive. April 15, 2021.
Dated: June 30, 2021.
Bradley T. Smith,
Acting Director, Office of Foreign Assets
Control.
[FR Doc. 2021–14339 Filed 7–6–21; 8:45 am]
BILLING CODE 4810–AL–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Information Collection
Tools Relating to the Offshore
Voluntary Disclosure Program (OVDP)
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 the offshore voluntary
disclosure program.
DATES: Written comments should be
received on or before September 7, 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: Offshore Voluntary Disclosure
Program (OVDP).
OMB Number: 1545–2241.
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SUMMARY:
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Form Number(s): 14452, 14453,
14454, 14457, 14467, 14653, 14654, and
14708.
Abstract: The IRS is offering people
with undisclosed income from offshore
accounts an opportunity to get current
with their tax returns. Taxpayers with
undisclosed foreign accounts or entities
should make a voluntary disclosure
because it enables them to become
compliant, avoid substantial civil
penalties and generally eliminate the
risk of criminal prosecution. The
objective is to bring taxpayers that have
used undisclosed foreign accounts and
undisclosed foreign entities to avoid or
evade tax into compliance with United
States tax laws.
Current Actions: There is no change
in the paperwork burden previously
approved by OMB procedure.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
Households.
Estimated Number of Respondents:
474,569.
Estimated Time per Response: 1 hour,
49 min.
Estimated Total Annual Burden
Hours: 863,638.
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,
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maintenance, and purchase of services
to provide information.
Approved: June 30, 2021.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2021–14375 Filed 7–6–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request on Reduction of Tax
Attributes Due to Discharge of
Indebtedness
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 reduction of tax attributes due to
discharge of indebtedness.
DATES: Written comments should be
received on or before September 7, 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: Reduction of Tax Attributes Due
to Discharge of Indebtedness.
OMB Number: 1545–0046.
Form Number(s): 982.
Abstract: Reduction of Tax Attributes
Due to Discharge of Indebtedness.
Internal Revenue Code (IRC) section 108
allows taxpayers to exclude from gross
income amounts attributable to
discharge of indebtedness in title 11
cases, insolvency or a qualified farm
indebtedness. Section 1081(b) allows
corporations to exclude from gross
income amounts attributable to certain
transfers of property. The data is used
to verify adjustments to basis of
property and reduction of tax attributes.
Current Actions: There is no change
in the form or paperwork burden
previously approved by OMB.
SUMMARY:
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Federal Register / Vol. 86, No. 127 / Wednesday, July 7, 2021 / Notices
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
households, Businesses or other for
profit, Small businesses or
organizations.
Estimated Number of Respondents:
667.
Estimated Time per Response: 11
hour, 23 min.
Estimated Total Annual Burden
Hours: 7,491.
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: June 29, 2021.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2021–14374 Filed 7–6–21; 8:45 am]
BILLING CODE 4830–01–P
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DEPARTMENT OF THE TREASURY
Departmental Offices Debt
Management Advisory Committee
Meeting
Notice is hereby given, pursuant to 5
U.S.C. App. 2, § 10(a)(2), that a meeting
will take place via conference call on
August 3, 2021 at 10:45 a.m. of the
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17:44 Jul 06, 2021
Jkt 253001
following debt management advisory
committee: Treasury Borrowing
Advisory Committee.
At this meeting, the Treasury is
seeking advice from the Committee on
topics related to the economy, financial
markets, Treasury financing, and debt
management. Following the working
session, the Committee will present a
written report of its recommendations.
The meeting will be closed to the
public, pursuant to 5 U.S.C. App. 2,
§ 10(d) and Public Law 103–202,
§ 202(c)(1)(B) (31 U.S.C. 3121 note).
This notice shall constitute my
determination, pursuant to the authority
placed in heads of agencies by 5 U.S.C.
App. 2, § 10(d) and vested in me by
Treasury Department Order No. 101–05,
that the meeting will consist of
discussions and debates of the issues
presented to the Committee by the
Secretary of the Treasury and the
making of recommendations of the
Committee to the Secretary, pursuant to
Public Law 103–202, § 202(c)(1)(B).
Thus, this information is exempt from
disclosure under that provision and 5
U.S.C. 552b(c)(3)(B). In addition, the
meeting is concerned with information
that is exempt from disclosure under 5
U.S.C. 552b(c)(9)(A). The public interest
requires that such meetings be closed to
the public because the Treasury
Department requires frank and full
advice from representatives of the
financial community prior to making its
final decisions on major financing
operations. Historically, this advice has
been offered by debt management
advisory committees established by the
several major segments of the financial
community. When so utilized, such a
committee is recognized to be an
advisory committee under 5 U.S.C. App.
2, § 3.
Although the Treasury’s final
announcement of financing plans may
not reflect the recommendations
provided in reports of the Committee,
premature disclosure of the Committee’s
deliberations and reports would be
likely to lead to significant financial
speculation in the securities market.
Thus, this meeting falls within the
exemption covered by 5 U.S.C.
552b(c)(9)(A).
The Office of Debt Management is
responsible for maintaining records of
debt management advisory committee
meetings and for providing annual
reports setting forth a summary of
Committee activities and such other
matters as may be informative to the
public consistent with the policy of 5
U.S.C. 552(b). The Designated Federal
Officer or other responsible agency
official who may be contacted for
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35869
additional information is Fred
Pietrangeli, Director for Office of Debt
Management (202) 622–1876.
Dated: June 30, 2021.
Frederick E. Pietrangeli,
Director, Office of Debt Management.
[FR Doc. 2021–14394 Filed 7–6–21; 8:45 am]
BILLING CODE 4810–25–P
DEPARTMENT OF THE TREASURY
Renewal of the Charter of the Federal
Advisory Committee on Insurance
Departmental Offices, U.S.
Department of the Treasury.
AGENCY:
ACTION:
Notice of charter renewal.
The charter for the Federal
Advisory Committee on Insurance
(FACI) has been renewed for a two-year
period beginning June 10, 2021.
SUMMARY:
Jigar
Gandhi, Senior Insurance Regulatory
Policy Analyst, Federal Insurance
Office, Department of the Treasury,
1500 Pennsylvania Ave. NW, Room
1410 MT, Washington, DC 20220, at
(202) 622–3220 (this is not a toll-free
number). Persons who have difficulty
hearing or speaking may access this
number via TTY by calling the toll-free
Federal Relay Service at (800) 877–8339.
FOR FURTHER INFORMATION CONTACT:
Notice is
hereby given under 41 CFR 102–3.65,
pursuant to the Federal Advisory
Committee Act (5 U.S.C. Appendix),
that the FACI has been renewed for an
additional two years beginning June 10,
2021. The purpose of the FACI is to
present advice and recommendations to
the Federal Insurance Office (FIO) in
performing its duties and authorities.
The advice and recommendations may
cover specific or general insurance
topics, processes, studies, and/or
reports. The duties of the FACI shall be
solely advisory and shall extend only to
the submission of advice and
recommendations, which shall be nonbinding, to FIO. The FACI meets on a
periodic basis, and its membership is
balanced to include a cross-section of
representative views of state and nongovernment persons having an interest
in the duties and authorities of FIO.
SUPPLEMENTARY INFORMATION:
Dated: July 1, 2021.
Steven Seitz,
Performing the Delegable Duties of Assistant
Secretary for Financial Institutions.
[FR Doc. 2021–14444 Filed 7–6–21; 8:45 am]
BILLING CODE 4810–AK–P
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]]>Agencies
[Federal Register Volume 86, Number 127 (Wednesday, July 7, 2021)]
[Notices]
[Pages 35868-35869]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-14374]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request on Reduction of Tax
Attributes Due to Discharge of Indebtedness
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 reduction of tax
attributes due to discharge of indebtedness.
DATES: Written comments should be received on or before September 7,
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: Reduction of Tax Attributes Due to Discharge of
Indebtedness.
OMB Number: 1545-0046.
Form Number(s): 982.
Abstract: Reduction of Tax Attributes Due to Discharge of
Indebtedness. Internal Revenue Code (IRC) section 108 allows taxpayers
to exclude from gross income amounts attributable to discharge of
indebtedness in title 11 cases, insolvency or a qualified farm
indebtedness. Section 1081(b) allows corporations to exclude from gross
income amounts attributable to certain transfers of property. The data
is used to verify adjustments to basis of property and reduction of tax
attributes.
Current Actions: There is no change in the form or paperwork burden
previously approved by OMB.
[[Page 35869]]
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, Businesses or other for
profit, Small businesses or organizations.
Estimated Number of Respondents: 667.
Estimated Time per Response: 11 hour, 23 min.
Estimated Total Annual Burden Hours: 7,491.
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: June 29, 2021.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2021-14374 Filed 7-6-21; 8:45 am]
BILLING CODE 4830-01-P
