Proposed Collection; Comment Request on Reduction of Tax Attributes Due to Discharge of Indebtedness, 35868-35869 [2021-14374]

Download as PDF 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. khammond on DSKJM1Z7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 17:44 Jul 06, 2021 Jkt 253001 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, PO 00000 Frm 00140 Fmt 4703 Sfmt 4703 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: E:\FR\FM\07JYN1.SGM 07JYN1 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 khammond on DSKJM1Z7X2PROD with NOTICES 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 VerDate Sep<11>2014 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 PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 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 E:\FR\FM\07JYN1.SGM 07JYN1

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]


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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.

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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