Proposed Collection; Comment Request for Information Collection Tools Relating to the Voluntary Disclosure Practice and the Streamlined Filing Compliance Procedures, 40138-40139 [2021-15769]
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40138
Federal Register / Vol. 86, No. 140 / Monday, July 26, 2021 / Notices
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: July 19, 2021.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2021–15786 Filed 7–23–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Regulation Project
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
Special Valuation Rules.
DATES: Written comments should be
received on or before September 24,
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 regulation should be
directed to Martha R. Brinson, at
jbell on DSKJLSW7X2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
17:10 Jul 23, 2021
Jkt 253001
(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: Special Valuation Rules.
OMB Number: 1545–1241.
Regulation Project Number: TD 8395.
Abstract: Section 2701 of the Internal
Revenue Code allows various elections
by family members who make gifts of
common stock or partnership interests
and retain senior interest. This
regulation provides guidance on how
taxpayers make these elections, what
information is required, and how the
transfer is to be disclosed on the gift tax
return (Form 709).
Current Actions: There are no changes
being made to the regulation at this
time.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
households.
Estimated Number of Respondents:
1,200.
Estimated Time per Respondent: 25
mins.
Estimated Total Annual Burden
Hours: 496.
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.
PO 00000
Frm 00149
Fmt 4703
Sfmt 4703
Approved: July 19, 2021.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2021–15802 Filed 7–23–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Information Collection
Tools Relating to the Voluntary
Disclosure Practice and the
Streamlined Filing Compliance
Procedures
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice; correction.
AGENCY:
The Internal Revenue Service
published a document in the Federal
Register on July 7, 2021, concerning
requests for comments on the forms
14452, 14453, 14454, 14457, 14467,
14653, 14654, and 14708. The document
was inadvertently titled Offshore
Voluntary Disclosure Program (OVDP)
and included forms that have been
discontinued. Forms 14452, 14453,
14454, 144657, and 14708 are obsolete
and no longer in use. The correct title
is now Voluntary Disclosure Practice
and the Streamlined Filing Compliance
Procedures.
DATES: Written comments should be
received on or before September 24,
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: Voluntary Disclosure Practice
and the Streamlined Filing Compliance
Procedures.
OMB Number: 1545–2241.
Form Number(s): 14457, 14653, and
14654.
Abstract: The IRS offers two very
different compliance paths to two very
different populations of taxpayers. First,
the Voluntary Disclosure Practice is a
longstanding practice of IRS Criminal
Investigation (CI). CI takes timely,
accurate, and complete voluntary
disclosures under consideration when
determining whether to recommend
criminal prosecution. A voluntary
SUMMARY:
E:\FR\FM\26JYN1.SGM
26JYN1
jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 140 / Monday, July 26, 2021 / Notices
disclosure will not automatically
guarantee immunity from prosecution;
however, a voluntary disclosure may
result in prosecution not being
recommended. Form 14457 is used for
all voluntary disclosures. Second, the
Streamlined Filing Compliance
Procedures are available to eligible
taxpayers who can truthfully certify that
their failure to report foreign financial
assets and pay all tax due in respect of
those assets resulted from non-willful
conduct. Forms 14653 and 14654 relate
to the Streamlined Filing Compliance
Procedures.
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:
16,000.
Estimated Time per Response: 25
hours, 38 min.
Estimated Total Annual Burden
Hours: 410,000.
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.
VerDate Sep<11>2014
17:10 Jul 23, 2021
Jkt 253001
Approved: July 14, 2021.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2021–15769 Filed 7–23–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 461
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
Limitation on Business Losses.
DATES: Written comments should be
received on or before September 24,
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: Limitation on Business Losses.
OMB Number: 1545–2283.
Form Number: 461.
Abstract: Form 461 and its separate
instructions calculates the limitation on
business losses, and the excess business
losses that will be treated as net
operating loss (NOL) carried forward to
subsequent taxable years. In the case of
a partnership or S corporation, the
provision applies at the partner or
shareholder level. This form is used by
noncorporate taxpayers and will be
attached to a tax return (F1040, 1040NR,
1041, 1041–QFT, 1041–N, or 990–T).
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: Individuals or
households, Business or other for-profit
organization, and not-for-profit
institutions.
SUMMARY:
PO 00000
Frm 00150
Fmt 4703
Sfmt 4703
40139
Estimated Number of Responses:
2,909,026.
Estimated Time per Response: 22
mins.
Estimated Total Annual Burden
Hours: 1,105,430.
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: July 19, 2021.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2021–15787 Filed 7–23–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Fiscal
Service Implementing Regulations for
the Government Securities Act of 1986,
as Amended
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Notice.
AGENCY:
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
SUMMARY:
E:\FR\FM\26JYN1.SGM
26JYN1
]]>Agencies
[Federal Register Volume 86, Number 140 (Monday, July 26, 2021)]
[Notices]
[Pages 40138-40139]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-15769]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Information Collection
Tools Relating to the Voluntary Disclosure Practice and the Streamlined
Filing Compliance Procedures
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice; correction.
-----------------------------------------------------------------------
SUMMARY: The Internal Revenue Service published a document in the
Federal Register on July 7, 2021, concerning requests for comments on
the forms 14452, 14453, 14454, 14457, 14467, 14653, 14654, and 14708.
The document was inadvertently titled Offshore Voluntary Disclosure
Program (OVDP) and included forms that have been discontinued. Forms
14452, 14453, 14454, 144657, and 14708 are obsolete and no longer in
use. The correct title is now Voluntary Disclosure Practice and the
Streamlined Filing Compliance Procedures.
DATES: Written comments should be received on or before September 24,
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: Voluntary Disclosure Practice and the Streamlined Filing
Compliance Procedures.
OMB Number: 1545-2241.
Form Number(s): 14457, 14653, and 14654.
Abstract: The IRS offers two very different compliance paths to two
very different populations of taxpayers. First, the Voluntary
Disclosure Practice is a longstanding practice of IRS Criminal
Investigation (CI). CI takes timely, accurate, and complete voluntary
disclosures under consideration when determining whether to recommend
criminal prosecution. A voluntary
[[Page 40139]]
disclosure will not automatically guarantee immunity from prosecution;
however, a voluntary disclosure may result in prosecution not being
recommended. Form 14457 is used for all voluntary disclosures. Second,
the Streamlined Filing Compliance Procedures are available to eligible
taxpayers who can truthfully certify that their failure to report
foreign financial assets and pay all tax due in respect of those assets
resulted from non-willful conduct. Forms 14653 and 14654 relate to the
Streamlined Filing Compliance Procedures.
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: 16,000.
Estimated Time per Response: 25 hours, 38 min.
Estimated Total Annual Burden Hours: 410,000.
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: July 14, 2021.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2021-15769 Filed 7-23-21; 8:45 am]
BILLING CODE 4830-01-P
