Proposed Collection; Comment Request for Form 461, 40139 [2021-15787]
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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]
[Page 40139]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-15787]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 461
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: 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 [email protected].
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.
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