Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to the Limitations on Passive Activity Losses and Credits, 47369 [2021-18174]
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Federal Register / Vol. 86, No. 161 / Tuesday, August 24, 2021 / Notices
functions of the agency, including
whether the information will have
practical utility.
• Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
• Enhance the quality, utility, and
clarity of the information to be
collected; and
• Minimize the burden of the
collection of information on those who
are to respond, including using
appropriate automated, electronic,
mechanical, or other technological
collection techniques or other forms of
information technology, e.g., by
permitting electronic submissions of
responses.
Comments submitted in response to
this notice will be summarized and/or
included in the ICR for OMB approval
of the extension of the information
collection; they will also become a
matter of public record.
Approved: August 18, 2021.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2021–18177 Filed 8–23–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information
Collection Request Submitted for
Public Comment; Comment Request
on Burden Related to the Limitations
on Passive Activity Losses and Credits
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 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. Currently, the IRS is
soliciting comments concerning the
burden related to the limitations on
passive activity losses and credits and
the treatment of self-charged items of
income and expense.
DATES: Written comments should be
received on or before October 25, 2021
to be assured of consideration.
ADDRESSES: Direct all written comments
to Kinna Brewington, Internal Revenue
Service, Room 6529, 1111 Constitution
Avenue NW, Washington, DC 20224.
lotter on DSK11XQN23PROD with NOTICES1
SUMMARY:
VerDate Sep<11>2014
16:43 Aug 23, 2021
Jkt 253001
Requests for additional information or
copies of the regulations should be
directed to R. Joseph Durbala, at Internal
Revenue Service, Room 6129, 1111
Constitution Avenue NW, Washington,
DC 20224, or through the internet, at
RJoseph.Durbala@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Limitations on Passive Activity
Losses and Credits—Treatment of Selfcharged Items of Income and Expense.
OMB Number: 1545–1244.
Regulation Project Number: TD 9013.
Abstract: Regulation section 1.469–
7(g) permits entities to elect to avoid
application of section 1.469–7 in the
event the passthrough entity chooses to
not have the income from lending
transactions with owners of interests in
the entity recharacterized as passive
activity gross income. The IRS will use
this information to determine whether
the entity has made a proper timely
election and to determine that taxpayers
are complying with the election in the
taxable year of the election and
subsequent taxable years.
Current Actions: There is no change to
the burden previously approved.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
households and Business or other forprofit.
Estimated Number of Responses:
1,000.
Estimated Time per Respondent: 6
minutes.
Estimated Total Annual Burden
Hours: 100.
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.
Desired Focus of Comments: The
Internal Revenue Service (IRS) is
particularly interested in comments
that:
• Evaluate whether the proposed
collection of information is necessary
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility;
• Evaluate the accuracy of the
agency’s estimate of the burden of the
PO 00000
Frm 00089
Fmt 4703
Sfmt 4703
47369
proposed collection of information,
including the validity of the
methodology and assumptions used;
• Enhance the quality, utility, and
clarity of the information to be
collected; and
• Minimize the burden of the
collection of information on those who
are to respond, including using
appropriate automated, electronic,
mechanical, or other technological
collection techniques or other forms of
information technology, e.g., by
permitting electronic submissions of
responses.
Comments submitted in response to
this notice will be summarized and/or
included in the ICR for OMB approval
of the extension of the information
collection; they will also become a
matter of public record.
Approved: August 19, 2021.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2021–18174 Filed 8–23–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Forms 943, 943–PR, 943–
A, 943A–PR and 943 (Schedule R)
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
Form 943, Employer’s Annual Tax
Return for Agricultural Employees, 943–
PR, Planilla Para La Declarcion Annual
De La Contribucion Federal Del Patrono
De Empleados Agricolas, 943–A,
Agricultural Employer’s Record of
Federal Tax Liability, 943A–PR,
Registro De La Obligacion Contributiva
Del Patrono Agricola, and 943 (Schedule
R), Allocation Schedule for Aggregate
Form 943 Filers.
DATES: Written comments should be
received on or before October 25, 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.
SUMMARY:
E:\FR\FM\24AUN1.SGM
24AUN1
]]>Agencies
[Federal Register Volume 86, Number 161 (Tuesday, August 24, 2021)]
[Notices]
[Page 47369]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-18174]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information Collection Request Submitted
for Public Comment; Comment Request on Burden Related to the
Limitations on Passive Activity Losses and Credits
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 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. Currently, the IRS is soliciting comments
concerning the burden related to the limitations on passive activity
losses and credits and the treatment of self-charged items of income
and expense.
DATES: Written comments should be received on or before October 25,
2021 to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC
20224. Requests for additional information or copies of the regulations
should be directed to R. Joseph Durbala, at Internal Revenue Service,
Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or
through the internet, at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Limitations on Passive Activity Losses and Credits--
Treatment of Self-charged Items of Income and Expense.
OMB Number: 1545-1244.
Regulation Project Number: TD 9013.
Abstract: Regulation section 1.469-7(g) permits entities to elect
to avoid application of section 1.469-7 in the event the passthrough
entity chooses to not have the income from lending transactions with
owners of interests in the entity recharacterized as passive activity
gross income. The IRS will use this information to determine whether
the entity has made a proper timely election and to determine that
taxpayers are complying with the election in the taxable year of the
election and subsequent taxable years.
Current Actions: There is no change to the burden previously
approved.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households and Business or other
for-profit.
Estimated Number of Responses: 1,000.
Estimated Time per Respondent: 6 minutes.
Estimated Total Annual Burden Hours: 100.
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.
Desired Focus of Comments: The Internal Revenue Service (IRS) is
particularly interested in comments that:
Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility;
Evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information, including the
validity of the methodology and assumptions used;
Enhance the quality, utility, and clarity of the
information to be collected; and
Minimize the burden of the collection of information on
those who are to respond, including using appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., by permitting electronic
submissions of responses.
Comments submitted in response to this notice will be summarized
and/or included in the ICR for OMB approval of the extension of the
information collection; they will also become a matter of public
record.
Approved: August 19, 2021.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2021-18174 Filed 8-23-21; 8:45 am]
BILLING CODE 4830-01-P
