Proposed Collection; Comment Request for Rev. Proc. 99-17, 51726 [2021-20021]
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51726
Federal Register / Vol. 86, No. 177 / Thursday, September 16, 2021 / Notices
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: August 26, 2021.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2021–20018 Filed 9–15–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Rev. Proc. 99–17
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
Mark to Market Election for
Commodities Dealers and Securities and
Commodities Traders.
DATES: Written comments should be
received on or before November 15,
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 this revenue procedure should
be directed to LaNita Van Dyke, (202)
317–6009, or at Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or
through the internet at
Lanita.VanDyke@irs.gov.
SUMMARY:
VerDate Sep<11>2014
16:44 Sep 15, 2021
Jkt 253001
SUPPLEMENTARY INFORMATION:
Title: Mark to Market Election for
Commodities Dealers and Securities and
Commodities Traders.
OMB Number: 1545–1641 Revenue
Procedure Number: Rev. Proc. 99–17
(Revenue Procedure 99–17 is modified
by Revenue Procedure 99–49).
Abstract: The revenue procedure
prescribes the time and manner for
dealers in commodities and traders in
securities or commodities to elect to use
the mark-to-market method of
accounting under Sec. 475(e) or (f) of
the Internal Revenue Code. The
collections of information of this
revenue procedure are required by the
IRS in order to facilitate monitoring
taxpayers changing accounting methods
resulting from making the elections
under Sec. 475(e) or (f).
Current Actions: There are no changes
being made to this Rev. Proc. at this
time.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Respondents:
1,000.
Estimated Time per Respondent: 30
mins.
Estimated Total Annual Burden
Hours: 500.
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 respondents, including the use of
automated collection techniques or
other forms of information technology;
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
and (e) estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Approved: August 26, 2021.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2021–20021 Filed 9–15–21; 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
Bad Debt Reserves of Banks.
DATES: Written comments should be
received on or before November 15,
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 LaNita Van Dyke, (202) 317–
6009, or at Internal Revenue Service,
Room 6526, 1111 Constitution Avenue
NW, Washington, DC 20224, or through
the internet at Lanita.VanDyke@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Bad Debt Reserves of Banks.
OMB Number: 1545–1290.
Regulation Project Number: TD 8513.
Abstract: Section 585(c) of the
Internal Revenue Code requires large
banks to change from reserve method of
accounting to the specific charge off
method of accounting for bad debts.
Section 1.585–8 of the regulation
contains reporting requirements in cases
in which large banks elect (1) to include
in income an amount greater than that
prescribed by the Code; (2) to use the
elective cut-off method of accounting; or
(3) to revoke any elections previously
made.
Current Actions: There is no change to
this existing regulation.
Type of Review: Extension of a
currently approved collection.
SUMMARY:
E:\FR\FM\16SEN1.SGM
16SEN1
]]>Agencies
[Federal Register Volume 86, Number 177 (Thursday, September 16, 2021)]
[Notices]
[Page 51726]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-20021]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Rev. Proc. 99-17
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 Mark to Market
Election for Commodities Dealers and Securities and Commodities
Traders.
DATES: Written comments should be received on or before November 15,
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 this revenue procedure should be directed to LaNita Van Dyke,
(202) 317-6009, or at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Mark to Market Election for Commodities Dealers and
Securities and Commodities Traders.
OMB Number: 1545-1641 Revenue Procedure Number: Rev. Proc. 99-17
(Revenue Procedure 99-17 is modified by Revenue Procedure 99-49).
Abstract: The revenue procedure prescribes the time and manner for
dealers in commodities and traders in securities or commodities to
elect to use the mark-to-market method of accounting under Sec. 475(e)
or (f) of the Internal Revenue Code. The collections of information of
this revenue procedure are required by the IRS in order to facilitate
monitoring taxpayers changing accounting methods resulting from making
the elections under Sec. 475(e) or (f).
Current Actions: There are no changes being made to this Rev. Proc.
at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 1,000.
Estimated Time per Respondent: 30 mins.
Estimated Total Annual Burden Hours: 500.
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
respondents, including 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: August 26, 2021.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2021-20021 Filed 9-15-21; 8:45 am]
BILLING CODE 4830-01-P
