Proposed Collection; Comment Request for Regulation Project, 51726-51727 [2021-20022]

Download as PDF 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 Federal Register / Vol. 86, No. 177 / Thursday, September 16, 2021 / Notices Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 2,500. Estimated Time per Respondent: 15 min. Estimated Total Annual Burden Hours: 625. 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. 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. 2021–20022 Filed 9–15–21; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Proposed Collection; Comment Request; Coronavirus State and Local Fiscal Recovery Funds Program Departmental Offices, U.S. Department of the Treasury. ACTION: Notice. AGENCY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent SUMMARY: VerDate Sep<11>2014 16:44 Sep 15, 2021 Jkt 253001 burden, invites the general public and other federal agencies to comment on the proposed information collections listed below, in accordance with the Paperwork Reduction Act of 1995. DATES: Written comments must be received on or before November 15, 2021. ADDRESSES: Send comments regarding the burden estimate, or any other aspect of the information collection, including suggestions for reducing the burden, by any of the following methods: • Federal E-rulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. Refer to Docket Number TREAS–DO– 2021–0015 and the specific Office of Management and Budget (OMB) control numbers 1505–0271. • Mail: Treasury PRA Clearance Officer, 1750 Pennsylvania Ave. NW, Suite 8100, Washington, DC 20220. FOR FURTHER INFORMATION CONTACT: For questions related to these programs, please contact Katherine Richards by emailing SLFRP@treasury.gov, or calling (844) 529–9527. Additionally, you can view the information collection requests at www.reginfo.gov. SUPPLEMENTARY INFORMATION: Title: Coronavirus State and Local Fiscal Recovery Funds. OMB Control Number: 1505–0271. Type of Review: Extension of a currently approved collection. Description: Sections 602 and 603 of the Social Security Act (the ‘‘Act’’), as added by section 9901 of the American Rescue Plan Act of 2021, Public Law 117–2 (Mar. 11, 2021) authorized the Coronavirus State Fiscal Recovery Fund (‘‘CSFRF’’) and Coronavirus Local Fiscal Recovery Fund (‘‘CLFRF’’) respectively (referred to as the ‘‘Coronavirus State and Local Fiscal Recovery Funds’’ or ‘‘SLFRF’’). The Coronavirus State and Local Fiscal Recovery Funds provide $350 billion in total funding for the Department of the Treasury (‘‘Treasury’’) to make payments to States (defined to include the District of Columbia), U.S. Territories (defined to include Puerto Rico, U.S. Virgin Islands, Guam, Northern Mariana Islands, and American Samoa), Tribes, Metropolitan cities, Counties, Consolidated Governments, and (through States) Nonentitlement units of local government (collectively the ‘‘eligible entities’’) to (1) respond to the COVID–19 public health emergency or its negative economic impacts, including providing assistance to households, small business, nonprofits, and impacted industries, such as tourism, travel, and hospitality; (2) respond to workers performing essential work during the PO 00000 Frm 00079 Fmt 4703 Sfmt 9990 51727 COVID–19 pandemic by providing premium pay to eligible workers of the State, U.S. Territory, Tribal government, Metropolitan city, County, or Nonentitlement units of local government who are performing essential work or by providing grants to eligible employers that have eligible workers; (3) provide of government services, to the extent COVID–19 caused a reduction of revenues collected in the most recent full fiscal year of the State, U.S. Territory, Tribal government, Metropolitan city, County, or Nonentitlement units of local government; or (4) make necessary investments in water, sewer, or broadband infrastructure. Forms: Award and Payment Forms and associated forms; Annual Recovery Performance Plan and Distribution Templates and reporting requirements. Affected Public: State, Territorial, Tribal, and certain Local Governments. Estimated Number of Respondents: 44,000. Frequency of Response: Once, Monthly, Quarterly. Estimated Total Number of Annual Responses: 44,000. Estimated Time per Response: 15 minutes to 1 hour for award and payment forms, 5 hours to 100 hours for performance plan, distribution templates and reporting requirements. Estimated Total Annual Burden Hours: 220,000. Request for Comments: Comments submitted in response to this notice will be summarized and included in the request for Office of Management and Budget 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 technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services required to provide information. Authority: 44 U.S.C. 3501 et seq. Dated: September 10, 2021. Molly Stasko, Treasury PRA Clearance Officer. [FR Doc. 2021–19963 Filed 9–15–21; 8:45 am] BILLING CODE 4810–AK–P E:\FR\FM\16SEN1.SGM 16SEN1

Agencies

[Federal Register Volume 86, Number 177 (Thursday, September 16, 2021)]
[Notices]
[Pages 51726-51727]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-20022]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

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 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 
[email protected].

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.

[[Page 51727]]

    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,500.
    Estimated Time per Respondent: 15 min.
    Estimated Total Annual Burden Hours: 625.
    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. 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. 2021-20022 Filed 9-15-21; 8:45 am]
BILLING CODE 4830-01-P