Proposed Collection; Comment Request for Regulation Project, 62601-62602 [2021-24548]

Download as PDF khammond on DSKJM1Z7X2PROD with NOTICES Federal Register / Vol. 86, No. 215 / Wednesday, November 10, 2021 / Notices purchase foreign currencies and U.S. dollar exchange of at least $5 billion as of the end of a calendar quarter is considered a ‘‘significant branch’’ and must file the FFIEC 030 report quarterly. A U.S. depository institution with a foreign branch having total assets in excess of $250 million that does not meet either of the criteria to file quarterly must file the entire FFIEC 030 report for this foreign branch on an annual basis as of December 31. A U.S. depository institution with a foreign branch having total assets of $50 million or more, but less than or equal to $250 million that does not meet the criteria to file the FFIEC 030 report must file the FFIEC 030S report for the foreign branch on an annual basis as of December 31. A U.S. depository institution with a foreign branch having total assets of less than $50 million is exempt from filing the FFIEC 030 and 030S reports. Foreign branches that meet the criteria for reporting on a quarterly basis must not be consolidated with any other branch. U.S. depository institutions may, at their option, consolidate the figures for all other branches located in the same country. validity of the methodology and assumptions used; c. Ways to enhance the quality, utility, and clarity of the information to be collected; d. Ways to minimize the burden of the information collection 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. Comments submitted to the Board in response to this notice will be shared with the other agencies. All comments will become a matter of public record. II. Current Actions On August 13, 2021, the agencies requested comment for 60 days on a proposal to extend for three years, without revision, the FFIEC 030 and FFIEC 030S.1 The comment period for the proposal ended on October 12, 2021, and the agencies received one comment. The commenter, an institution, asked the agencies to clarify how to report equity securities with readily determinable fair values not held for trading in the FFIEC 030. The commenter stated that reporting these securities in line 4(b), ‘‘Other securities (debt and equity)’’ would align the FFIEC 030 with the Call Report classification. The agencies agree with the commenter’s suggestions and will revise the FFIEC 030 instructions accordingly. The agencies will extend the report forms without revision. [FR Doc. 2021–24519 Filed 11–9–21; 8:45 am] III. Request for Comment Public comment is requested on all aspects of this notice. Comment is specifically invited on: a. Whether the information collection is necessary for the proper performance of the agencies’ functions, including whether the information has practical utility; b. The accuracy of the agencies’ estimate of the burden of the information collection, including the 1 86 FR 44768 (Aug. 13, 2021). VerDate Sep<11>2014 16:41 Nov 09, 2021 Jkt 256001 Patrick T. Tierney, Assistant Director, Bank Advisory, Office of the Comptroller of the Currency. Board of Governors of the Federal Reserve System. Michele Taylor Fennell, Deputy Associate Secretary of the Board. Federal Deposit Insurance Corporation. Dated at Washington, DC, on November 3, 2021. James P. Sheesley, Assistant Executive Secretary. BILLING CODE 4810–33–P; 6210–01–P, 6714–01–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, 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Revenue Procedure 2015–41—Section 482—Allocation of Income and Deductions Among Taxpayers. DATES: Written comments should be received on or before January 10, 2022 to be assured of consideration. ADDRESSES: Direct all written comments to Andres Garcia, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or SUMMARY: PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 62601 copies of the regulation should be directed to Sara Covington, at (737) 800–6149, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Sara.L.Covington@irs.gov. SUPPLEMENTARY INFORMATION: Title: Revenue Procedure 2015–41— Section 482—Allocation of Income and Deductions Among Taxpayers. OMB Number: 1545–1503. Regulation Project Number: Revenue Procedure 2015–41. Abstract: This revenue procedure provides guidance on the process of requesting and obtaining advance pricing agreements from the advance pricing agreement and mutual agreement program(‘‘APMA’’), to process applications, negotiate agreements, and to verify compliance with agreements and whether agreements require modification. Current Actions: There are no changes being made to the revenue procedure at this time. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit; individuals or households. Estimated Number of Respondents: 390. Estimated Time per Respondent: 27.9. Estimated Total Annual Burden Hours: 10,900. 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 E:\FR\FM\10NON1.SGM 10NON1 62602 Federal Register / Vol. 86, No. 215 / Wednesday, November 10, 2021 / Notices 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: November 4, 2021. Sara L. Covington, IRS Tax Analyst. [FR Doc. 2021–24548 Filed 11–9–21; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8892 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 general 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. The IRS is soliciting comments concerning Form 8892, Application for Automatic Extension of Time to File Form 709 and/ or Payment of Gift/Generation-Skipping Transfer Tax. DATES: Written comments should be received on or before January 10, 2022 to be assured of consideration. ADDRESSES: Direct all written comments to Andres Garcia, 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 Sara Covington at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or at (737) 800– 6149 or through the internet, at sara.l.covington@irs.gov. SUPPLEMENTARY INFORMATION: Title: Application for Automatic Extension of Time to File Form 709 and/ or Payment of Gift/Generation-Skipping Transfer Tax. OMB Number: 1545–1913. Form Number: Form 8892. Abstract: Form 8892 was created to serve a dual purpose. First, the form enables the taxpayers to request an automatic 6-month extension of time to file Form 709 when they are not filing an individual income tax extension khammond on DSKJM1Z7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 16:41 Nov 09, 2021 Jkt 256001 using Form 4868. Second, to make a payment of gift tax when you’re applying for an extension of time to file Form 709 (including payment of any generation-skipping transfer (GST) tax from Form 709). 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. Estimated Number of Respondents: 21. Estimated Time per Respondent: 43 minutes. Estimated Total Annual Burden Hours: 16. 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: November 4, 2021. Sara L. Covington, IRS Tax Analyst. [FR Doc. 2021–24520 Filed 11–9–21; 8:45 am] BILLING CODE 4830–01–P PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 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, 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning safe harbor for valuation and mark to market accounting method for dealers under section 475. DATES: Written comments should be received on or before January 10, 2022 to be assured of consideration. ADDRESSES: Direct all written comments to Andres Garcia, Internal Revenue Service, room 6526, 1111 Constitution Avenue NW, Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the regulations should be directed to Sara Covington, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or (737) 800–6149 or, through the internet at sara.l.covington@irs.gov. SUPPLEMENTARY INFORMATION: Title: Safe Harbor for Valuation and Mark to Market Accounting Method for Dealers Under Section 475. OMB Number: 1545–1945. Regulation Project Number: TD 9328 and TD 8700. Abstract: These documents set forth an elective safe harbor that permits dealers in securities and dealers in commodities to elect to use the values of positions reported on certain financial statements as the fair market values of those positions for purposes of section 475 of the Internal Revenue Code (Code). This safe harbor is intended to reduce the compliance burden on taxpayers and to improve the administrability of the valuation requirement of section 475 for the IRS. TD 8700 contains final regulations providing guidance to enable taxpayers to comply with the mark-to-market requirements applicable to dealers in securities. Current Actions: There is no change to these existing regulations. Type of Review: Extension of currently approved collection. SUMMARY: E:\FR\FM\10NON1.SGM 10NON1

Agencies

[Federal Register Volume 86, Number 215 (Wednesday, November 10, 2021)]
[Notices]
[Pages 62601-62602]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-24548]


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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, 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 
proposed and/or continuing information collections, as required by the 
Paperwork Reduction Act of 1995. The IRS is soliciting comments 
concerning Revenue Procedure 2015-41--Section 482--Allocation of Income 
and Deductions Among Taxpayers.

DATES: Written comments should be received on or before January 10, 
2022 to be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, 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 Sara Covington, at (737) 
800-6149, Internal Revenue Service, Room 6526, 1111 Constitution Avenue 
NW, Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Revenue Procedure 2015-41--Section 482--Allocation of Income 
and Deductions Among Taxpayers.
    OMB Number: 1545-1503.
    Regulation Project Number: Revenue Procedure 2015-41.
    Abstract: This revenue procedure provides guidance on the process 
of requesting and obtaining advance pricing agreements from the advance 
pricing agreement and mutual agreement program(``APMA''), to process 
applications, negotiate agreements, and to verify compliance with 
agreements and whether agreements require modification.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit; individuals or 
households.
    Estimated Number of Respondents: 390.
    Estimated Time per Respondent: 27.9.
    Estimated Total Annual Burden Hours: 10,900.
    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

[[Page 62602]]

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: November 4, 2021.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2021-24548 Filed 11-9-21; 8:45 am]
BILLING CODE 4830-01-P