Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service Information Collection Requests, 73851-73856 [2021-28120]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 86, Number 246 (Tuesday, December 28, 2021)]
[Notices]
[Pages 73851-73856]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-28120]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Multiple Internal Revenue Service Information 
Collection Requests

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: 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 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on these requests.

DATES: Comments must be received on or before January 27, 2022.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Molly Stasko by emailing [email protected], calling (202) 
622-8922, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Internal Revenue Service (IRS)

    1. Title: Return by a U.S. Transferor of Property to a Foreign 
Corporation.
    OMB Control Number: 1545-0026.
    Type of Review: Extension of a currently approved collection.
    Description: Internal Revenue Code (IRC) 6038B, Notice of certain 
transfers to foreign persons; state a foreign corporation, or a foreign 
partnership in a contribution, or makes a distribution to a person who 
is not a United States person, shall furnish to the Secretary, at such 
time and in such manner as the Secretary shall by regulations 
prescribed.
    Form 926 is filed by any U.S. person who transfers certain tangible 
or intangible property to a foreign corporation to report information 
required by section 6038B.
    Form Number: IRS Form 926.
    Affected Public: Individuals or Households; Businesses and other 
for-profit organizations.
    Estimated Number of Respondents: 667.
    Frequency of Response: On Occasion.
    Estimated Total Number of Annual Responses: 667.
    Estimated Time per Response: 42 hours 53 minutes.
    Estimated Total Annual Burden Hours: 28,608.
    2. Title: Annual Summary and Transmittal of U.S. Information 
Returns.
    OMB Control Number: 1545-0108.
    Type of Review: Extension of a currently approved collection.
    Description: Form 1096 is used to transmit information returns 
(Forms 1099, 1098, 5498, and W-2G) to the IRS service centers. Under 
Internal Revenue

[[Page 73852]]

Code Section 6041 and related regulations, a separate Form 1096 is used 
for each type of return sent to the service center by the payer. It is 
used by IRS to summarize, categorize, and process the forms being 
filed.
    Form Number: IRS Form 1096.
    Affected Public: Businesses and other for-profit organizations; 
individuals or households; Not-for-profit institutions; State, Local or 
Tribal governments.
    Estimated Number of Respondents: 5,640,300.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 5,640,300.
    Estimated Time per Response: 13.8 minutes.
    Estimated Total Annual Burden Hours: 1,297,269.
    3. Title: Distributions From Pensions, Annuities, Retirement or 
Profit-sharing Plans, IRAs, Insurance Contracts.
    OMB Control Number: 1545-0119.
    Type of Review: Revision of a currently approved collection.
    Description: Form 1099-R is used to report distributions from 
pensions, annuities, profit-sharing or retirement plans, IRAs, and the 
surrender of insurance contracts. This information is used by the 
Internal Revenue Service (IRS) to verify that income has been properly 
reported by the recipient.
    Current Actions: There are changes to the existing collection: (1) 
The existing FATCA and Date of payment boxes were given line numbers, 
and (2) the age for IRA required minimum distributions was changed to 
age 72 beginning in 2020 per the SECURE Act.
    Form Number: IRS Form 1099-R.
    Affected Public: Businesses and other for-profit organizations; 
Not-for-profit institutions; and State, Local, or Tribal governments.
    Estimated Number of Respondents: 105,974,100.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 105,974,100.
    Estimated Time per Response: 26 minutes.
    Estimated Total Annual Burden Hours: 46,628,604.
    4. Title: Causalities and Thefts.
    OMB Control Number: 1545-0177.
    Type of Review: Extension of a currently approved collection.
    Description: Form 4684, is used by taxpayers to report gains and 
losses form casualties and thefts. Form 4684 includes four sections to 
address the various losses or gains: Section A is used to report 
casualties and thefts of property not used in a trade or business or 
for income-producing purposes (personal property); Section B is used 
for casualty or theft involving property used in a trade or business or 
for income producing purposes; Section C is used to claim a theft or 
loss deduction for a Ponzi-type investment scheme (each taxpayer must 
meet the claim conditions within Revenue Procedures 2009-20 and 2011-
58); Section D is used to deduct a loss attributable to a federally 
declared disaster and that occurred in a federally declared disaster 
area in the tax year immediately preceding the tax year the loss was 
sustained. The data collected is used to verify that the correct gain 
or loss has been computed.
    Form Number: IRS Form 4684.
    Affected Public: Individuals or households; and Businesses or other 
for-profit organizations.
    Estimated Number of Respondents: 213,867.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 213,867.
    Estimated Time per Response: 6 hours 3 minutes.
    Estimated Total Annual Burden Hours: 1,293,895.
    5. Title: International Boycott Report.
    OMB Control Number: 1545-0216.
    Type of Review: Extension of a currently approved collection.
    Description: Persons having operations in or related to countries 
which require participation in or cooperation with an international 
boycott may be required to report these operations on Form 5713. 
Persons use Schedule A with Form 5713 to figure the international 
boycott factor to use in figuring the loss of tax benefits. Persons use 
Schedule B with Form 5713 to specifically attribute taxes and income to 
figure the loss of tax benefits. Filers of Schedule A or B (Form 5713) 
use Schedule C to compute the loss of tax benefits from participation 
in or cooperation with an international boycott.
    Form Number: IRS Form 5713 and Schedules A, B, & C.
    Affected Public: Businesses and other for-profit organizations.
    Estimated Number of Respondents: 5,632.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 5,632.
    Estimated Time per Response: 25 hours 28 minutes.
    Estimated Total Annual Burden Hours: 143,498.
    6. Title: Underpayment of Estimated Tax by Individuals, Estate, and 
Trusts (Form 2210), and Underpayment of Estimated Tax by Farmers and 
Fishermen (Form 2210-F).
    OMB Control Number: 1545-0140.
    Type of Review: Extension of a currently approved collection.
    Description: Internal Revenue Code section 6654 imposes a penalty 
for failure to pay estimated tax. Form 2210 is used by individuals, 
estates, and trusts. Form 2210-F is used by farmers and fisherman to 
determine whether they are subject to the penalty and to compute the 
penalty if it applies. The Internal Revenue Service (IRS) uses this 
information to determine whether taxpayers are subject to the penalty, 
and to verify the penalty amount.
    Form Number: IRS Form 2210 and IRS Form 2210-F.
    Affected Public: Individuals or households; businesses or other 
for-profit organizations.
    Estimated Number of Respondents: 80,150.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 4 hours.
    Estimated Time per Response: 80,150.
    Estimated Total Annual Burden Hours: 109,857.
    7. Title: Request for Copy of Tax Return.
    OMB Control Number: 1545-0429.
    Type of Review: Extension of a currently approved collection.
    Description: Internal Revenue Code section 7513 allows taxpayers to 
request a copy of a tax return or related documents. Form 4506 is used 
for this purpose. The information provided will be used for research to 
locate the tax form and to ensure that the requestor is the taxpayer, 
or someone authorized by the taxpayer to obtain the documents 
requested.
    Form Number: IRS Form 4506.
    Affected Public: Businesses or other for-profit organizations; 
individuals or households; and State, Local or Tribal governments.
    Estimated Number of Respondents: 325,000.
    Frequency of Response: On Occasion.
    Estimated Total Number of Annual Responses: 325,000.
    Estimated Time per Response: 48 minutes.
    Estimated Total Annual Burden Hours: 260,000.
    8. Title: Request for Prompt Assessment Under Internal Revenue Code 
Section 6501(d).
    OMB Control Number: 1545-0430.
    Type of Review: Extension of a currently approved collection.
    Description: Internal Revenue Code (IRC), Section 6501(d); Request 
For Prompt Assessment; any tax for which return is required in the case 
of a decedent, or by his estate during the period of administration, or 
by a corporation, the tax shall be assessed, and any proceeding in 
court without assessment for the collection of such tax

[[Page 73853]]

shall be begun, within 18 months after written request therefor by the 
executor, administrator, or other fiduciary representing the estate of 
such decedent, or by the corporation, but not after the expiration of 3 
years after the return was filed. Fiduciaries representing a dissolving 
corporation or a decedent's estate may request a prompt assessment of 
tax under Internal Revenue Code section 6501(d). Form 4810 is used to 
help locate the return and expedite the processing of the taxpayer's 
request.
    Form Number: IRS Form 4810.
    Affected Public: Individuals or households; Businesses or other 
for-profit organizations.
    Estimated Number of Respondents: 4,000.
    Frequency of Response: On Occasion.
    Estimated Total Number of Annual Responses: 4,000.
    Estimated Time per Response: 6 hours 12 minutes.
    Estimated Total Annual Burden Hours: 24,800.
    9. Title: IRA Contribution Information.
    OMB Control Number: 1545-0747.
    Type of Review: Extension of a currently approved collection.
    Description: Form 5498 is used by trustees and issuers to report 
contributions to, and the fair market value of, an individual 
retirement arrangement (IRA). The information on the form will be used 
by IRS to verify compliance with the reporting rules under regulation 
section 1.408-5 and to verify that the participant in the IRA has made 
the contribution that supports the deduction taken.
    Form Number: IRS Form 5498.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 118,858,000.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 118,858,000.
    Estimated Time per Response: 24 minutes.
    Estimated Total Annual Burden Hours: 48,731,780.
    10. Title: Application for Special Enrollment Examination.
    OMB Control Number: 1545-0949.
    Type of Review: Extension of a currently approved collection.
    Description: Individuals use this form to apply to take the Special 
Enrollment Examination to establish eligibility for enrollment to 
practice before the Internal Revenue Service.
    Form Number: IRS Form 2587.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 15,643.
    Frequency of Response: On Occasion.
    Estimated Total Number of Annual Responses: 15,643.
    Estimated Time per Response: 6 minutes.
    Estimated Total Annual Burden Hours: 1,564.
    11. Title: Return by a Shareholder of a Passive Foreign Investment 
Company or Qualified Electing Fund.
    OMB Control Number: 1545-1002.
    Type of Review: Extension of a currently approved collection.
    Description: Form 8621 is filed by a U.S. shareholder who owns 
stock in a foreign investment company. The form is used to report 
income, make an election to extend the time for payment of tax, and to 
pay an additional tax and interest amount. The IRS uses Form 8621 to 
determine if these shareholders have correctly reported amounts of 
income, made the election correctly, and have correctly computed the 
additional tax and interest amount.
    Form Number: IRS Form 8621.
    Affected Public: Businesses or other for-profit organizations; and 
Individuals or households.
    Estimated Number of Respondents: 1,333.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 1,333.
    Estimated Time per Response: 48 hours 44 minutes.
    Estimated Total Annual Burden Hours: 65,304.
    12. Title: Credit for Prior Year Minimum Tax--Individuals, Estates, 
and Trusts.
    OMB Control Number: 1545-1073.
    Type of Review: Extension of a currently approved collection.
    Description: Form 8801 is used by individuals, estates, and trusts 
to compute the minimum tax credit, if any, available from a tax year 
beginning after 1986 to be used in the current year or to be carried 
forward for use in a future year.
    Form Number: IRS Form 8801.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 12,914.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 12,914.
    Estimated Time per Response: 7 hours 4 minutes.
    Estimated Total Annual Burden Hours: 91,173.
    13. Title: Like-Kind Exchanges.
    OMB Control Number: 1545-1190.
    Type of Review: Extension of a currently approved collection.
    Description: Form 8824 is used by individuals, corporations, 
partnerships, and other entities to report the exchange of business or 
investment property, and the deferral of gains from such transactions 
under Internal Revenue Code section 1031. It is also used to report the 
deferral of gain under Code section 1043 from conflict-of-interest 
sales by certain members of the executive branch of the Federal 
government.
    Form Number: IRS Form 8824.
    Affected Public: Individuals or households; and Businesses or other 
for-profit organizations.
    Estimated Number of Respondents: 137,547.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 137,547.
    Estimated Time per Response: 4 hours 50 minutes.
    Estimated Total Annual Burden Hours: 665,269.
    14. Title: Special Valuation Rules.
    OMB Control Number: 1545-1241.
    Type of Review: Extension of a currently approved collection.
    Description: Section 2701 of the Internal Revenue Code allows 
various elections by family members who make gifts of common stock or 
partnership interests and retain senior interest. This regulation 
provides guidance on how taxpayers make these elections, what 
information is required, and how the transfer is to be disclosed on the 
gift tax return (Form 709).
    Regulation Project Number: TD 8395.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 1,200.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 1,200.
    Estimated Time per Response: 25 minutes.
    Estimated Total Annual Burden Hours: 496.
    15. Title: Miscellaneous Sections Affected by the Taxpayer Bill of 
Rights 2 and the Personal Responsibility and Work Opportunity 
Reconciliation Act of 1996.
    OMB Control Number: 1545-1356.
    Type of Review: Extension of a currently approved collection.
    Description: Under Internal Revenue Code Section 7430, a prevailing 
party may recover the reasonable administrative or litigation costs 
incurred in an administrative or civil proceeding that relates to the 
determination, collection, or refund of any tax, interest, or penalty. 
Treasury Regulation Section 301.7430-2(c) provides that the IRS will 
not award administrative costs under section 7430 unless the taxpayer 
files a written

[[Page 73854]]

request in accordance with the requirements of the regulation.
    Regulation Project Number: TD 8725.
    Affected Public: Individuals or households; Businesses or other 
for-profit organizations; and Not-for-profit institutions.
    Estimated Number of Respondents: 38.
    Frequency of Response: On Occasion.
    Estimated Total Number of Annual Responses: 38.
    Estimated Time per Response: 2 hours 16 minutes.
    Estimated Total Annual Burden Hours: 86.
    16. Title: Preparer Penalties-Manual Signature Requirement.
    OMB Control Number: 1545-1385.
    Type of Review: Extension of a currently approved collection.
    Description: The regulation in TD 8549 provides that persons who 
prepare U.S. Fiduciary income tax returns for compensation may, under 
certain conditions, satisfy the manual signature requirements by using 
a facsimile signature. However, they will be required to submit to the 
IRS a list of the names and identifying numbers of all fiduciary 
returns which are being filed with a facsimile signature.
    Regulation Project Number: TD 8549.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 20,000.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 20,000.
    Estimated Time per Response: 1 hour 12 minutes.
    Estimated Total Annual Burden Hours: 24,000.
    17. Title: Orphan Drug Credit.
    OMB Control Number: 1545-1505.
    Type of Review: Extension of a currently approved collection.
    Description: Internal Revenue Code Section (IRC) 38, General 
business credit; provides a credit against the tax imposed by chapter 1 
(Normal Taxes and Surtaxes) of the Internal Revenue Code. IRC 45C, 
Clinical testing expenses for certain drugs for rare diseases or 
conditions; states the credit determined under Section 38 for the 
taxable year is an amount equal to 25 percent of the qualified clinical 
testing expenses. IRC 280C, Certain expenses for which credits are 
allowable; allows taxpayers who claimed a credit for qualified clinical 
testing expenses the option to reduce the federal deduction of those 
testing expenses by the credit claimed.
    Filers use Form 8820 to figure and claim the orphan drug credit and 
to elect the reduced credit under section 280C. The credit equals 25% 
of qualified clinical testing expenses paid or incurred during the tax 
year.
    Form Number: IRS Form 8820.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 67.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 67.
    Estimated Time per Response: 4 hours 42 minutes.
    Estimated Total Annual Burden Hours: 316.
    18. Title: Distributions From an HSA, Archer MSA, or Medicare 
Advantage MSA.
    OMB Control Number: 1545-1517.
    Type of Review: Extension of a currently approved collection.
    Description: Form 1099-SA is used to report distributions made from 
a health savings account (HSA), Archer medical savings account (Archer 
MSA), or Medicare Advantage MSA (MA MSA). The distribution may have 
been paid directly to a medical service provider or to the account 
holder. A separate return must be filed for each plan type.
    Form Number: IRS Form 1099-SA.
    Affected Public: Businesses or other for-profits organizations.
    Estimated Number of Respondents: 25,839.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 25,839.
    Estimated Time per Response: 11 minutes.
    Estimated Total Annual Burden Hours: 3,618.
    19. Title: HSA, Archer MSA, or Medicare Advantage MSA Information.
    OMB Control Number: 1545-1518.
    Type of Review: Extension of a currently approved collection.
    Description: Internal Revenue Code (IRC), Section 220(h) requires 
trustees to report to the IRS and medical savings accountholders 
contributions to and the year-end fair market value of any 
contributions made to a medical savings account (MSA). Congress 
requires Treasury to report to them the total contributions made to an 
MSA for the current tax year. IRC Section 223(h) requires the reporting 
of contributions to and the year-end fair market value of health 
savings accounts for tax years beginning after December 31, 2003. Form 
5498-SA, is used to report contributions to and rollovers into Archer 
Medical Savings Account (MSAs), Medicare+Choice MSAs, and Health 
Savings Accounts (HSAs).
    Form Number: IRS Form 5498-SA.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 9,167.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 9,167.
    Estimated Time per Response: 10 minutes.
    Estimated Total Annual Burden Hours: 1,559.
    20. Title: Return of U.S. Persons With Respect to Certain Foreign 
Partnerships.
    OMB Control Number: 1545-1668.
    Type of Review: Revision of a currently approved collection.
    Description: The Taxpayer Relief Act of 1997 significantly modified 
the information reporting requirements with respect to foreign 
partnerships. The Act made the following three changes: (1) Expanded 
section 6038B to require U.S. persons transferring property to foreign 
partnerships in certain transactions to report those transfers, (2) 
expanded section 6038 to require certain U.S. Partners of controlled 
foreign partnerships to report information about the partnerships, and 
(3) modified the reporting required under section 6046A with respect to 
acquisitions and dispositions of foreign partnership interests. Form 
8865 is used by U.S. persons to fulfill their reporting obligations 
under sections 6038B, 6038, and 6046A. Form 8838-P is used to extend 
the statute of limitations for U.S. persons who transfers appreciated 
property to partnerships with foreign partners related to the 
transferor. The form is filed when the transferor makes a gain 
recognition agreement. This agreement allows the transferor to defer 
the payment of tax on the transfer.
    Current Actions: There are changes to the existing collection: (1) 
The number of responses for each form and schedule is being reduced to 
account for filers (individuals, businesses and tax-exempt 
organizations) being reported under OMB numbers 1545-0123 and 1545-
0074, (2) additional information is being collected to comply with the 
Tax Cuts and Jobs Act, Public Law 115-97, and new section 250, (3) 
information about the number of foreign partners subject to section 
864(c)(8) is being collected, (4) information about section 721(c) 
partnerships is being collected, (5) information is being collected for 
disclosure requirements under Treasury Regulations 1.703-3, 1.707-6, 
and 1.707-8, and (6) new Schedules K-2 and K-3 replace, supplement, and 
clarify certain amounts formerly reported on Schedules K and K-1 of 
Form 8865.
    Form Number: IRS Form 8865 and Schedules A, A-1, A-2, A-3, B, G, H, 
K, K-1, K-2, K-3, L, M, M-1, M-2, N, O, P, and IRS Form 8838 P.
    Affected Public: Businesses or other for-profit organizations; 
Individuals or

[[Page 73855]]

households; and Not-for-profit institutions.
    Estimated Number of Respondents: 3,695.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 3,695.
    Estimated Time per Response: 22 hours 45 minutes.
    Estimated Total Annual Burden Hours: 84,057.
    21. Title: Biodiesel and Renewable Diesel Fuels Credit.
    OMB Control Number: 1545-1924.
    Type of Review: Extension of a currently approved collection.
    Description: Section 40A biodiesel and renewable diesel fuels 
credit is retroactively extended for fuel sold or used in calendar 
years 2018 through 2022. The credit consists of the Biodiesel credit, 
Renewable diesel credit, Biodiesel mixture credit, Renewable diesel 
mixture credit and Small Agri-biodiesel producer credit. Claim the 
credit for the tax year in which the sale or use occurs. Partnership, S 
Corporations, Cooperatives, estates, and trusts must file this form to 
claim the credit.
    Form Number: IRS Form 8864.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 934.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 934.
    Estimated Time per Response: 4 hours 13 minutes.
    Estimated Total Annual Burden Hours: 3,941.
    22. Title: Foreign Account Tax Compliance Act (FATCA) Registration.
    OMB Control Number: 1545-2246.
    Type of Review: Extension of a currently approved collection.
    Description: The IRS developed these forms under the authority of 
Internal Revenue Code (IRC) section 1471(b), which was added by Public 
Law 111-47, section 501(a). Section 1471 is part of the Foreign Account 
Tax Compliance Act (FATCA) legislative framework to obtain reporting 
from foreign financial institutions on the accounts held in their 
institutions by U.S. persons. Form 8957, Foreign Account Tax Compliance 
Act (FATCA) Registration information is to be used by a foreign 
financial institution to apply for status as a foreign financial 
institution as defined in IRC 1471(b)(2).
    The information from Form 8966, FATCA Report, is to be used by a 
responsible officer of a foreign institution to apply for a foreign 
account tax compliance Act individual identification number as defined 
in IRC 1471(b)(2). Form 8966-C is used to authenticate the Form 8966, 
U.S. Income Tax Return for Estates and Trusts, and to ensure the 
ability to identify discrepancies between the number of forms received 
versus those claimed to have been sent by the filer. Taxpayers use Form 
8508-I to request a waiver from filing Form 8966 electronically. Form 
8809-I is used to request an initial or additional extension of time 
for file 8966 for the current year.
    Form Number: IRS Form 8966, IRS Form 8957, IRS Form 8966-C, IRS 
Form 8809-I, and IRS Form 8508-I.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 5,561,180.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 5,561,180.
    Estimated Time per Response: 7 minutes up to 8.14 hours.
    Estimated Total Annual Burden Hours: 2,912,282.
    23. Title: Information Reporting for Certain Life Insurance 
Contract Transactions.
    OMB Control Number: 1545-2281.
    Type of Review: Extension of a currently approved collection.
    Description: The collection covers the information reporting 
requirements for certain life insurance contracts under Internal 
Revenue Code (IRC) Section 6050Y, which was added by the Tax Cuts and 
Jobs Act (TCJA). Form 1099-LS is used by the acquirer of any interest 
in a life insurance contract (also known as a life insurance policy) in 
a reportable policy sale to report the acquisition. Form 1099-SB is 
used by the issuer of a life insurance contract (also known as a life 
insurance policy) to report the seller's investment in the contract and 
surrender amount with respect to an interest in a life insurance 
contract transferred in a ``reportable policy sale'' or transferred to 
a foreign person.
    Form Number: IRS Form 1099-LS and IRS Form 1099-SB.
    Affected Public: Businesses or other for-profits organizations.
    Estimated Number of Respondents: 6,000.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 6,000.
    Estimated Time per Response: 7 minutes.
    Estimated Total Annual Burden Hours: 720.
    24. Title: Employer Credit for Paid Family and Medical Leave.
    OMB Control Number: 1545-2282.
    Type of Review: Extension of a currently approved collection.
    Description: The law establishes a credit for employers that 
provide paid family and medical leave to employees. This is a general 
business credit employers may claim, based on wages paid to qualifying 
employees while they are on family and medical leave, subject to 
certain conditions. The credit is for wages paid beginning after 
December 31, 2017 and it is not available for wages paid beginning 
after December 31, 2019.
    Form Number: IRS Form 8994.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 660,000.
    Frequency of Response: On Occasion.
    Estimated Total Number of Annual Responses: 660,000.
    Estimated Time per Response: 1 hour 55 minutes.
    Estimated Total Annual Burden Hours: 1,280,400.
    25. Title: Limitation on Business Losses.
    OMB Control Number: 1545-2283.
    Type of Review: Extension of a currently approved collection.
    Description: 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).
    Form Number: IRS Form 461.
    Affected Public: Individuals or Households; Businesses or other 
for-profit organizations; and Not-for-profit institutions.
    Estimated Number of Respondents: 2,909,026.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 2,909,026.
    Estimated Time per Response: 22 minutes.
    Estimated Total Annual Burden Hours: 1,105,430.
    26. Title: Qualified Business Income Deduction.
    OMB Control Number: 1545-2294.
    Type of Review: Revision of a currently approved collection.
    Description: The Tax Cuts and Jobs Act Section added section 199A 
to the Internal Revenue Code (IRC). IRC Section 199A provides an income 
tax benefit to investors in non-corporate businesses. Taxpayers use 
Form 8995 and Form 8995-A to figure and report the QBI deduction.
    Current Actions: There are changes to the existing collection: (1) 
Form 8995-

[[Page 73856]]

A and Schedules A, B, C, and D were added to calculate and report the 
deduction, (2) the estimated number of responses were updated, and (3) 
the burden for Form 8995 was revised.
    Form Number: IRS Form 8995, IRS Form 8995-A and Schedules A, B, C, 
and D.
    Affected Public: Individuals or Households; Businesses or other 
for-profit organizations.
    Estimated Number of Respondents: 41,426,000.
    Frequency of Response: Once.
    Estimated Total Number of Annual Responses: 41,426,000.
    Estimated Time per Response: 8 hours 12 minutes.
    Estimated Total Annual Burden Hours: 336,107,360.
    Authority: 44 U.S.C. 3501 et seq.

    Dated: December 21, 2021.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2021-28120 Filed 12-27-21; 8:45 am]
BILLING CODE 4830-01-P