Proposed Collection; Requesting Comments on Section 6708, Failure To Maintain List of Advisees With Respect to Reportable Transactions, 1006-1007 [2022-00106]
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Federal Register / Vol. 87, No. 5 / Friday, January 7, 2022 / Notices
Current Actions: There are no changes
being made to Form 2290 and Form
2290/SP at this time.
Type of Review: Extension of a current
OMB approval.
Affected Public: Individuals or
households.
Form 2290:
Estimated Number of Respondents:
514,098.
Estimated Time per Respondent: 42
hours, 52 minutes.
Estimated Total Annual Burden
Hours: 22,034,241.
Form 2290/SP:
Estimated Number of Respondents:
40,000.
Estimated Time per Respondent: 42
hours, 52 minutes.
Estimated Total Annual Burden
Hours: 1,714,400.
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: January 4, 2022.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2022–00122 Filed 1–6–22; 8:45 am]
BILLING CODE 4830–01–P
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting
Comments on Section 6708, Failure To
Maintain List of Advisees With Respect
to Reportable Transactions
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 the collection of
information in Treasury Decision (TD)
9764, Section 6708 Failure to Maintain
List of Advisees with Respect to
Reportable Transactions.
DATES: Written comments should be
received on or before March 8, 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.
You must reference the information
collection’s title, form number,
reporting or record-keeping requirement
number, and OMB number in your
comment.
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
Requests for additional information
should be directed to Jon Callahan,
(737) 800–7639, at Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or
through the internet at jon.r.callahan@
irs.gov.
The IRS is
currently seeking comments concerning
the following information collection
tools, reporting, and record-keeping
requirements:
Title: Section 6708, Failure to
Maintain List of Advisees with Respect
to Reportable Transactions.
OMB Number: 1545–2245.
Regulation Project Number: TD 9764.
Abstract: This document contains
final regulations relating to the penalty
under Internal Revenue Code (IRC)
section 6708 for failing to make
available lists of advisees with respect
to reportable transactions. IRC section
6708 imposes a penalty upon material
advisors for failing to make available to
the Secretary, upon written request, the
list required to be maintained by IRC
SUPPLEMENTARY INFORMATION:
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section 6112 within 20 business days
after the date of such request. Treasury
Regulations section 301.6708–1(c)(3)(ii)
requires a material advisor requesting an
extension of the 20-business-day period
to provide certain information to the IRS
to grant the extension. The final
regulations primarily affect individuals
and entities who are material advisors,
as defined in IRC section 6111.
Current Actions: There is a change to
the existing collection: The estimated
number of responses was updated to
eliminate duplication of the burden
associated with business respondents
captured under OMB control number
1545–0123.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals, Estates,
and Trusts.
Estimated Number of Responses: 5.
Estimated Time per Respondent: 8
hours.
Estimated Total Annual Burden
Hours: 40 hours.
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.
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Federal Register / Vol. 87, No. 5 / Friday, January 7, 2022 / Notices
Approved: January 4, 2022.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2022–00106 Filed 1–6–22; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF VETERANS
AFFAIRS
Privacy Act of 1974; System of
Records
Office of Small &
Disadvantaged Business Utilization
(OSDBU), Department of Veterans
Affairs (VA).
ACTION: Notice of a modified system of
records.
AGENCY:
The purpose of this modified
system of record is to combine SORN
132VAOSDBU with this SORN,
181VAOSDBU, to reflect the merging of
the system interfaces. The combined
system’s purpose is fourfold: To gather
and maintain information on small
businesses owned and controlled by
Veterans, including service-disabled
Veterans; provide VA personnel with
access to resources that allow them to
perform market research upon Veteran
Owned Small Businesses (VOSBs) and
Service-Disabled Veteran Owned Small
Businesses (SDVOSBs); provide a
platform for registration and
announcement of Direct Access Program
(DAP) events; and allow Federal, State,
and local government personnel and the
general public, including private sector
companies and corporate entities, the
ability to locate potential Veteran
entrepreneur resources through searches
of the Vendor Information Pages (VIP).
This combined system provides the
mechanism that enables Veteran owned
businesses to compete effectively for
Federal contracts. It also provides the
Office of Small & Disadvantaged
Business Utilization (OSDBU) with the
data and reports needed to manage their
responsibilities under the Veterans
Entrepreneurship and Small Business
Development Act of 1999, as amended.
VA personnel may utilize the VIP
database to counsel and assist Veteran
entrepreneurs in starting a small
business or expanding an existing small
business.
DATES: Comments on this modified
system of records must be received no
later than 30 days after date of
publication in the Federal Register. If
no public comment is received during
the period allowed for comment or
unless otherwise published in the
Federal Register by VA, the modified
system of records will become effective
a minimum of 30 days after date of
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publication in the Federal Register. If
VA receives public comments, VA shall
review the comments to determine
whether any changes to the notice are
necessary.
ADDRESSES: Comments may be
submitted through www.regulations.gov
or mailed to VA Privacy Service, 810
Vermont Ave. NW, (005R1A),
Washington, DC 20420. Comments
should indicate that they are submitted
in response to Center for Verification
and Evaluation (CVE) VA VetBiz Vendor
Information Pages (VIP)
(181VAOSDBU). Comments received
will be available at regulations.gov for
public viewing, inspection or copies.
FOR FURTHER INFORMATION CONTACT: For
general questions about the system
contact Renetta Bradford at Office of
Small & Disadvantaged Business
Utilization at 810 I Street NW,
Washington, DC 20420, osdbuexeccorr@
va.gov and (202) 461–4600.
SUPPLEMENTARY INFORMATION: OSDBU
provides numerous services for Veterans
and service-disabled Veterans who seek
to open or expand a business. The
OSDBU staff coordinates the tasks
required of the U.S. Department of
Veterans Affairs by several Federal laws,
including:
• Public Law 108–183 (December
2003), the Veterans Benefits Act of 2003,
Sections 301, 305, 308.
• Public Law 106–554 (December
2000), Sections 803 and 808.
• Public Law 106–50 (August 1999),
the Veterans Entrepreneurship and
Small Business Development Act of
1999.
• Public Law 105–135 (December
1997), Title VII, Service-Disabled
Veterans Program.
• Public Law 93–237 (January 1974),
‘‘Special Consideration for Veterans’’.
Public Law 106–50, Section 302,
Entrepreneurial Assistance, subsection
(5) requires VA to support the
‘‘establishment of an information
clearinghouse to collect and distribute
information, including electronic
means, on the assistance programs of
Federal, state, and local governments,
and of the private sector, including
information on office locations, key
personnel, telephone numbers, mailing
and email addresses, and contracting
and sub-contracting opportunities.’’
The parts of the Veterans Benefits Act
of 2003 (Pub. L. 108–183) that pertain to
Veteran entrepreneurship are contained
in Title III—Education Benefits,
Employment Provisions, and Related
Matters. They are as follows:
• Section 301—Expands the
Montgomery GI Bill program by
authorizing educational assistance for
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1007
on-job training in certain selfemployment training programs.
• Section 305—Authorizes the use of
VA education benefits to pay for
nondegree/non-credit entrepreneurship
courses at approved institutions:
Æ Small Business Development
Centers, and
Æ National Veterans Business
Development Corporation (also known
as Veterans Corporation).
• Section 308—Furnishes Federal
agencies discretionary authority to:
Æ Restrict certain contracts to
disabled Veteran-owned small
businesses if at least two such concerns
are qualified to bid on the contract, and
Æ Create ‘‘sole-source’’ contracts for
disabled Veteran-owned small
businesses—up to $5 million for
manufacturing contract awards and up
to $3 million for nonmanufacturing
contract awards.
A Web-based application allows
Governmental and support sector
organizations to ‘‘register’’ their
services. This clearinghouse enables any
user to search for business support
services at the Federal, State, and local
government levels and private providers
in their respective category of business
development, management, financial,
technical or procurement assistance.
The site allows support organizations
to update their business information
and give the Department the ability to
upload data from other sources to
populate the proposed database. Contact
information is kept as well as a means
to extract this information to satisfy the
Department’s need to send out
information.
The Center for Verification and
Evaluation (CVE) operates and
maintains the Department of Veterans
Affairs (VA), CVE VetBiz Vendor
Information Pages (VIP)—VA. This
system enables VA to maintain and
access an automated database
containing the information on Veteran
owned businesses resources set forth in
the law (section 302, paragraph (5) and
section 604, paragraph (b)). Because
some information may be retrieved by
the name or other personal identifiers of
individuals acting in an entrepreneurial
capacity, such as a sole proprietor of a
small business, VA is using this system
of records.
The information in this system is
maintained in electronic form. The
information in these records are
available to government agencies,
companies, and the general public via
the internet.
The solution uses a combination of
commercial off-the-shelf software
(COTS) and cloud-based applications.
These COTS and Cloud products
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]]>Agencies
[Federal Register Volume 87, Number 5 (Friday, January 7, 2022)]
[Notices]
[Pages 1006-1007]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-00106]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting Comments on Section 6708, Failure
To Maintain List of Advisees With Respect to Reportable Transactions
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 the collection of information in Treasury Decision (TD)
9764, Section 6708 Failure to Maintain List of Advisees with Respect to
Reportable Transactions.
DATES: Written comments should be received on or before March 8, 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. You must reference the information collection's title, form
number, reporting or record-keeping requirement number, and OMB number
in your comment.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to Jon Callahan, (737) 800-7639, at Internal Revenue
Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224,
or through the internet at [email protected].
SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: Section 6708, Failure to Maintain List of Advisees with
Respect to Reportable Transactions.
OMB Number: 1545-2245.
Regulation Project Number: TD 9764.
Abstract: This document contains final regulations relating to the
penalty under Internal Revenue Code (IRC) section 6708 for failing to
make available lists of advisees with respect to reportable
transactions. IRC section 6708 imposes a penalty upon material advisors
for failing to make available to the Secretary, upon written request,
the list required to be maintained by IRC section 6112 within 20
business days after the date of such request. Treasury Regulations
section 301.6708-1(c)(3)(ii) requires a material advisor requesting an
extension of the 20-business-day period to provide certain information
to the IRS to grant the extension. The final regulations primarily
affect individuals and entities who are material advisors, as defined
in IRC section 6111.
Current Actions: There is a change to the existing collection: The
estimated number of responses was updated to eliminate duplication of
the burden associated with business respondents captured under OMB
control number 1545-0123.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals, Estates, and Trusts.
Estimated Number of Responses: 5.
Estimated Time per Respondent: 8 hours.
Estimated Total Annual Burden Hours: 40 hours.
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.
[[Page 1007]]
Approved: January 4, 2022.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2022-00106 Filed 1-6-22; 8:45 am]
BILLING CODE 4830-01-P
