Proposed Collection; Requesting Comments on Section 6708, Failure To Maintain List of Advisees With Respect to Reportable Transactions, 1006-1007 [2022-00106]

Download as PDF tkelley on DSK125TN23PROD with NOTICE 1006 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 VerDate Sep<11>2014 17:08 Jan 06, 2022 Jkt 256001 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: PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 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. E:\FR\FM\07JAN1.SGM 07JAN1 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 tkelley on DSK125TN23PROD with NOTICE SUMMARY: VerDate Sep<11>2014 17:08 Jan 06, 2022 Jkt 256001 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 PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 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 E:\FR\FM\07JAN1.SGM 07JAN1

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]


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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

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


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