Agency Information Collection Activities; Submission for OMB Review; Comment Request; Financial Crimes Enforcement Network (FinCEN), 58645 [2022-20820]
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Federal Register / Vol. 87, No. 186 / Tuesday, September 27, 2022 / Notices
Written comments should be
received on or before November 28,
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, or
by email to pra.comments@irs.gov.
Include OMB control number 1545–
1701 or Reverse Like-Kind Exchanges,
in the subject line of the message.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form should be directed to
Kerry Dennis at (202) 317–5751, or at
Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW,
Washington, DC 20224, or through the
internet, at Kerry.L.Dennis@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Reverse Like-Kind Exchanges.
OMB Number: 1545–1701.
Revenue Procedure Number: 2000–37.
Abstract: Revenue Procedure 2000–37
provides a safe harbor for reverse likekind exchanges in which a transaction
using a ‘‘qualified exchange
accommodation arrangement’’ will
qualify for non-recognition treatment
under section 1031 of the Internal
Revenue Code. Revenue Procedure
2004–51 modifies sections 1 and 4 of
Rev. Proc. 2000–37, 2000–2 C.B. 308, to
provide that Rev. Proc. 2000–37 does
not apply if the taxpayer owns the
property intended to qualify as
replacement property before initiating a
qualified exchange accommodation
arrangement (QEAA).
Current Actions: There is no change to
the paperwork burden previously
approved by OMB.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
households, business or other for-profit
organizations, and farms.
Estimated Number of Respondents:
1,600.
Estimated Time per Respondent: 2
hours.
Estimated Total Annual Burden
Hours: 3,200 hours.
The following paragraph applies to all
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 if their
contents may become material in the
administration of any internal revenue
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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: September 21, 2022.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2022–20861 Filed 9–26–22; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Financial
Crimes Enforcement Network (FinCEN)
Financial Crimes Enforcement
Network, Department of the Treasury.
ACTION: Notice.
AGENCY:
The Department of the
Treasury, as part of its continuing effort
to reduce paperwork and respondent
burden, invites the general public and
other federal agencies to comment on
proposed or continuing information
collections, as required by the
Paperwork Reduction Act of 1995.
DATES: Comments should be received on
or before October 27, 2022 to be assured
of consideration.
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.
SUMMARY:
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58645
Copies of the submissions may be
obtained from Melody Braswell by
emailing PRA@treasury.gov, calling
(202) 622–1035, or viewing the entire
information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Financial Crimes Enforcement Network
(FinCEN)
Title: Information Sharing Between
Government Agencies and Financial
Institutions.
OMB Control Number: 1506–0049.
Abstract: FinCEN is issuing this
notice to renew the OMB control
number for regulations requiring
information sharing between
government agencies and financial
institutions.
Affected Public: Businesses or other
for-profit and non-profit institutions.
Type of Review: Extension of a
currently approved collection.
Frequency: As required.
Estimated Number of Respondents:
14,960.
Estimated Annual Responses per
Respondent: 365 searches/responses.
Estimated Reporting and
Recordkeeping Burden: In general,
FinCEN receives requests from law
enforcement, reviews those requests,
posts those requests on a secure internet
website, and sends notifications to
designated contacts within financial
institutions across the United States
once every two weeks. Financial
institutions must query their records for
data matches, including accounts
maintained by the named subject during
the preceding 12 months and
transactions conducted within the last
six months. Financial institutions have
two weeks from the posting date of the
request to respond with any positive
matches. FinCEN estimates that it will
take approximately 4 minutes to
research and report, as necessary, each
subject of a 314(a) request. FinCEN has
been estimating a burden of 4 minutes
per subject in PRA renewals since the
expansion of the rule in 2010.
Estimated Burden Hours per
Respondent: 24 hours annually.
Estimated Total Annual Burden
Hours: 363,827.
Estimated Total Annual Cost:
$34,563,565.
Authority: 44 U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2022–20820 Filed 9–26–22; 8:45 am]
BILLING CODE 4810–02–P
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]]>Agencies
[Federal Register Volume 87, Number 186 (Tuesday, September 27, 2022)]
[Notices]
[Page 58645]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-20820]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Financial Crimes Enforcement Network (FinCEN)
AGENCY: Financial Crimes Enforcement Network, Department of the
Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other federal agencies to comment on proposed or continuing
information collections, as required by the Paperwork Reduction Act of
1995.
DATES: Comments should be received on or before October 27, 2022 to be
assured of consideration.
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.
Copies of the submissions may be obtained from Melody Braswell by
emailing [email protected], calling (202) 622-1035, or viewing the
entire information collection request at www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Financial Crimes Enforcement Network (FinCEN)
Title: Information Sharing Between Government Agencies and
Financial Institutions.
OMB Control Number: 1506-0049.
Abstract: FinCEN is issuing this notice to renew the OMB control
number for regulations requiring information sharing between government
agencies and financial institutions.
Affected Public: Businesses or other for-profit and non-profit
institutions.
Type of Review: Extension of a currently approved collection.
Frequency: As required.
Estimated Number of Respondents: 14,960.
Estimated Annual Responses per Respondent: 365 searches/responses.
Estimated Reporting and Recordkeeping Burden: In general, FinCEN
receives requests from law enforcement, reviews those requests, posts
those requests on a secure internet website, and sends notifications to
designated contacts within financial institutions across the United
States once every two weeks. Financial institutions must query their
records for data matches, including accounts maintained by the named
subject during the preceding 12 months and transactions conducted
within the last six months. Financial institutions have two weeks from
the posting date of the request to respond with any positive matches.
FinCEN estimates that it will take approximately 4 minutes to research
and report, as necessary, each subject of a 314(a) request. FinCEN has
been estimating a burden of 4 minutes per subject in PRA renewals since
the expansion of the rule in 2010.
Estimated Burden Hours per Respondent: 24 hours annually.
Estimated Total Annual Burden Hours: 363,827.
Estimated Total Annual Cost: $34,563,565.
Authority: 44 U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2022-20820 Filed 9-26-22; 8:45 am]
BILLING CODE 4810-02-P
