Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service (IRS) Information Collection Requests, 5066-5067 [2023-01570]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 88, Number 17 (Thursday, January 26, 2023)]
[Notices]
[Pages 5066-5067]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-01570]



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DEPARTMENT OF THE TREASURY


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

AGENCY: Departmental Offices, Department of the Treasury.

ACTION: Notice of information collection, request for comment.

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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 should be received on or before February 27, 2023 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.

FOR FURTHER INFORMATION CONTACT: 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:

Internal Revenue Service

    1. Title: Settlement Funds.
    OMB Number: 1545-1299.
    Form Number: TD 8459.
    Abstract: This final regulation prescribes reporting requirements 
for settlement funds, which are funds established or approved by a 
governmental authority to resolve or satisfy certain liabilities, such 
as those involving tort or breach of contract. The final regulation 
relates to the tax treatment of transfers to these funds, the taxation 
of income earned by the funds, and the tax treatment of distributions 
made by the funds.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals, business or other for-profit 
organizations, not for-profit institutions, farms and Federal, state, 
local or tribal governments.
    Estimated Number of Respondents: 2,750.
    Estimated Time per Respondent: 1.288 hrs.
    Estimated Total Annual Burden Hours: 3,542.

    2. Title: Environmental Taxes.
    OMB Number: 1545-1361.
    Form Number: TD 8662.
    Abstract: These regulations impose reporting and recordkeeping 
requirements necessary to implement Internal Revenue Code sections 4681 
and 4682 relating to the tax on chemicals that deplete the ozone layer 
and on products containing such chemicals. The regulation affects 
manufacturers and importers of ozone-depleting chemicals, manufacturers 
of rigid foam insulation, and importers of products containing or 
manufactured with ozone-depleting chemicals manufacture, import, 
export, sell, or use ODCs. In addition, the regulation affects persons, 
other than manufacturers and importers of ozone-depleting chemicals, 
holding such chemicals for sale or for use in further manufacture on 
January 1, 1990, and on subsequent tax-increase dates. This regulation 
provides reporting and recordkeeping rules relating to taxes imposed on 
exports of ozone-depleting chemicals (ODCs), taxes imposed on ODCs used 
as medical sterilant or propellants in metered-dose inhalers, and floor 
stocks taxes on ODCs. The rules affect persons, other than 
manufacturers and importers of ozone-depleting chemicals, holding such 
chemicals for sale or for use in further manufacture on January 1, 
1990, and on subsequent tax-increase dates. This regulation provides 
reporting and recordkeeping rules relating to taxes imposed on exports 
of ozone-depleting chemicals (ODCs), taxes imposed on ODCs used as 
medical sterilants or propellants in metered-dose inhalers, and floor 
stocks taxes on ODCs.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 150,350.
    Estimated Time per Respondent: 30 minutes.
    Estimated Total Annual Burden Hours: 75,265 hours.

    3. Title: Excise Taxes on Excess Inclusions of REMIC Residual 
Interests.
    OMB Number: 1545-1379.
    Form Number: 8831.
    Abstract: Taxpayers use Form 8831 to report and pay excise tax on 
any transfer of a residual interest in a REMIC to a disqualified 
organization, the amount due if the tax is waived, and the excise tax 
due on pass-through entities with interests held by disqualified 
organizations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 31.
    Estimated Time per Respondent: 7 hours, 39 minutes.
    Estimated Total Annual Burden Hours: 237 hours.

    4. Title: LIFO Conformity Requirements.
    OMB Number: 1545-1559.
    Form Number: 98-46 and 97-44.
    Abstract: Revenue Procedure 97-44 permits automobile dealers that 
comply with the terms of the revenue procedure to continue using the 
LIFO inventory method despite previous violations of the LIFO 
conformity requirements of Internal Revenue Code section 472(c) or 
(e)(2). Revenue Procedure 98-46 modified Revenue Procedure 97-44 by 
allowing medium-and heavy-duty truck dealers to take advantage of the 
favorable relief provided in Revenue Procedure 97-44.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 20 mins.
    Estimated Total Annual Burden Hours: 100,000.

    5. Title: Form 1098-F--Fines, Penalties, and Other Amounts.
    OMB Number: 1545-2284.
    Form Number: 1098-F.
    Abstract: Public Law 115-97, Tax Cuts and Jobs Act of 2017 (TCJA), 
amended Internal Revenue Code (IRC) section 162(f) regarding allowable 
deductions of fines, penalties, and other amounts paid to, or at the 
direction of, a government or governmental entity in relation to the 
violation of any law or the investigation or inquiry by such government 
or entity into the potential violation of any law. The TCJA also added 
IRC section 6050X, requiring the official of any government or entity 
described in IRC section 162(f)(5) to file an information return with 
respect to certain fines, penalties, and other amounts paid. Treasury 
Decision (TD) 9946 contains final regulations providing guidance on IRC 
sections 162(f) and 6050X. Treasury Regulations section 1.6050X-1 
provides guidance on the information reporting requirements of IRC 
section 6050X and names Form 1098-F as the return to report the 
information. Form 1098-F is used to report the amounts paid as required 
by IRC section 6050X to the IRS and provide a statement to the payer.

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    Current Actions: The form and instructions have been revised to 
reflect the rules under the final regulations for IRC section 6050X. 
There is no change in burden due to the revisions. However, the number 
of responses has increased due to better estimates.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Federal government, State, Local, or Tribal 
Government.
    Estimated Number of Responses: 137,500.
    Estimated Time per Respondent: 7 minutes.
    Estimated Total Annual Burden Hours: 16,500.

    6. Title: Disclosure Statement (Form 8275) and Regulation 
Disclosure Statement (Form 8275-R).
    OMB Number: 1545-0889.
    Form Number: 8275 and 8275-R.
    Abstract: Internal Revenue Code section 6662 imposes accuracy-
related penalties on taxpayers for substantial understatement of tax 
liability or negligence or disregard of rules and regulations. Code 
section 6694 imposes similar penalties on return preparers. Regulations 
sections 1.662-4(e) and (f) provide for reduction of these penalties if 
adequate disclosure of the tax treatment is made on Form 8275 or, if 
the position is contrary to regulation on Form 8275-R.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals, not-for-profit institutions, and farms.
    Estimated Number of Respondents: 666,666.
    Estimated Time per Respondent: 5 hours, 34 minutes.
    Estimated Total Annual Burden Hours: 3,716,664 hours.

    7. Title: Source of Income from Certain Space and Ocean Activities; 
Source of Communications Income.
    OMB Number: 1545-1718.
    Form Number: TD 9305.
    Abstract: TD 9305 contains final regulations under section 863(d) 
governing the source of income from certain space and ocean activities. 
The final regulations primarily affect persons who derive income from 
activities conducted in space, or on or under water not within the 
jurisdiction of a foreign country, possession of the United States, or 
the United States (in international water). The final regulations also 
affect persons who derive income from transmission of communications.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 250.
    Estimated Time per Respondent: 6 hours.
    Estimated Total Annual Burden Hours: 1,500.

    8. Title: Leveraged Leases.
    OMB Number: 1545-1738.
    Form Number: Revenue Procedure 2001-29.
    Abstract: Revenue Procedure 2001-29 sets forth the information and 
representations required to be furnished by taxpayers in requests for 
an advance ruling that a leveraged lease transaction is, in fact, a 
valid lease for federal income tax purposes.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations, and not-for-profit institutions.
    Estimated Number of Respondents: 10.
    Estimated Time per Respondent: 80 hours.
    Estimated Total Annual Reporting Burden hours: 800.

    9. Title: Information Reporting for Payments Made in Settlement of 
Payment Card and Third-Party Network Transactions.
    OMB Number: 1545-2205.
    Form Number: TD 9496, Form 1099-K.
    Abstract: This information collection covers final regulations 
implementing amendments to the Income Tax Regulations (26 CFR part 1) 
relating to information reporting under sections 6041, 6041A, 6050W, 
and 6051 of the Internal Revenue Code (Code). The form reflects 
payments made in settlement of merchant card and third-party network 
transactions for purchases of goods and/or services made with merchant 
cards and through third-party networks.
    Current Actions: There is an increase in the estimated number of 
respondents previously approved by OMB.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals or households, Business or other for-
profit groups, Not-for-profit institutions, Farms, Federal Government, 
State, Local, or Tribal Governments.
    Estimated Number of Respondents: 10,000,000.
    Estimated Time per Respondent: 28 minutes.
    Estimated Total Annual Burden Hours: 4,800,000.

    10. Title: Reimbursable Agreement--Non-Federal Entities and 
Statistics of Income--User Fee.
    OMB Number: 1545-2235.
    Form Numbers: 14417 and 14417-A.
    Abstract: Form 14417, Reimbursable Agreement--Non-Federal Entities, 
was developed for funds in reimbursable agreements with non-federal 
entities such as state, local, foreign governments and non-federal 
public entities. Form 14417-A, Statistics of Income-User Fee, was 
developed to be used after a customer contacts the Statistics of Income 
(SOI) Division requesting data not already available on our TaxStats 
IRS website.
    Type of Review: Extension of a currently approved collection.
    Affected Public: State, Local, and Tribal Governments.
    Estimated Number of Respondents: 310.
    Estimated Time per Respondent: 31 mins.
    Estimated Total Annual Burden Hours: 160.
    Authority: 44 U.S.C. 3501 et seq.

Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2023-01570 Filed 1-25-23; 8:45 am]
BILLING CODE 4830-01-P