Notice2021-11445
Proposed Collection; Requesting Comments on Form 8995 and Form 8995-A
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 1, 2021
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
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 Form 8995, Qualified Business Income Deduction Simplified Computation, and Form 8995-A, Qualified Business Income Deduction.
Full Text
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<title>Federal Register, Volume 86 Issue 103 (Tuesday, June 1, 2021)</title>
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[Federal Register Volume 86, Number 103 (Tuesday, June 1, 2021)]
[Notices]
[Page 29360]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-11445]
[[Page 29360]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting Comments on Form 8995 and Form
8995-A
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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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 Form 8995, Qualified Business Income Deduction Simplified
Computation, and Form 8995-A, Qualified Business Income Deduction.
DATES: Written comments should be received on or before August 2, 2021
to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, 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
or copies of the form and instructions 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 <a href="/cdn-cgi/l/email-protection#e3898c8dcd91cd80828f8f828b828da38a9190cd848c95"><span class="__cf_email__" data-cfemail="81ebeeefaff3afe2e0edede0e9e0efc1e8f3f2afe6eef7">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: Qualified Business Income Deduction.
OMB Number: 1545-2294.
Form Number: Form 8995, Form 8995-A, Schedules A, B, C, and D.
Abstract: The Tax Cuts and Jobs Act section 11011 added new IRC
section 199A, which allows eligible taxpayers to deduct a percentage of
qualified business income (QBI) earned by 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-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.
Type of Review: Revision of a currently approved collection.
Affected Public: Individuals or Households, Business or other for-
profit organizations.
Estimated Number of Responses: 41,426,000.
Estimated Time per Respondent: 8 hours, 12 minutes.
Estimated Total Annual Burden Hours: 336,379,120.
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: May 24, 2021.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2021-11445 Filed 5-28-21; 8:45 am]
BILLING CODE 4830-01-P
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