Notice2021-19779
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Interest Rates and Appropriate Foreign Loss Payment Patterns of Certain Controlled Corporations
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
September 14, 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 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. Currently, the IRS is soliciting comments concerning the burden related to the interest rates and appropriate foreign loss payment patterns for determining the qualified insurance income of certain controlled corporations under section 954(f).
Full Text
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<title>Federal Register, Volume 86 Issue 175 (Tuesday, September 14, 2021)</title>
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[Federal Register Volume 86, Number 175 (Tuesday, September 14, 2021)]
[Notices]
[Pages 51225-51226]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-19779]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information Collection Request Submitted
for Public Comment; Comment Request on Burden Related to Interest Rates
and Appropriate Foreign Loss Payment Patterns of Certain Controlled
Corporations
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 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. Currently, the IRS is soliciting comments
concerning the burden related to the interest rates and appropriate
foreign loss payment patterns for determining the qualified insurance
income of certain controlled corporations under section 954(f).
DATES: Written comments should be received on or before November 15,
2021 to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC
20224. Requests for additional information or copies of the regulations
should be directed to R. Joseph Durbala, at Internal Revenue Service,
Room 6129, 1111 Constitution Avenue NW, Washington DC 20224, or through
the internet, at <a href="/cdn-cgi/l/email-protection#b7e5fdd8c4d2c7df99f3c2c5d5d6dbd6f7dec5c499d0d8c1"><span class="__cf_email__" data-cfemail="94c6defbe7f1e4fcbad0e1e6f6f5f8f5d4fde6e7baf3fbe2">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Interest Rates and Appropriate Foreign Loss Payment Patterns
for Determining the Qualified Insurance Income of Certain Controlled
Corporations under Section 954(f).
OMB Number: 1545-1799.
Regulation/Project Number: Notice 2002-69.
Abstract: Notice 2002-69 (2002-43 I.R.B. 730) published October 28,
2002, provides interim guidance for determining the interest rates and
appropriate foreign loss payment patterns to be used by controlled
foreign corporations in calculating their qualified insurance income
under section 954(i) of the Internal Revenue Code. Taxpayers may rely
on the guidance in this notice until regulations or other guidance are
published.
Current Actions: There is no change to the burden previously
approved.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, business, or other for-
profit organizations.
Estimated Number of Responses: 300.
Estimated Time per Respondent: 1 hour.
Estimated Total Annual Burden Hours: 300.
The following paragraph applies to all the collections of
information covered by this notice:
[[Page 51226]]
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 law. Generally, tax returns and tax return
information are confidential, as required by 26 U.S.C. 6103.
Desired Focus of Comments: The Internal Revenue Service (IRS) is
particularly interested in comments that:
<bullet> Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility.
<bullet> Evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information, including the
validity of the methodology and assumptions used;
<bullet> Enhance the quality, utility, and clarity of the
information to be collected; and
<bullet> Minimize the burden of the collection of information on
those who are to respond, including using appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., by permitting electronic
submissions of responses.
Comments submitted in response to this notice will be summarized
and/or included in the ICR for OMB approval of the extension of the
information collection; they will also become a matter of public
record.
Approved: September 9, 2021.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2021-19779 Filed 9-13-21; 8:45 am]
BILLING CODE 4830-01-P
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