Notice2021-28120
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service Information Collection Requests
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
December 28, 2021
Issuing agencies
Treasury Department
Abstract
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.
Full Text
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<title>Federal Register, Volume 86 Issue 246 (Tuesday, December 28, 2021)</title>
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[Federal Register Volume 86, Number 246 (Tuesday, December 28, 2021)]
[Notices]
[Pages 73851-73856]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-28120]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Multiple Internal Revenue Service Information
Collection Requests
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
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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 must be received on or before January 27, 2022.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. 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 Molly Stasko by emailing <a href="/cdn-cgi/l/email-protection#f7a7a5b6b7838592968482858ed9909881"><span class="__cf_email__" data-cfemail="97c7c5d6d7e3e5f2f6e4e2e5eeb9f0f8e1">[email protected]</span></a>, calling (202)
622-8922, or viewing the entire information collection request at
<a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Internal Revenue Service (IRS)
1. Title: Return by a U.S. Transferor of Property to a Foreign
Corporation.
OMB Control Number: 1545-0026.
Type of Review: Extension of a currently approved collection.
Description: Internal Revenue Code (IRC) 6038B, Notice of certain
transfers to foreign persons; state a foreign corporation, or a foreign
partnership in a contribution, or makes a distribution to a person who
is not a United States person, shall furnish to the Secretary, at such
time and in such manner as the Secretary shall by regulations
prescribed.
Form 926 is filed by any U.S. person who transfers certain tangible
or intangible property to a foreign corporation to report information
required by section 6038B.
Form Number: IRS Form 926.
Affected Public: Individuals or Households; Businesses and other
for-profit organizations.
Estimated Number of Respondents: 667.
Frequency of Response: On Occasion.
Estimated Total Number of Annual Responses: 667.
Estimated Time per Response: 42 hours 53 minutes.
Estimated Total Annual Burden Hours: 28,608.
2. Title: Annual Summary and Transmittal of U.S. Information
Returns.
OMB Control Number: 1545-0108.
Type of Review: Extension of a currently approved collection.
Description: Form 1096 is used to transmit information returns
(Forms 1099, 1098, 5498, and W-2G) to the IRS service centers. Under
Internal Revenue
[[Page 73852]]
Code Section 6041 and related regulations, a separate Form 1096 is used
for each type of return sent to the service center by the payer. It is
used by IRS to summarize, categorize, and process the forms being
filed.
Form Number: IRS Form 1096.
Affected Public: Businesses and other for-profit organizations;
individuals or households; Not-for-profit institutions; State, Local or
Tribal governments.
Estimated Number of Respondents: 5,640,300.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 5,640,300.
Estimated Time per Response: 13.8 minutes.
Estimated Total Annual Burden Hours: 1,297,269.
3. Title: Distributions From Pensions, Annuities, Retirement or
Profit-sharing Plans, IRAs, Insurance Contracts.
OMB Control Number: 1545-0119.
Type of Review: Revision of a currently approved collection.
Description: Form 1099-R is used to report distributions from
pensions, annuities, profit-sharing or retirement plans, IRAs, and the
surrender of insurance contracts. This information is used by the
Internal Revenue Service (IRS) to verify that income has been properly
reported by the recipient.
Current Actions: There are changes to the existing collection: (1)
The existing FATCA and Date of payment boxes were given line numbers,
and (2) the age for IRA required minimum distributions was changed to
age 72 beginning in 2020 per the SECURE Act.
Form Number: IRS Form 1099-R.
Affected Public: Businesses and other for-profit organizations;
Not-for-profit institutions; and State, Local, or Tribal governments.
Estimated Number of Respondents: 105,974,100.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 105,974,100.
Estimated Time per Response: 26 minutes.
Estimated Total Annual Burden Hours: 46,628,604.
4. Title: Causalities and Thefts.
OMB Control Number: 1545-0177.
Type of Review: Extension of a currently approved collection.
Description: Form 4684, is used by taxpayers to report gains and
losses form casualties and thefts. Form 4684 includes four sections to
address the various losses or gains: Section A is used to report
casualties and thefts of property not used in a trade or business or
for income-producing purposes (personal property); Section B is used
for casualty or theft involving property used in a trade or business or
for income producing purposes; Section C is used to claim a theft or
loss deduction for a Ponzi-type investment scheme (each taxpayer must
meet the claim conditions within Revenue Procedures 2009-20 and 2011-
58); Section D is used to deduct a loss attributable to a federally
declared disaster and that occurred in a federally declared disaster
area in the tax year immediately preceding the tax year the loss was
sustained. The data collected is used to verify that the correct gain
or loss has been computed.
Form Number: IRS Form 4684.
Affected Public: Individuals or households; and Businesses or other
for-profit organizations.
Estimated Number of Respondents: 213,867.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 213,867.
Estimated Time per Response: 6 hours 3 minutes.
Estimated Total Annual Burden Hours: 1,293,895.
5. Title: International Boycott Report.
OMB Control Number: 1545-0216.
Type of Review: Extension of a currently approved collection.
Description: Persons having operations in or related to countries
which require participation in or cooperation with an international
boycott may be required to report these operations on Form 5713.
Persons use Schedule A with Form 5713 to figure the international
boycott factor to use in figuring the loss of tax benefits. Persons use
Schedule B with Form 5713 to specifically attribute taxes and income to
figure the loss of tax benefits. Filers of Schedule A or B (Form 5713)
use Schedule C to compute the loss of tax benefits from participation
in or cooperation with an international boycott.
Form Number: IRS Form 5713 and Schedules A, B, & C.
Affected Public: Businesses and other for-profit organizations.
Estimated Number of Respondents: 5,632.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 5,632.
Estimated Time per Response: 25 hours 28 minutes.
Estimated Total Annual Burden Hours: 143,498.
6. Title: Underpayment of Estimated Tax by Individuals, Estate, and
Trusts (Form 2210), and Underpayment of Estimated Tax by Farmers and
Fishermen (Form 2210-F).
OMB Control Number: 1545-0140.
Type of Review: Extension of a currently approved collection.
Description: Internal Revenue Code section 6654 imposes a penalty
for failure to pay estimated tax. Form 2210 is used by individuals,
estates, and trusts. Form 2210-F is used by farmers and fisherman to
determine whether they are subject to the penalty and to compute the
penalty if it applies. The Internal Revenue Service (IRS) uses this
information to determine whether taxpayers are subject to the penalty,
and to verify the penalty amount.
Form Number: IRS Form 2210 and IRS Form 2210-F.
Affected Public: Individuals or households; businesses or other
for-profit organizations.
Estimated Number of Respondents: 80,150.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 4 hours.
Estimated Time per Response: 80,150.
Estimated Total Annual Burden Hours: 109,857.
7. Title: Request for Copy of Tax Return.
OMB Control Number: 1545-0429.
Type of Review: Extension of a currently approved collection.
Description: Internal Revenue Code section 7513 allows taxpayers to
request a copy of a tax return or related documents. Form 4506 is used
for this purpose. The information provided will be used for research to
locate the tax form and to ensure that the requestor is the taxpayer,
or someone authorized by the taxpayer to obtain the documents
requested.
Form Number: IRS Form 4506.
Affected Public: Businesses or other for-profit organizations;
individuals or households; and State, Local or Tribal governments.
Estimated Number of Respondents: 325,000.
Frequency of Response: On Occasion.
Estimated Total Number of Annual Responses: 325,000.
Estimated Time per Response: 48 minutes.
Estimated Total Annual Burden Hours: 260,000.
8. Title: Request for Prompt Assessment Under Internal Revenue Code
Section 6501(d).
OMB Control Number: 1545-0430.
Type of Review: Extension of a currently approved collection.
Description: Internal Revenue Code (IRC), Section 6501(d); Request
For Prompt Assessment; any tax for which return is required in the case
of a decedent, or by his estate during the period of administration, or
by a corporation, the tax shall be assessed, and any proceeding in
court without assessment for the collection of such tax
[[Page 73853]]
shall be begun, within 18 months after written request therefor by the
executor, administrator, or other fiduciary representing the estate of
such decedent, or by the corporation, but not after the expiration of 3
years after the return was filed. Fiduciaries representing a dissolving
corporation or a decedent's estate may request a prompt assessment of
tax under Internal Revenue Code section 6501(d). Form 4810 is used to
help locate the return and expedite the processing of the taxpayer's
request.
Form Number: IRS Form 4810.
Affected Public: Individuals or households; Businesses or other
for-profit organizations.
Estimated Number of Respondents: 4,000.
Frequency of Response: On Occasion.
Estimated Total Number of Annual Responses: 4,000.
Estimated Time per Response: 6 hours 12 minutes.
Estimated Total Annual Burden Hours: 24,800.
9. Title: IRA Contribution Information.
OMB Control Number: 1545-0747.
Type of Review: Extension of a currently approved collection.
Description: Form 5498 is used by trustees and issuers to report
contributions to, and the fair market value of, an individual
retirement arrangement (IRA). The information on the form will be used
by IRS to verify compliance with the reporting rules under regulation
section 1.408-5 and to verify that the participant in the IRA has made
the contribution that supports the deduction taken.
Form Number: IRS Form 5498.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Respondents: 118,858,000.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 118,858,000.
Estimated Time per Response: 24 minutes.
Estimated Total Annual Burden Hours: 48,731,780.
10. Title: Application for Special Enrollment Examination.
OMB Control Number: 1545-0949.
Type of Review: Extension of a currently approved collection.
Description: Individuals use this form to apply to take the Special
Enrollment Examination to establish eligibility for enrollment to
practice before the Internal Revenue Service.
Form Number: IRS Form 2587.
Affected Public: Individuals or households.
Estimated Number of Respondents: 15,643.
Frequency of Response: On Occasion.
Estimated Total Number of Annual Responses: 15,643.
Estimated Time per Response: 6 minutes.
Estimated Total Annual Burden Hours: 1,564.
11. Title: Return by a Shareholder of a Passive Foreign Investment
Company or Qualified Electing Fund.
OMB Control Number: 1545-1002.
Type of Review: Extension of a currently approved collection.
Description: Form 8621 is filed by a U.S. shareholder who owns
stock in a foreign investment company. The form is used to report
income, make an election to extend the time for payment of tax, and to
pay an additional tax and interest amount. The IRS uses Form 8621 to
determine if these shareholders have correctly reported amounts of
income, made the election correctly, and have correctly computed the
additional tax and interest amount.
Form Number: IRS Form 8621.
Affected Public: Businesses or other for-profit organizations; and
Individuals or households.
Estimated Number of Respondents: 1,333.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 1,333.
Estimated Time per Response: 48 hours 44 minutes.
Estimated Total Annual Burden Hours: 65,304.
12. Title: Credit for Prior Year Minimum Tax--Individuals, Estates,
and Trusts.
OMB Control Number: 1545-1073.
Type of Review: Extension of a currently approved collection.
Description: Form 8801 is used by individuals, estates, and trusts
to compute the minimum tax credit, if any, available from a tax year
beginning after 1986 to be used in the current year or to be carried
forward for use in a future year.
Form Number: IRS Form 8801.
Affected Public: Individuals or households.
Estimated Number of Respondents: 12,914.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 12,914.
Estimated Time per Response: 7 hours 4 minutes.
Estimated Total Annual Burden Hours: 91,173.
13. Title: Like-Kind Exchanges.
OMB Control Number: 1545-1190.
Type of Review: Extension of a currently approved collection.
Description: Form 8824 is used by individuals, corporations,
partnerships, and other entities to report the exchange of business or
investment property, and the deferral of gains from such transactions
under Internal Revenue Code section 1031. It is also used to report the
deferral of gain under Code section 1043 from conflict-of-interest
sales by certain members of the executive branch of the Federal
government.
Form Number: IRS Form 8824.
Affected Public: Individuals or households; and Businesses or other
for-profit organizations.
Estimated Number of Respondents: 137,547.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 137,547.
Estimated Time per Response: 4 hours 50 minutes.
Estimated Total Annual Burden Hours: 665,269.
14. Title: Special Valuation Rules.
OMB Control Number: 1545-1241.
Type of Review: Extension of a currently approved collection.
Description: Section 2701 of the Internal Revenue Code allows
various elections by family members who make gifts of common stock or
partnership interests and retain senior interest. This regulation
provides guidance on how taxpayers make these elections, what
information is required, and how the transfer is to be disclosed on the
gift tax return (Form 709).
Regulation Project Number: TD 8395.
Affected Public: Individuals or households.
Estimated Number of Respondents: 1,200.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 1,200.
Estimated Time per Response: 25 minutes.
Estimated Total Annual Burden Hours: 496.
15. Title: Miscellaneous Sections Affected by the Taxpayer Bill of
Rights 2 and the Personal Responsibility and Work Opportunity
Reconciliation Act of 1996.
OMB Control Number: 1545-1356.
Type of Review: Extension of a currently approved collection.
Description: Under Internal Revenue Code Section 7430, a prevailing
party may recover the reasonable administrative or litigation costs
incurred in an administrative or civil proceeding that relates to the
determination, collection, or refund of any tax, interest, or penalty.
Treasury Regulation Section 301.7430-2(c) provides that the IRS will
not award administrative costs under section 7430 unless the taxpayer
files a written
[[Page 73854]]
request in accordance with the requirements of the regulation.
Regulation Project Number: TD 8725.
Affected Public: Individuals or households; Businesses or other
for-profit organizations; and Not-for-profit institutions.
Estimated Number of Respondents: 38.
Frequency of Response: On Occasion.
Estimated Total Number of Annual Responses: 38.
Estimated Time per Response: 2 hours 16 minutes.
Estimated Total Annual Burden Hours: 86.
16. Title: Preparer Penalties-Manual Signature Requirement.
OMB Control Number: 1545-1385.
Type of Review: Extension of a currently approved collection.
Description: The regulation in TD 8549 provides that persons who
prepare U.S. Fiduciary income tax returns for compensation may, under
certain conditions, satisfy the manual signature requirements by using
a facsimile signature. However, they will be required to submit to the
IRS a list of the names and identifying numbers of all fiduciary
returns which are being filed with a facsimile signature.
Regulation Project Number: TD 8549.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Respondents: 20,000.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 20,000.
Estimated Time per Response: 1 hour 12 minutes.
Estimated Total Annual Burden Hours: 24,000.
17. Title: Orphan Drug Credit.
OMB Control Number: 1545-1505.
Type of Review: Extension of a currently approved collection.
Description: Internal Revenue Code Section (IRC) 38, General
business credit; provides a credit against the tax imposed by chapter 1
(Normal Taxes and Surtaxes) of the Internal Revenue Code. IRC 45C,
Clinical testing expenses for certain drugs for rare diseases or
conditions; states the credit determined under Section 38 for the
taxable year is an amount equal to 25 percent of the qualified clinical
testing expenses. IRC 280C, Certain expenses for which credits are
allowable; allows taxpayers who claimed a credit for qualified clinical
testing expenses the option to reduce the federal deduction of those
testing expenses by the credit claimed.
Filers use Form 8820 to figure and claim the orphan drug credit and
to elect the reduced credit under section 280C. The credit equals 25%
of qualified clinical testing expenses paid or incurred during the tax
year.
Form Number: IRS Form 8820.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Respondents: 67.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 67.
Estimated Time per Response: 4 hours 42 minutes.
Estimated Total Annual Burden Hours: 316.
18. Title: Distributions From an HSA, Archer MSA, or Medicare
Advantage MSA.
OMB Control Number: 1545-1517.
Type of Review: Extension of a currently approved collection.
Description: Form 1099-SA is used to report distributions made from
a health savings account (HSA), Archer medical savings account (Archer
MSA), or Medicare Advantage MSA (MA MSA). The distribution may have
been paid directly to a medical service provider or to the account
holder. A separate return must be filed for each plan type.
Form Number: IRS Form 1099-SA.
Affected Public: Businesses or other for-profits organizations.
Estimated Number of Respondents: 25,839.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 25,839.
Estimated Time per Response: 11 minutes.
Estimated Total Annual Burden Hours: 3,618.
19. Title: HSA, Archer MSA, or Medicare Advantage MSA Information.
OMB Control Number: 1545-1518.
Type of Review: Extension of a currently approved collection.
Description: Internal Revenue Code (IRC), Section 220(h) requires
trustees to report to the IRS and medical savings accountholders
contributions to and the year-end fair market value of any
contributions made to a medical savings account (MSA). Congress
requires Treasury to report to them the total contributions made to an
MSA for the current tax year. IRC Section 223(h) requires the reporting
of contributions to and the year-end fair market value of health
savings accounts for tax years beginning after December 31, 2003. Form
5498-SA, is used to report contributions to and rollovers into Archer
Medical Savings Account (MSAs), Medicare+Choice MSAs, and Health
Savings Accounts (HSAs).
Form Number: IRS Form 5498-SA.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Respondents: 9,167.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 9,167.
Estimated Time per Response: 10 minutes.
Estimated Total Annual Burden Hours: 1,559.
20. Title: Return of U.S. Persons With Respect to Certain Foreign
Partnerships.
OMB Control Number: 1545-1668.
Type of Review: Revision of a currently approved collection.
Description: The Taxpayer Relief Act of 1997 significantly modified
the information reporting requirements with respect to foreign
partnerships. The Act made the following three changes: (1) Expanded
section 6038B to require U.S. persons transferring property to foreign
partnerships in certain transactions to report those transfers, (2)
expanded section 6038 to require certain U.S. Partners of controlled
foreign partnerships to report information about the partnerships, and
(3) modified the reporting required under section 6046A with respect to
acquisitions and dispositions of foreign partnership interests. Form
8865 is used by U.S. persons to fulfill their reporting obligations
under sections 6038B, 6038, and 6046A. Form 8838-P is used to extend
the statute of limitations for U.S. persons who transfers appreciated
property to partnerships with foreign partners related to the
transferor. The form is filed when the transferor makes a gain
recognition agreement. This agreement allows the transferor to defer
the payment of tax on the transfer.
Current Actions: There are changes to the existing collection: (1)
The number of responses for each form and schedule is being reduced to
account for filers (individuals, businesses and tax-exempt
organizations) being reported under OMB numbers 1545-0123 and 1545-
0074, (2) additional information is being collected to comply with the
Tax Cuts and Jobs Act, Public Law 115-97, and new section 250, (3)
information about the number of foreign partners subject to section
864(c)(8) is being collected, (4) information about section 721(c)
partnerships is being collected, (5) information is being collected for
disclosure requirements under Treasury Regulations 1.703-3, 1.707-6,
and 1.707-8, and (6) new Schedules K-2 and K-3 replace, supplement, and
clarify certain amounts formerly reported on Schedules K and K-1 of
Form 8865.
Form Number: IRS Form 8865 and Schedules A, A-1, A-2, A-3, B, G, H,
K, K-1, K-2, K-3, L, M, M-1, M-2, N, O, P, and IRS Form 8838 P.
Affected Public: Businesses or other for-profit organizations;
Individuals or
[[Page 73855]]
households; and Not-for-profit institutions.
Estimated Number of Respondents: 3,695.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 3,695.
Estimated Time per Response: 22 hours 45 minutes.
Estimated Total Annual Burden Hours: 84,057.
21. Title: Biodiesel and Renewable Diesel Fuels Credit.
OMB Control Number: 1545-1924.
Type of Review: Extension of a currently approved collection.
Description: Section 40A biodiesel and renewable diesel fuels
credit is retroactively extended for fuel sold or used in calendar
years 2018 through 2022. The credit consists of the Biodiesel credit,
Renewable diesel credit, Biodiesel mixture credit, Renewable diesel
mixture credit and Small Agri-biodiesel producer credit. Claim the
credit for the tax year in which the sale or use occurs. Partnership, S
Corporations, Cooperatives, estates, and trusts must file this form to
claim the credit.
Form Number: IRS Form 8864.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Respondents: 934.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 934.
Estimated Time per Response: 4 hours 13 minutes.
Estimated Total Annual Burden Hours: 3,941.
22. Title: Foreign Account Tax Compliance Act (FATCA) Registration.
OMB Control Number: 1545-2246.
Type of Review: Extension of a currently approved collection.
Description: The IRS developed these forms under the authority of
Internal Revenue Code (IRC) section 1471(b), which was added by Public
Law 111-47, section 501(a). Section 1471 is part of the Foreign Account
Tax Compliance Act (FATCA) legislative framework to obtain reporting
from foreign financial institutions on the accounts held in their
institutions by U.S. persons. Form 8957, Foreign Account Tax Compliance
Act (FATCA) Registration information is to be used by a foreign
financial institution to apply for status as a foreign financial
institution as defined in IRC 1471(b)(2).
The information from Form 8966, FATCA Report, is to be used by a
responsible officer of a foreign institution to apply for a foreign
account tax compliance Act individual identification number as defined
in IRC 1471(b)(2). Form 8966-C is used to authenticate the Form 8966,
U.S. Income Tax Return for Estates and Trusts, and to ensure the
ability to identify discrepancies between the number of forms received
versus those claimed to have been sent by the filer. Taxpayers use Form
8508-I to request a waiver from filing Form 8966 electronically. Form
8809-I is used to request an initial or additional extension of time
for file 8966 for the current year.
Form Number: IRS Form 8966, IRS Form 8957, IRS Form 8966-C, IRS
Form 8809-I, and IRS Form 8508-I.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Respondents: 5,561,180.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 5,561,180.
Estimated Time per Response: 7 minutes up to 8.14 hours.
Estimated Total Annual Burden Hours: 2,912,282.
23. Title: Information Reporting for Certain Life Insurance
Contract Transactions.
OMB Control Number: 1545-2281.
Type of Review: Extension of a currently approved collection.
Description: The collection covers the information reporting
requirements for certain life insurance contracts under Internal
Revenue Code (IRC) Section 6050Y, which was added by the Tax Cuts and
Jobs Act (TCJA). Form 1099-LS is used by the acquirer of any interest
in a life insurance contract (also known as a life insurance policy) in
a reportable policy sale to report the acquisition. Form 1099-SB is
used by the issuer of a life insurance contract (also known as a life
insurance policy) to report the seller's investment in the contract and
surrender amount with respect to an interest in a life insurance
contract transferred in a ``reportable policy sale'' or transferred to
a foreign person.
Form Number: IRS Form 1099-LS and IRS Form 1099-SB.
Affected Public: Businesses or other for-profits organizations.
Estimated Number of Respondents: 6,000.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 6,000.
Estimated Time per Response: 7 minutes.
Estimated Total Annual Burden Hours: 720.
24. Title: Employer Credit for Paid Family and Medical Leave.
OMB Control Number: 1545-2282.
Type of Review: Extension of a currently approved collection.
Description: The law establishes a credit for employers that
provide paid family and medical leave to employees. This is a general
business credit employers may claim, based on wages paid to qualifying
employees while they are on family and medical leave, subject to
certain conditions. The credit is for wages paid beginning after
December 31, 2017 and it is not available for wages paid beginning
after December 31, 2019.
Form Number: IRS Form 8994.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Respondents: 660,000.
Frequency of Response: On Occasion.
Estimated Total Number of Annual Responses: 660,000.
Estimated Time per Response: 1 hour 55 minutes.
Estimated Total Annual Burden Hours: 1,280,400.
25. Title: Limitation on Business Losses.
OMB Control Number: 1545-2283.
Type of Review: Extension of a currently approved collection.
Description: Form 461 and its separate instructions calculates the
limitation on business losses, and the excess business losses that will
be treated as net operating loss (NOL) carried forward to subsequent
taxable years. In the case of a partnership or S corporation, the
provision applies at the partner or shareholder level. This form is
used by noncorporate taxpayers and will be attached to a tax return
(F1040, 1040NR, 1041, 1041-QFT, 1041-N, or 990-T).
Form Number: IRS Form 461.
Affected Public: Individuals or Households; Businesses or other
for-profit organizations; and Not-for-profit institutions.
Estimated Number of Respondents: 2,909,026.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 2,909,026.
Estimated Time per Response: 22 minutes.
Estimated Total Annual Burden Hours: 1,105,430.
26. Title: Qualified Business Income Deduction.
OMB Control Number: 1545-2294.
Type of Review: Revision of a currently approved collection.
Description: The Tax Cuts and Jobs Act Section added section 199A
to the Internal Revenue Code (IRC). IRC Section 199A provides an income
tax benefit to investors in 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-
[[Page 73856]]
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.
Form Number: IRS Form 8995, IRS Form 8995-A and Schedules A, B, C,
and D.
Affected Public: Individuals or Households; Businesses or other
for-profit organizations.
Estimated Number of Respondents: 41,426,000.
Frequency of Response: Once.
Estimated Total Number of Annual Responses: 41,426,000.
Estimated Time per Response: 8 hours 12 minutes.
Estimated Total Annual Burden Hours: 336,107,360.
Authority: 44 U.S.C. 3501 et seq.
Dated: December 21, 2021.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2021-28120 Filed 12-27-21; 8:45 am]
BILLING CODE 4830-01-P
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</html>Indexed from Federal Register on December 28, 2021.
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