Notice2022-05404
Proposed Collection; Comment Request for Form 1041
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
March 15, 2022
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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Form 1041, U.S. Income Tax Return for Estates and Trusts, and related Schedules D, I, J, K-1, Form 1041-V, and Frequently Asked Questions (FAQs) relating to the elections of deferred foreign income.
Full Text
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<title>Federal Register, Volume 87 Issue 50 (Tuesday, March 15, 2022)</title>
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[Federal Register Volume 87, Number 50 (Tuesday, March 15, 2022)]
[Notices]
[Page 14618]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-05404]
[[Page 14618]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1041
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
information collections, as required by the Paperwork Reduction Act of
1995. The IRS is soliciting comments concerning Form 1041, U.S. Income
Tax Return for Estates and Trusts, and related Schedules D, I, J, K-1,
Form 1041-V, and Frequently Asked Questions (FAQs) relating to the
elections of deferred foreign income.
DATES: Written comments should be received on or before May 16, 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 <a href="/cdn-cgi/l/email-protection#432c2e216d362d2a37032a31306d242c35"><span class="__cf_email__" data-cfemail="a4cbc9c68ad1cacdd0e4cdd6d78ac3cbd2">[email protected]</span></a>. Please include the ``OMB Number
1545-0092'' in the Subject line. Written and electronic comments
concerning Proposed Sec. 1.958-1(e)(2) and Proposed Sec. 1.964-
1(c)(3) can be addressed to the information contact under 87 FR 3890.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Sara
Covington at Internal Revenue Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or at (202) 317-4542 or through the
internet, at <a href="/cdn-cgi/l/email-protection#cb98aab9aae587e588a4bda2a5acbfa4a58ba2b9b8e5aca4bd"><span class="__cf_email__" data-cfemail="d182b0a3b0ff9dff92bea7b8bfb6a5bebf91b8a3a2ffb6bea7">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: U.S. Income Tax Return for Estates and Trusts.
OMB Number: 1545-0092.
Form Number: Form 1041.
Abstract: IRC section 6012 requires that an annual income tax
return be filed for estates and trusts. The data is used by the IRS to
determine that the estates, trusts, and beneficiaries filed the proper
returns and paid the correct tax. Public Law 115-97, section 14103 has
a retroactive effective date of 2017. In order for taxpayers to fulfill
their filing obligations and report the correct amount of tax under
Section 14103, the IRS developed FAQs to alert taxpayers how and where
to report this income on their tax return. A critical part of this
effort includes alerting taxpayers of their filing obligations and
educating them on how and where this would be reported. The data will
be utilized by the IRS to ensure that the correct amount of tax is
paid. In general, the collections of information in proposed Sec.
1.958-1(e) and proposed Sec. 1.964-1(c)(3) impose a burden on certain
domestic trusts and estates to attach statements to their tax returns,
or notify certain prescribed persons, of elections permitted by those
regulations' sections.
Current Actions: There were changes and updates made to the form
since last renewal.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations and
individuals.
Estimated Number of Respondents: 10,067,925.
Estimated Time per Respondent: 32 hours, 38 minutes.
Estimated Total Annual Burden Hours: 331,507,546.
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: March 8, 2022.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2022-05404 Filed 3-14-22; 8:45 am]
BILLING CODE 4830-01-P
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