Notice2022-09129
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
April 28, 2022
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 87 Issue 82 (Thursday, April 28, 2022)</title>
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[Federal Register Volume 87, Number 82 (Thursday, April 28, 2022)]
[Notices]
[Pages 25357-25358]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-09129]
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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, 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 May 31, 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#6e3e3c2f2e1a1c0b0f1d1b1c1740090118"><span class="__cf_email__" data-cfemail="2575776465515740445650575c0b424a53">[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: Application for Determination for Terminating Plan, and
Distributable Benefits from Employee Pension Benefit Plans.
OMB Control Number: 1545-0202.
Type of Review: Extension of a currently approved collection.
Description: Employers who have qualified deferred compensation
plans can take an income tax deduction for contributions to their
plans. Form 5310 is used to request an IRS determination letter about
the plan's qualification status (qualified or non-qualified) under
Internal Revenue Code sections 401(a) or 403(a) of a pension. Form 6088
is used by the IRS to analyst an application for a determination letter
on the qualification of the plan upon termination.
Form Number: IRS Forms 5310 and 6088.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 1,244.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 1,244.
Estimated Time per Response: 66 hours 6 minutes.
Estimated Total Annual Burden Hours: 82,231.
2. Title: Request for Discharge from Personal Liability Under
Internal Revenue Code Section 2204 or 6905.
OMB Control Number: 1545-0432.
Type of Review: Extension of a currently approved collection.
Description: Form 5495 provides guidance under sections 2204 and
6905 for executors of estates and fiduciaries of decedent's trusts. The
form, filed after regular filing of an Estate, Gift, or Income tax
return for a decedent, is used by the executor or fiduciary to request
discharge from personal liability for any deficiency for the tax and
periods shown on the form.
Form Number: IRS Form 5495.
Affected Public: Individuals or Households.
Estimated Number of Respondents: 25,000.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 25,000.
Estimated Time per Response: 12 hours 16 minutes.
Estimated Total Annual Burden Hours: 306,500 hours.
3. Title: Low-Income Housing Credit Disposition Bond.
OMB Control Number: 1545-1029.
Type of Review: Revision of a currently approved collection.
Description: Form 8693 is needed per IRC section 42(j)(6) to post
bond or establish a Treasury Direct Account and waive the recapture
requirements under section 42(j) for certain disposition of a building
on which the low-income housing credit was claimed. Internal Revenue
regulations section 301.7101-1 requires that the posting of a bond must
be done on the appropriate form as determined by the Internal Revenue
Service.
Form Number: IRS Form 8693.
Affected Public: Businesses or other for-profit; and Individuals or
Households.
Estimated Number of Respondents: 667.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 667.
Estimated Time per Response: 2 hours 36 minutes.
Estimated Total Annual Burden Hours: 1,728.
4. Title: Clear Reflection of Income in the Case of Hedging
Transactions.
OMB Control Number: 1545-1412.
Type of Review: Extension of a currently approved collection.
Description: This regulation provides guidance to taxpayers
regarding when gain or loss from common business hedging transactions
is recognized for tax purposes and requires that the books and records
maintained by a taxpayer disclose the method or methods used to account
for different types of hedging transactions.
Regulation Project Number: TD 8554.
Affected Public: Business or other-for-profit organizations.
Estimated Number of Respondents: 100,000.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 100,000.
Estimated Time per Response: 12 minutes.
Estimated Total Annual Burden Hours: 20,000.
5. Title: Reporting Requirements for Widely Held Fixed Investment
Trusts.
OMB Control Number: 1545-1540.
Type of Review: Extension of a currently approved collection.
Description: Under regulation section 1.671-5, the trustee or the
middleman who holds an interest in a widely held fixed investment trust
for an investor will be required to provide a Form 1099 to the IRS and
a tax information statement to the investor. The trust is also required
to provide more detailed tax information to middlemen and certain other
persons, upon request.
Regulation Project Number: TD 9308.
Affected Public: Business or other for-profit organizations.
[[Page 25358]]
Estimated Number of Respondents: 1,200.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 1,200.
Estimated Time per Response: 2 hours.
Estimated Total Annual Burden Hours: 2,400 hours.
6. Title: Credit for Employer-Provided Child Care Facilities and
Services.
OMB Control Number: 1545-1809.
Type of Review: Extension of a currently approved collection.
Description: Employers use Form 8882 to claim the credit for
qualified childcare facility and resource and referral expenditures. It
is part of the general business credit.
Form Number: IRS Form 8882.
Affected Public: Business or other for-profits; and Individuals or
Households.
Estimated Number of Respondents: 286.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 286.
Estimated Time per Response: 3 hours 41 minutes.
Estimated Total Annual Burden Hours: 1,053.
7. Title: Coverdell ESA Contribution Information.
OMB Control Number: 1545-1815.
Type of Review: Extension of a currently approved collection.
Description: Form 5498-ESA is used by trustees or issuers of
Coverdell Education Savings accounts to report contributions and
rollovers to these accounts to beneficiaries.
Form Number: 5498-ESA.
Affected Public: Business or other for-profit institutions.
Estimated Number of Respondents: 196,600.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 196,600.
Estimated Time per Response: 7 minutes.
Estimated Total Annual Burden Hours: 23,592 hours.
8. Title: Notice of Expatriation and Waiver of Treaty Benefits.
OMB Control Number: 1545-2138.
Type of Review: Extension of a currently approved collection.
Description: Information used by taxpayers to notify payer of
expatriation so that proper tax treatments is applied by payer. The
taxpayer is required to file this form to obtain any benefit accorded
by the status.
Form Number: W-8CE.
Affected Public: Individuals or households.
Estimated Number of Respondents: 500.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 500.
Estimated Time per Response: 5 hours 41 minutes.
Estimated Total Annual Burden Hours: 2,840.
9. Title: Section 6708, Failure to Maintain List of Advisees with
Respect to Reportable Transactions.
OMB Control Number: 1545-2245.
Type of Review: Extension of a currently approved collection.
Description: This document contains final regulations relating to
the penalty under Internal Revenue Code (IRC) section 6708 for failing
to make available lists of advisees with respect to reportable
transactions. IRC section 6708 imposes a penalty upon material advisors
for failing to make available to the Secretary, upon written request,
the list required to be maintained by IRC section 6112 within 20
business days after the date of such request. Treasury Regulations
section 301.6708-1(c)(3)(ii) requires a material advisor requesting an
extension of the 20-business-day period to provide certain information
to the IRS to grant the extension. The final regulations primarily
affect individuals and entities who are material advisors, as defined
in IRC section 6111.
Regulation Project Number: TD 9764.
Affected Public: Individuals or Households.
Estimated Number of Respondents: 5.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 5.
Estimated Time per Response: 8 hours.
Estimated Total Annual Burden Hours: 40.
10. Title: Funding relief for multiemployer defined benefit pension
plans under the American Rescue Plan Act of 2021.
OMB Control Number: 1545-2300.
Type of Review: Extension of a currently approved collection.
Description: The American Rescue Plan Act of 2021 (ARP), Public Law
117-2, sections 9701, 9702, and 9703 provide elective funding relief
for multiemployer defined benefit pension plans to address the
continued impact of COVID-19. This notice provides guidance for
sponsors of multiemployer defined benefit pension plans on the
elections under sections 9701 and 9702 of the ARP Act, and the relief
provided under section 9703 of the ARP Act, relating to Internal
Revenue Code (IRC) sections 431 and 432.
Notice Number: 2021-57.
Affected Public: Business or other for-profit organizations; and
Not-for-profit organizations.
Estimated Number of Respondents: 937.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 937.
Estimated Time per Response: 58 minutes.
Estimated Total Annual Burden Hours: 896.
Authority: 44 U.S.C. 3501 et seq.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2022-09129 Filed 4-27-22; 8:45 am]
BILLING CODE 4810-01-P
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