Notice2023-01869
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request Concerning Information Reporting for Form 7208
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
January 31, 2023
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 new Form 7208, Excise Tax on Repurchase of Corporate Stock.
Full Text
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<title>Federal Register, Volume 88 Issue 20 (Tuesday, January 31, 2023)</title>
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[Federal Register Volume 88, Number 20 (Tuesday, January 31, 2023)]
[Notices]
[Page 6372]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-01869]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information Collection Request Submitted
for Public Comment; Comment Request Concerning Information Reporting
for Form 7208
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 new Form 7208, Excise Tax on Repurchase of Corporate Stock.
DATES: Written comments should be received on or before April 3, 2023
to be assured of consideration.
ADDRESSES: Direct all written comments to Andr[eacute]s Garcia,
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW,
Washington, DC 20224, or by email to <a href="/cdn-cgi/l/email-protection#136361723d707c7e7e767d6760537a61603d747c65"><span class="__cf_email__" data-cfemail="8efefcefa0ede1e3e3ebe0fafdcee7fcfda0e9e1f8">[email protected]</span></a>. Please
include, ``OMB Number: 1545-New, Form 7208--Public Comment Request
Notice'' in the Subject line.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Ronald J.
Durbala, at (202) 317-5746, 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#b9ebf3d6cadcc9d197fdcccbdbd8d5d8f9d0cbca97ded6cf"><span class="__cf_email__" data-cfemail="3d6f77524e584d551379484f5f5c515c7d544f4e135a524b">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Excise Tax on Repurchase of Corporate Stock.
OMB Number: 1545-New.
Form Project Number: Form 7208.
Abstract: Section 4501 was added to a new chapter 37 of the Code by
the enactment of Public Law 117-169, 136 Stat. 1818 (August 16, 2022),
commonly referred to as the Inflation Reduction Act of 2022 (IRA). Form
7208 is used to figure the excise tax on stock repurchases. If more
lines for any part of the form are needed, taxpayers are to prepare a
continuation sheet using the same format as the form. Form 7208 and any
continuation sheet is to be attached to Form 720, Quarterly Federal
Excise Tax Return.
Current Actions: This is a request for new OMB approval.
Type of Review: New Form.
Affected Public: Business or other for-profit organizations.
Estimated Number of Responses: 400
Estimated Time per Respondent: 6 Hours 30 minutes
Estimated Total Annual Burden Hours: 2,600
The following paragraph applies to all 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 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: January 25, 2023.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2023-01869 Filed 1-30-23; 8:45 am]
BILLING CODE 4830-01-P
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