Notice2023-08727
Proposed Collection; Requesting Comments on Form 970
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 25, 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 general 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. The IRS is soliciting comments concerning Form 970, Application to Use LIFO Inventory Method.
Full Text
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<title>Federal Register, Volume 88 Issue 79 (Tuesday, April 25, 2023)</title>
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[Federal Register Volume 88, Number 79 (Tuesday, April 25, 2023)]
[Notices]
[Page 25071]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-08727]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting Comments on Form 970
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
proposed and/or continuing information collections, as required by the
Paperwork Reduction Act of 1995. The IRS is soliciting comments
concerning Form 970, Application to Use LIFO Inventory Method.
DATES: Written comments should be received on or before June 26, 2023
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#3f4f4d5e115c5052525a514b4c7f564d4c11585049"><span class="__cf_email__" data-cfemail="bbcbc9da95d8d4d6d6ded5cfc8fbd2c9c895dcd4cd">[email protected]</span></a>. Include OMB Control No.
1545-0042 in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this collection should be directed to Jon Callahan, (737)
800-7639, 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#fe949190d08cd09d9f92929f969f90be978c8dd0999188"><span class="__cf_email__" data-cfemail="dfb5b0b1f1adf1bcbeb3b3beb7beb19fb6adacf1b8b0a9">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: Application to Use LIFO Inventory Method.
OMB Number: 1545-0042.
Form Number: Form 970.
Abstract: Taxpayers file Form 970 to elect to use the last-in,
first-out (LIFO) inventory method or to extend the LIFO method to
additional goods. The IRS uses Form 970 to determine if the election
was properly made. The estimates in this notice are for estates,
trusts, and tax-exempt organizations filing Form 970.
Current Actions: There is no change to the existing collection.
However, the estimated number of responses was reduced to eliminate
duplication of burden estimates. The estimated burden for individuals
filing Form 970 is approved under OMB control number 1545-0074, and the
estimated burden for businesses filing Form 970 is approved under OMB
control number 1545-0123.
Type of Review: Extension of a currently approved collection.
Affected Public: Private sector.
Estimated Number of Responses: 100.
Estimated Time per Respondent: 21 hours, 6 minutes.
Estimated Total Annual Burden Hours: 2,111.
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: April 20, 2023.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2023-08727 Filed 4-24-23; 8:45 am]
BILLING CODE 4830-01-P
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