Notice2024-08980
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service (IRS) 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 26, 2024
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 89 Issue 82 (Friday, April 26, 2024)</title>
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[Federal Register Volume 89, Number 82 (Friday, April 26, 2024)]
[Notices]
[Pages 32526-32527]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-08980]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Multiple Internal Revenue Service (IRS)
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 should be received on or before May 28, 2024 to be
assured of consideration.
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 Melody Braswell by emailing <a href="/cdn-cgi/l/email-protection#4d1d1f0c0d393f282c3e383f34632a223b"><span class="__cf_email__" data-cfemail="cb9b998a8bbfb9aeaab8beb9b2e5aca4bd">[email protected]</span></a>, calling
(202) 622-1035, 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: 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: This is a new collection.
Affected Public: Business or other for-profit organizations.
[[Page 32527]]
Estimated Number of Respondents: 2700.
Estimated Number of Responses per Respondent: 1.
Estimated Time per Response: 6 hours 30 minutes.
Estimated Total Annual Burden Hours: 2,700.
2. Title: Revenue Procedure 2024-4 (and successor guidance).
OMB Number: 1545-1520.
Revenue Procedure Number: 2024-4.
Abstract: Internal Revenue Code (IRC) Sec. 601.201(a)(1)) provides
that it is the practice of the Internal Revenue Service (IRS) to answer
inquiries of individuals and organizations, whenever appropriate in the
interest of sound tax administration, as to their status for tax
purposes and as to the tax effects of their acts or transactions. Under
this revenue procedure 2024-4 (and successor guidance), taxpayers can
request determination letters and letter rulings from the Commissioner,
Tax Exempt and Government Entities, Employee Plans Office (``Employee
Plans'') on how the tax laws apply to them. Employee Plans requires
information from taxpayers in order to process these requests.
Current Actions: There is no change to the burden previously
approved.
Type of Review: Reinstatement without change of a previously
approved collection.
Affected Public: Individuals or households, business or other for-
profit organizations, not-for-profit institutions, farms, and state,
local or tribal governments.
Estimated Number of Respondents: 12,733.
Estimated Number of Responses per Respondent: 1.
Estimated Time per Response: 6 hrs. for the Letter Ruling and 3
hrs. for the Determination Letter.
Estimated Total Annual Burden Hours: 38,836.
Authority: 44 U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2024-08980 Filed 4-25-24; 8:45 am]
BILLING CODE 4830-01-P
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