Notice2024-19598
Proposed Collection; Comment Request for Revenue Procedure Waiver of 60-Day Rollover Requirement
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
September 3, 2024
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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning waiver of 60-Day rollover requirement.
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 170 (Tuesday, September 3, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 170 (Tuesday, September 3, 2024)]
[Notices]
[Pages 71787-71788]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-19598]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Revenue Procedure Waiver
of 60-Day Rollover Requirement
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
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
continuing information collections, as required by the Paperwork
Reduction Act of 1995. The IRS is soliciting comments concerning waiver
of 60-Day rollover requirement.
DATES: Written comments should be received on or before November 4,
2024 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#e2929083cc818d8f8f878c9691a28b9091cc858d94"><span class="__cf_email__" data-cfemail="dfafadbef1bcb0b2b2bab1abac9fb6adacf1b8b0a9">[email protected]</span></a>. Include OMB Control Number
1545-2269 or Revenue Procedure 2020-46.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form should be directed to Sara Covington, at (202) 317-
5744 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue
NW, Washington, DC 20224, or through the internet, at
<a href="/cdn-cgi/l/email-protection#83f0e2f1e2adefade0ecf5eaede4f7ecedc3eaf1f0ade4ecf5"><span class="__cf_email__" data-cfemail="a3d0c2d1c28dcf8dc0ccd5cacdc4d7cccde3cad1d08dc4ccd5">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Waiver of 60-Day Rollover Requirement.
OMB Number: 1545-2269.
Revenue Procedure: 2020-46.
Abstract: Revenue Procedure 2020-46 modifies and updates Rev. Proc.
2016-47, 2016-37 I.R.B. 346. Section 3.02(2) of Rev. Proc. 2016-47
provides a list of permissible reasons for self-certification of
eligibility for a waiver of the 60 day rollover requirement, and, in
response to requests from stakeholders, this revenue procedure modifies
that list by adding a new reason: a distribution was made to a state
unclaimed property fund. As under Rev. Proc. 2016-47, a self-
certification relates only to the reasons for missing the 60-day
deadline, not to whether a distribution is otherwise eligible to be
rolled over. An appendix contains a model letter that may be used for
self-certification.
Upon receipt of a self-certification, a plan administrator or IRA
trustee may accept the contribution and treat it as having satisfied
the requirements for a waiver of the 60-day requirement. Currently, the
only way for a taxpayer to obtain a waiver of the 60 day requirement
with respect to an amount distributed to a state unclaimed property
fund is to apply to the Internal Revenue Service (IRS) for a favorable
ruling, which is issued by the Tax Exempt and Government Entities
Division (TE/GE). The user fee for a ruling is $10,000. The program
outlined in this revenue procedure permits taxpayers to receive the
benefits of a waiver without paying a user fee.
Current Actions: There is no change to this existing revenue
procedure.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or Households.
Estimated Number of Respondents: 160.
Estimated Time per Response: 3 hours.
Estimated Total Annual Burden Hours: 480.
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
[[Page 71788]]
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: August 27, 2024.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2024-19598 Filed 8-30-24; 8:45 am]
BILLING CODE 4830-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on September 3, 2024.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.