Notice2024-25719
Proposed Collection; Comment Request for Regulation Project
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
November 6, 2024
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning, De Minimis Error Safe Harbor Exceptions to Penalties for Failure To File Correct Information Returns or Furnish Correct Payee Statements.
Full Text
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<title>Federal Register, Volume 89 Issue 215 (Wednesday, November 6, 2024)</title>
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[Federal Register Volume 89, Number 215 (Wednesday, November 6, 2024)]
[Notices]
[Pages 88111-88112]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-25719]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act
of 1995. The IRS is soliciting comments concerning, De Minimis Error
Safe Harbor Exceptions to Penalties for Failure To File Correct
Information Returns or Furnish Correct Payee Statements.
DATES: Written comments should be received on or before January 6, 2025
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#fd8d8f9cd39e9290909893898ebd948f8ed39a928b"><span class="__cf_email__" data-cfemail="bacac8db94d9d5d7d7dfd4cec9fad3c8c994ddd5cc">[email protected]</span></a>. Include ``OMB Number 1545-
2301--De Minimis Error Safe Harbor Exceptions to Penalties for Failure
To File Correct Information Returns or Furnish Correct Payee
Statements'' in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this collection should be directed to Martha R. Brinson, at
(202) 317-5753, or 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#14597566607c753a463a56667d7a677b7a547d66673a737b62"><span class="__cf_email__" data-cfemail="5f123e2d2b373e710d711d2d36312c30311f362d2c71383029">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: De Minimis Error Safe Harbor Exceptions to Penalties for
Failure To File Correct Information Returns or Furnish Correct Payee
Statements.
OMB Number: 1545-2301.
Regulation Project Number: TD 9984.
Abstract: Treasury Decision (TD) 9984 contains regulation
implementing statutory safe harbor rules that protect persons required
to file information
[[Page 88112]]
returns or to furnish payee statement from Internal Revenue Code
penalties for failure to file correct information returns or furnish
correct payee statements. The statutory safe harbor rules treat
information returns and payee statements with erroneous dollar amounts
as correct returns or statements for certain penalty purposes if the
errors are de minimis in dollar amount. The final regulations also
prescribe the time and manner in which a payee may elect not to have
the statutory safe harbor rules apply. The collection of information
will be the election, revocation of the election, notification of the
election, and specified record retention regarding these actions. The
collection is necessary for the effective operation of the exception
and election. Respondents are payees or filers.
Current Actions: There is no change to the collection requirements
since the previous OMB approval.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or Households.
Estimated Number of Responses: 16,123,292.
Estimated Time per Response: 4 minutes.
Estimated Total Annual Burden Hours: 1,074,886.
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.
Comments will be 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 has
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 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: October 28, 2024.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2024-25719 Filed 11-5-24; 8:45 am]
BILLING CODE 4830-01-P
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