Notice2024-28016
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
November 29, 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 230 (Friday, November 29, 2024)</title>
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[Federal Register Volume 89, Number 230 (Friday, November 29, 2024)]
[Notices]
[Pages 94880-94881]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-28016]
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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 December 30, 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#6434362524101601051711161d4a030b12"><span class="__cf_email__" data-cfemail="2777756667535542465452555e09404851">[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:
[[Page 94881]]
Internal Revenue Service (IRS)
1. Title: Credit for Oil and Gas Production from Marginal Wells.
OMB Number: 1545-2278.
Form Number: 8904.
Abstract: Public Law 108-357, title III, subtitle C, section 341(a)
has caused us to develop a credit for oil and gas production from
marginal wells, which is reflected on Form 8904 and its instructions.
Tax year 2017 was the first year Form 8904 and its instructions were
released.
Current Actions: There are no changes being made to Form 8904 at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations,
Individuals or households, not-for-profit institutions, farms, and
State, local or Tribal governments.
Estimated Number of Responses: 20,000.
Estimated Time per Respondent: 2 hrs., 58 mins.
Estimated Total Annual Burden Hours: 59,200.
2. Title: Qualified Intermediary (QI), Withholding Foreign
Partnership (WP), and Withholding Foreign Trust (WT) Application and
Account Management System.
OMB Number: 1545-1597.
Document Number: Form 14345.
Abstract: Internal Revenue Code (IRC) section 1441 (Withholding of
tax on nonresident aliens), states any nonresident alien individual or
of any foreign partnership shall deduct and withhold from such items a
tax equal to 30 percent or 14 percent depending on circumstances.
Revenue Procedure 2022-43 sets forth the final qualified intermediary
(QI) withholding agreement (QI agreement) entered by the Internal
Revenue Service and certain foreign persons under Treas. Reg. section
1.1441-1(e)(5) and (6). The Qualified Intermediary (QI), Withholding
Foreign Partnership (WP), and Withholding Foreign Trust (WT)
Application and Account Management System (QAAMS) allows entities to
apply, renew, or terminate their status as a QI, WP, or WT.
Current Actions: There are no changes to the burden previously
approved by OMB. This request is to extend the current approval for
another 3 years.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households and Business or other
for-profit.
Estimated Number of Respondents: 1,097,991.
Estimated Time per Respondent: 16 min.
Estimated Total Annual Burden Hours: 301,018.
3. Title: Request on Reduction of Tax Attributes Due to Discharge
of Indebtedness.
OMB Number: 1545-0046.
Form Number: 982.
Abstract: Reduction of Tax Attributes Due to Discharge of
Indebtedness. Internal Revenue Code (IRC) section 108 allows taxpayers
to exclude from gross income amounts attributable to discharge of
indebtedness in title 11 cases, insolvency, or a qualified farm
indebtedness. Section 1081(b) allows corporations to exclude from gross
income amounts attributable to certain transfers of property. The data
is used to verify adjustments to basis of property and reduction of tax
attributes.
Current Actions: There is no change to the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, businesses or other for
profit, small businesses, or organizations.
Estimated Number of Respondents: 667.
Estimated Time per Response: 11 hours, 23 min.
Estimated Total Annual Burden Hours: 7,491 hours.
Authority: 44 U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2024-28016 Filed 11-27-24; 8:45 am]
BILLING CODE 4830-01-P
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