80 FR 30763 - Submission for OMB Review; Comment Request

DEPARTMENT OF THE TREASURY

Federal Register Volume 80, Issue 103 (May 29, 2015)

[Federal Register Volume 80, Number 103 (Friday, May 29, 2015)]
[Notices]
[Pages 30763-30764]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-13008]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

AGENCY: Department of the Treasury.

ACTION: Notice.

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    The Department of the Treasury will submit the following 
information collection request to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, Public Law 104-13, on or after the date of 
publication of this notice.

DATES: Comments should be received on or before June 29, 2015 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestions for 
reducing the burden, to (1) Office of Information and Regulatory 
Affairs, Office of Management and Budget, Attention: Desk Officer for 
Treasury, New Executive Office Building, Room 10235, Washington, DC 
20503, or email at [email protected] and (2) Treasury PRA 
Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8140, Washington, 
DC 20220, or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be 
obtained by email at [email protected] or the entire information 
collection request may be found at www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 

Internal Revenue Service (IRS)

    OMB Number: 1545-0013.
    Type of Review: Revision of a currently approved collection.
    Title: Notice Concerning Fiduciary Relationship; Form 56-F, Notice 
Concerning Fiduciary Relationship of Financial Institution.
    Form: 56, 56-F.
    Abstract: Form 56 is used to inform the IRS that a person in acting 
for another person in a fiduciary capacity so that the IRS may mail tax 
notices to the fiduciary concerning the person for whom he/she is 
acting. The data is used to ensure that the fiduciary relationship is 
established or terminated and to mail or discontinue mailing designated 
tax notices to the fiduciary. The filing of Form 56-F by a fiduciary 
(FDIC or other federal agency acting as a receiver or conservator of a 
failed financial institution (bank or thrift) gives the IRS the 
necessary information to submit send letters, notices, and notices of 
tax liability to the federal fiduciary now in charge of the financial 
institution rather than sending the notice, etc. to the institution's 
last known address.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 349,786.

    OMB Number: 1545-0913.

[[Page 30764]]

    Type of Review: Extension without change of a currently approved 
collection.
    Title: TD 8045--Below-Market Loans (NPRM LR-165-84).
    Abstract: Section 7872 recharacterizes a below-market loan as a 
market rate loan and an additional transfer by the lender to the 
borrower equal to the amount of imputed interest. The regulation 
requires both the lender and the borrower to attach a statement to 
their respective income tax returns for years in which they have either 
imputed income or claim imputed deductions under section 7872.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 481,722.

    OMB Number: 1545-1041.
    Type of Review: Revision of a currently approved collection.
    Title: TD 8316--Cooperative Housing Corporations.
    Abstract: This document contains amendments to the Income Tax 
Regulations under section 216 of the Internal Revenue Code of 1986, 
relating to cooperative housing corporations. Section 216 of the Code 
was amended by the Tax Reform Act of 1986. The regulations provide 
cooperative housing corporations and tenant-stockholders with guidance 
needed to comply with the law.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 1,250.

    OMB Number: 1545-1417.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Indian Employment Credit.
    Form: 8845.
    Abstract: Under Internal Revenue Code section 45A, employers can 
claim an income tax credit for hiring American Indians or their spouses 
to work in a trade or business on an Indian reservation. Form 8845 is 
used by employers to claim the credit and by IRS to ensure that the 
credit is computed correctly.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 4,332.

    OMB Number: 1545-1466.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Third-Party Disclosure Requirements in the IRS Regulations.
    Abstract: This submission contains third-party disclosure 
regulations subject to the Paperwork Reduction Act of 1995.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 68,885,183.

    OMB Number: 1545-1467.
    Type of Review: Revision of a currently approved collection.
    Title: Electronic Federal Tax Payment System (EFTPS).
    Form: 9779, 9783, 9787, 9789.
    Abstract: Enrollment is vital to the implementation of the 
Electronic Federal Tax Payment System (EFTPS). EFTPS is an electronic 
remittance processing system that the Service will use to accept 
electronically transmitted federal tax payments. This system is a 
necessary outgrowth of advanced information and communication 
technologies.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 726,450.

    OMB Number: 1545-1505.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Orphan Drug Credit.
    Form: 8820.
    Abstract: Filers use this form to elect to claim the orphan drug 
credit, which is 50 percent of the qualified clinical testing expenses 
paid or incurred with respect to low or unprofitable drugs for rare 
diseases and conditions, as designated under section 526 of the Federal 
Food, Drug, and Cosmetic Act.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 348.

    OMB Number: 1545-1962.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Notice of Income from Donated Intellectual Property.
    Form: 8899.
    Abstract: Form 8899 is filed by charitable organizations receiving 
donations of intellectual property if the donor provides a timely 
notice. The initial deduction is limited to the donor's basis, 
additional deductions are allowed to the extent of income from the 
property, reducing excessive deductions.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 5,430.

    OMB Number: 1545-2209.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-112805-10--Branded Prescription Drugs.
    Abstract: Section 9008 of the Patient Protection and Affordable 
Care Act (ACA), Public Law 111-148 (124 Stat. 119 (2010)), as amended 
by section 1404 of the Health Care and Education Reconciliation Act of 
2010 (HCERA), Public Law 111-152 (124 Stat. 1029 (2010)) imposes an 
annual fee on manufacturers and importers of branded prescription drugs 
that have gross receipts of over $5 million from the sales of these 
drugs to certain government programs (covered entity/covered entities). 
The final regulations supersede temporary regulations and describe how 
the IRS will administer the branded prescription drug fee. Section 
51.7T(b) of the temporary regulations provides that the IRS will send 
each covered entity notification of its preliminary fee calculation by 
May 15 of the fee year. If a covered entity chooses to dispute the IRS' 
preliminary fee calculation, the covered entity must follow the 
procedures for submitting an error report that are established in Sec.  
51.8T.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 1,800.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 16,745.

    Dated: May 26, 2015.
Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2015-13008 Filed 5-28-15; 8:45 am]
 BILLING CODE 4830-01-P