81_FR_19005 81 FR 18942 - Proposed Collection; Comment Request for Regulation Project

81 FR 18942 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 63 (April 1, 2016)

Page Range18942-18943
FR Document2016-07433

The Department of the Treasury, 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning golden parachute payments.

Federal Register, Volume 81 Issue 63 (Friday, April 1, 2016)
[Federal Register Volume 81, Number 63 (Friday, April 1, 2016)]
[Notices]
[Pages 18942-18943]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-07433]


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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.

-----------------------------------------------------------------------

SUMMARY: The Department of the Treasury, 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 proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
golden parachute payments.

DATES: Written comments should be received on or before May 31, 2016 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Sara Covington at 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the Internet at 
Sara.L.Covington@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Golden Parachute Payments.
    OMB Number: 1545-1851. Regulation Project Number: REG-124312-02 (TD 
9083).
    Abstract: These regulations deny a deduction for excess parachute 
payments. A parachute payment is payment in the nature of compensation 
to a disqualified individual that is contingent on a change in 
ownership or control of a corporation. Certain payments, including 
payments from a small corporation, are exempt from the definition of 
parachute payment if certain requirements are met (such as shareholder 
approval and disclosure requirements).
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 800.
    Estimated Time per Respondent: 9 minutes.
    Estimated Total Annual Burden Hours: 12,000.
    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. 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.


[[Page 18943]]


    Approved: March 28, 2016.
Sara Covington,
Tax Analyst.
[FR Doc. 2016-07433 Filed 3-31-16; 8:45 am]
 BILLING CODE 4830-01-P



                                                    18942                            Federal Register / Vol. 81, No. 63 / Friday, April 1, 2016 / Notices

                                                       The IRPAC advises the IRS on                         process including fingerprints, annual                  Title: Golden Parachute Payments.
                                                    information reporting issues of mutual                  tax checks, a Federal Bureau of                         OMB Number: 1545–1851. Regulation
                                                    concern to the private sector and the                   Investigation criminal check and a                    Project Number: REG–124312–02 (TD
                                                    federal government. The committee                       practitioner check with the Office of                 9083).
                                                    works with the Commissioner of                          Professional Responsibility will be                     Abstract: These regulations deny a
                                                    Internal Revenue and other IRS                          conducted.                                            deduction for excess parachute
                                                    leadership to provide recommendations                     Equal opportunity practices will be                 payments. A parachute payment is
                                                    on a wide range of information reporting                followed for all appointments to the                  payment in the nature of compensation
                                                    administration issues. Membership is                    IRPAC in accordance with the                          to a disqualified individual that is
                                                    balanced to include representation from                 Department of Treasury and IRS                        contingent on a change in ownership or
                                                    the tax professional community, small                   policies. The IRS has special interest in             control of a corporation. Certain
                                                    and large businesses, banks, colleges                   assuring that women and men, members                  payments, including payments from a
                                                    and universities, and industries such as                of all races and national origins, and                small corporation, are exempt from the
                                                    securities, payroll, finance and software.              individuals with disabilities are                     definition of parachute payment if
                                                    DATES: Written nominations must be                      welcomed for service on advisory                      certain requirements are met (such as
                                                    received on or before June 2, 2016.                     committees and, therefore, extends                    shareholder approval and disclosure
                                                    ADDRESSES: Nominations should be sent                   particular encouragement to                           requirements).
                                                    to: Michael Deneroff, IRS National                      nominations from such appropriately                     Current Actions: There is no change to
                                                    Public Liaison, CL:NPL:PSRM, Room                       qualified candidates.                                 this existing regulation.
                                                    7559, 1111 Constitution Avenue NW.,                                                                             Type of Review: Extension of
                                                                                                              Dated: March 25, 2016.
                                                    Washington, DC 20224, Attn: IRPAC                                                                             currently approved collection.
                                                                                                            John Lipold,                                            Affected Public: Business or other for-
                                                    Nominations. Applications may also be                   Designated Federal Official, National Public
                                                    submitted via fax to 855–811–8020 or                                                                          profit organizations.
                                                                                                            Liaison.                                                Estimated Number of Respondents:
                                                    via email at PublicLiaison@irs.gov.
                                                    Application packages are available on
                                                                                                            [FR Doc. 2016–07352 Filed 3–31–16; 8:45 am]           800.
                                                                                                            BILLING CODE 4830–01–P                                  Estimated Time per Respondent: 9
                                                    the IRS Web site at http://www.irs.gov/
                                                                                                                                                                  minutes.
                                                    for-tax-pros. Application packages may                                                                          Estimated Total Annual Burden
                                                    also be requested by telephone from                     DEPARTMENT OF THE TREASURY                            Hours: 12,000.
                                                    National Public Liaison, 202–317–6851                                                                           The following paragraph applies to all
                                                    (not a toll-free number).                               Internal Revenue Service                              of the collections of information covered
                                                    FOR FURTHER INFORMATION CONTACT:                                                                              by this notice:
                                                    Michael Deneroff at 202–317–6851 (not                   Proposed Collection; Comment                            An agency may not conduct or
                                                    a toll-free number) or PublicLiaison@                   Request for Regulation Project                        sponsor, and a person is not required to
                                                    irs.gov.                                                                                                      respond to, a collection of information
                                                                                                            AGENCY: Internal Revenue Service (IRS),
                                                    SUPPLEMENTARY INFORMATION:                              Treasury.                                             unless the collection of information
                                                    Established in 1991 in response to an                                                                         displays a valid OMB control number.
                                                                                                            ACTION: Notice and request for
                                                    administrative recommendation in the                                                                          Books or records relating to a collection
                                                                                                            comments.
                                                    final Conference Report of the Omnibus                                                                        of information must be retained as long
                                                    Budget Reconciliation Act of 1989, the                  SUMMARY:   The Department of the                      as their contents may become material
                                                    IRPAC works closely with the IRS to                     Treasury, as part of its continuing effort            in the administration of any internal
                                                    provide recommendations on a wide                       to reduce paperwork and respondent                    revenue law. Generally, tax returns and
                                                    range of issues intended to improve the                 burden, invites the general public and                tax return information are confidential,
                                                    information reporting program and                       other Federal agencies to take this                   as required by 26 U.S.C. 6103.
                                                    achieve fairness to taxpayers. Conveying                opportunity to comment on proposed                      Request for Comments: Comments
                                                    the public’s perceptions of IRS activities              and/or continuing information                         submitted in response to this notice will
                                                    to the Commissioner, the IRPAC is                       collections, as required by the                       be summarized and/or included in the
                                                    comprised of individuals who bring                      Paperwork Reduction Act of 1995,                      request for OMB approval. All
                                                    substantial, disparate experience and                   Public Law 104–13 (44 U.S.C.                          comments will become a matter of
                                                    diverse backgrounds to the Committee’s                  3506(c)(2)(A)). Currently, the IRS is                 public record.
                                                    activities.                                             soliciting comments concerning golden                   Comments are invited on: (a) Whether
                                                       Each IRPAC member is nominated by                    parachute payments.                                   the collection of information is
                                                    the Commissioner with the concurrence                                                                         necessary for the proper performance of
                                                                                                            DATES: Written comments should be
                                                    of the Secretary of Treasury to serve a                                                                       the functions of the agency, including
                                                                                                            received on or before May 31, 2016 to
                                                    three-year term. Working groups address                                                                       whether the information shall have
                                                                                                            be assured of consideration.
                                                    policies and administrative issues                                                                            practical utility; (b) the accuracy of the
                                                                                                            ADDRESSES: Direct all written comments                agency’s estimate of the burden of the
                                                    specific to information reporting.
                                                    Members are not paid for their services.                to Tuawana Pinkston, Internal Revenue                 collection of information; (c) ways to
                                                    However, travel expenses for working                    Service, Room 6526, 1111 Constitution                 enhance the quality, utility, and clarity
                                                    sessions, public meetings and                           Avenue NW., Washington, DC 20224.                     of the information to be collected; (d)
                                                    orientation sessions, such as airfare, per              FOR FURTHER INFORMATION CONTACT:                      ways to minimize the burden of the
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                                                    diem, and transportation are reimbursed                 Requests for additional information or                collection of information on
                                                    within prescribed federal travel                        copies of the regulations should be                   respondents, including through the use
                                                    limitations.                                            directed to Sara Covington at Internal                of automated collection techniques or
                                                       Receipt of applications will be                      Revenue Service, Room 6526, 1111                      other forms of information technology;
                                                    acknowledged, and all individuals will                  Constitution Avenue NW., Washington,                  and (e) estimates of capital or start-up
                                                    be notified when selections have been                   DC 20224, or through the Internet at                  costs and costs of operation,
                                                    made. In accordance with Department of                  Sara.L.Covington@irs.gov.                             maintenance, and purchase of services
                                                    Treasury Directive 21–03, a clearance                   SUPPLEMENTARY INFORMATION:                            to provide information.


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                                                                                     Federal Register / Vol. 81, No. 63 / Friday, April 1, 2016 / Notices                                           18943

                                                      Approved: March 28, 2016.                                Affected Public: Individuals or                    DATES:  Comments should be received on
                                                    Sara Covington,                                         households, and business or other for-                or before May 2, 2016 to be assured of
                                                    Tax Analyst.                                            profit organizations.                                 consideration.
                                                    [FR Doc. 2016–07433 Filed 3–31–16; 8:45 am]                Estimated Number of Respondents:                   ADDRESSES: Send comments regarding
                                                    BILLING CODE 4830–01–P
                                                                                                            10,000.                                               the burden estimates, or any other
                                                                                                               Estimated Time per Respondent: 12                  aspect of the information collections,
                                                                                                            minutes.                                              including suggestions for reducing the
                                                    DEPARTMENT OF THE TREASURY                                 Estimated Total Annual Burden
                                                                                                                                                                  burden, to (1) Office of Information and
                                                                                                            Hours: 2,000.
                                                                                                               The following paragraph applies to all             Regulatory Affairs, Office of
                                                    Internal Revenue Service                                                                                      Management and Budget, Attention:
                                                                                                            of the collections of information covered
                                                                                                            by this notice:                                       Desk Officer for Treasury, New
                                                    Proposed Collection; Comment
                                                                                                               An agency may not conduct or                       Executive Office Building, Room 10235,
                                                    Request for Regulation Project
                                                                                                            sponsor, and a person is not required to              Washington, DC 20503, or email at
                                                    AGENCY: Internal Revenue Service (IRS),                 respond to, a collection of information               OIRA_Submission@OMB.EOP.gov and
                                                    Treasury.                                               unless the collection of information                  (2) Treasury PRA Clearance Officer,
                                                    ACTION: Notice and request for                          displays a valid OMB control number.                  1750 Pennsylvania Ave. NW., Suite
                                                    comments.                                               Books or records relating to a collection             8117, Washington, DC 20220, or email
                                                                                                            of information must be retained as long               at PRA@treasury.gov.
                                                    SUMMARY:    The Department of the                       as their contents may become material                 FOR FURTHER INFORMATION CONTACT:
                                                    Treasury, as part of its continuing effort              in the administration of any internal                 Copies of the submissions may be
                                                    to reduce paperwork and respondent                      revenue law. Generally, tax returns and               obtained by emailing PRA@treasury.gov,
                                                    burden, invites the general public and                  tax return information are confidential,              calling (202) 622–1295, or viewing the
                                                    other Federal agencies to take this                     as required by 26 U.S.C. 6103.                        entire information collection request at
                                                    opportunity to comment on proposed                         Request for Comments: Comments                     www.reginfo.gov.
                                                    and/or continuing information                           submitted in response to this notice will
                                                    collections, as required by the                                                                               Internal Revenue Service (IRS)
                                                                                                            be summarized and/or included in the
                                                    Paperwork Reduction Act of 1995,                        request for OMB approval. All                           OMB Control Number: 1545–0115.
                                                    Public Law 104–13 (44 U.S.C.                            comments will become a matter of                        Type of Review: Revision of a
                                                    3506(c)(2)(A)). Currently, the IRS is                   public record. Comments are invited on:               currently approved collection.
                                                    soliciting comments concerning losses                   (a) Whether the collection of                           Title: Form 1099 MISC—
                                                    on small business stock.                                information is necessary for the proper               Miscellaneous Income.
                                                    DATES: Written comments should be                       performance of the functions of the                     Abstract: Form 1099–MISC is used by
                                                    received on or before May 31, 2016 to                   agency, including whether the                         payers to report payments of $600 or
                                                    be assured of consideration.                            information shall have practical utility;             more of rent, prizes and awards,
                                                                                                            (b) the accuracy of the agency’s estimate             medical and health care payments,
                                                    ADDRESSES: Direct all written comments
                                                                                                            of the burden of the collection of                    nonemployee compensation, and crop
                                                    to Tuawana Pinkston, Internal Revenue
                                                                                                            information; (c) ways to enhance the                  insurance proceeds, $10 or more of
                                                    Service, Room 6526, 1111 Constitution
                                                                                                            quality, utility, and clarity of the                  royalties, any amount of fishing boat
                                                    Avenue NW., Washington, DC 20224.
                                                                                                            information to be collected; (d) ways to              proceeds, certain substitute payments,
                                                    FOR FURTHER INFORMATION CONTACT:                                                                              golden parachute payments, and an
                                                                                                            minimize the burden of the collection of
                                                    Requests for additional information or                                                                        indication of direct sales of $5,000 or
                                                                                                            information on respondents, including
                                                    copies of the regulation should be                                                                            more.
                                                                                                            through the use of automated collection
                                                    directed to Sara Covington, at Internal                                                                         Estimated Total Annual Burden
                                                                                                            techniques or other forms of information
                                                    Revenue Service, Room 6526, 1111                                                                              Hours: 26,907,070.
                                                                                                            technology; and (e) estimates of capital
                                                    Constitution Avenue NW., Washington,                                                                            OMB Control Number: 1545–1690.
                                                                                                            or start-up costs and costs of operation,
                                                    DC 20224, or through the Internet, at                                                                           Type of Review: Extension of a
                                                                                                            maintenance, and purchase of services
                                                    Sara.L.Covington@irs.gov.                                                                                     currently approved collection.
                                                                                                            to provide information.
                                                    SUPPLEMENTARY INFORMATION:                                                                                      Title: Notice 2000–28, Coal Exports.
                                                                                                              Approved: March 24, 2016.
                                                      Title: Losses on Small Business Stock.                                                                        Abstract: Notice 2000–28 provides
                                                                                                            Sara Covington,
                                                      OMB Number: 1545–1447.                                                                                      guidance relating to the coal excise tax
                                                      Regulation Project Number: CO–46–                     Tax Analyst.                                          imposed by section 4121 of the Internal
                                                    94; TD 8594.                                            [FR Doc. 2016–07434 Filed 3–31–16; 8:45 am]           Revenue Code. The notice provides
                                                      Abstract: Section 1.1244(e)–1(b) of the               BILLING CODE 4830–01–P                                rules under the Code for making a
                                                    regulation requires that a taxpayer                                                                           nontaxable sale of coal for export or for
                                                    claiming an ordinary loss with respect                                                                        obtaining a credit or refund when tax
                                                    to section 1244 stock must have records                 DEPARTMENT OF THE TREASURY                            has been paid with respect to a
                                                    sufficient to establish that the taxpayer               Submission for OMB Review;                            nontaxable sale or coal for export.
                                                    satisfies the requirements of section                   Comment Request                                         Estimated Total Annual Burden
                                                    1244 and is entitled to the loss. The                                                                         Hours: 400.
                                                    records are necessary to enable the                     March 28, 2016.                                         OMB Control Number: 1545–1972.
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                                                    Service examiner to verify that the stock                 The Department of the Treasury will                   Type of Review: Revision of a
                                                    qualifies as section 1244 stock and to                  submit the following information                      currently approved collection.
                                                    determine whether the taxpayer is                       collection requests to the Office of                    Title: Supplemental Income and Loss.
                                                    entitled to the loss.                                   Management and Budget (OMB) for                         Abstract: Schedule E (Form 1040) is
                                                      Current Actions: There is no change to                review and clearance in accordance                    used by individuals to report their
                                                    this existing regulation.                               with the Paperwork Reduction Act of                   supplemental income. The data is used
                                                      Type of Review: Extension of a                        1995, Public Law 104–13, on or after the              to verify that the income reported on
                                                    currently approved collection.                          date of publication of this notice.                   their tax return is correct.


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Document Created: 2016-04-06 00:07:59
Document Modified: 2016-04-06 00:07:59
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice and request for comments.
DatesWritten comments should be received on or before May 31, 2016 to be assured of consideration.
ContactRequests for additional information or copies of the regulations should be directed to Sara Covington at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet at [email protected]
FR Citation81 FR 18942 

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