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.

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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 asabaliauskas on DSK3SPTVN1PROD with NOTICES 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. VerDate Sep<11>2014 17:25 Mar 31, 2016 Jkt 238001 PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 E:\FR\FM\01APN1.SGM 01APN1

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. asabaliauskas on DSK3SPTVN1PROD with NOTICES 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. VerDate Sep<11>2014 17:25 Mar 31, 2016 Jkt 238001 PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 E:\FR\FM\01APN1.SGM 01APN1


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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