81 FR 23552 - Proposed Collection; Comment Request for Form 5227
DEPARTMENT OF THE TREASURY
Internal Revenue Service Federal Register Volume 81, Issue 77 (April 21, 2016)
Internal Revenue Service
Federal Register Volume 81, Issue 77 (April 21, 2016)
| Page Range | 23552-23553 | |
| FR Document | 2016-09297 |
[Federal Register Volume 81, Number 77 (Thursday, April 21, 2016)] [Notices] [Pages 23552-23553] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-09297] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 5227 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 Form 5227, Split-Interest Trust Information Return. DATES: Written comments should be received on or before June 20, 2016 to be assured of consideration. ADDRESSES: Direct all written comments to Martha R. Brinson, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions should be directed to Martha R. Brinson, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet at [email protected]. SUPPLEMENTARY INFORMATION: Title: Split-Interest Trust Information Return. OMB Number: 1545-0196. Form Number: 5227. Abstract: Form 5227 is used to report the financial activities of a split-interest trust described in Internal Revenue Code section 4947(a)(2), and to determine whether the trust is treated as a private foundation and is subject to the excise taxes under chapter 42 of the Code. Current Actions: There is an increase in the paperwork burden previously approved by OMB. Charitable remainder trusts have begun tracking net investment income (NII) received and distributed under section 1411(c). The form was updated to report the tracking of NII receipts and distributions (part II and Schedule A). Charitable remainder trusts (CRT) may elect to apply a simplified NII calculation (reported on part I-B of Schedule A). For charitable remainder trusts that own interests, directly or indirectly, in certain controlled foreign corporations (CFCs) or certain passive foreign investment companies (PFICs), the trust may make a special election to align the NIIT treatment of those CFCs and PFICs with their treatment for regular tax purposes. In addition, the Department estimates an increase of responses based on its most recent data on Form 5227 filings, from 220,000, to 340,000. The form changes and the estimated increase in the number of responses will increase the estimated annual burden hours from 15,152,550 to 33,138,550. Type of Review: Revisions of a currently approved collection. Affected Public: Business or other for-profit organizations. Estimated Number of Responses: 340,000. Estimated Time per Respondent: 97 hr., 28 min. Estimated Total Annual Burden Hours: 33,138,550. 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 [[Page 23553]] 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. Approved: April 11, 2016. Martha R. Brinson, IRS, Tax Analyst. [FR Doc. 2016-09297 Filed 4-20-16; 8:45 am] BILLING CODE 4830-01-P
![23552 Federal Register / Vol. 81, No. 77 / Thursday, April 21, 2016 / Notices
OMB Number: 1545–2236. unless the collection of information ADDRESSES: Direct all written comments
Form Number: Form 14420. displays a valid OMB control number. to Martha R. Brinson, Internal Revenue
Abstract: The Pilots are aimed at Books or records relating to a collection Service, Room 6526, 1111 Constitution
determining the best method for and of information must be retained as long Avenue NW., Washington, DC 20224.
value of using the Form 1099–K as their contents may become material FOR FURTHER INFORMATION CONTACT:
information to identify and treat non- in the administration of any internal Requests for additional information or
compliance. This is expected to result in revenue law. Generally, tax returns and copies of the form and instructions
the identification of cases of gross tax return information are confidential, should be directed to Martha R. Brinson,
receipts underreporting. As a result, this as required by 26 U.S.C. 6103. Internal Revenue Service, Room 6526,
effort will also test treatment streams to Request for Comments: Comments 1111 Constitution Avenue NW.,
allow the IRS to work these cases. One submitted in response to this notice will Washington, DC 20224, or through the
of these treatment streams is a notice be summarized and/or included in the Internet at Martha.R.Brinson@irs.gov.
process. Requesting the books and request for OMB approval. All
SUPPLEMENTARY INFORMATION:
records needed to verify the gross comments will become a matter of
public record. Comments are invited on: Title: Split-Interest Trust Information
receipts discrepancy through a notice
(a) Whether the collection of Return.
process would result in extensive
information is necessary for the proper OMB Number: 1545–0196.
taxpayer burden. Instead, the taxpayer
Form Number: 5227.
can fill out this form, which requests the performance of the functions of the
Abstract: Form 5227 is used to report
minimum information needed for us to agency, including whether the
the financial activities of a split-interest
refine our analysis of the taxpayer’s information shall have practical utility;
(b) the accuracy of the agency’s estimate trust described in Internal Revenue
return and determine if there are any Code section 4947(a)(2), and to
reporting errors/business characteristics of the burden of the collection of
information; (c) ways to enhance the determine whether the trust is treated as
that may explain their outlier reported a private foundation and is subject to
figures. quality, utility, and clarity of the
information to be collected; (d) ways to the excise taxes under chapter 42 of the
Current Actions: The Form 14420 was
minimize the burden of the collection of Code.
reformatted by adding ‘yes/no’ response
information on respondents, including Current Actions: There is an increase
boxes for each item and space for the
through the use of automated collection in the paperwork burden previously
taxpayer to provide a written response
techniques or other forms of information approved by OMB. Charitable remainder
when the item is applicable to the
technology; and (e) estimates of capital trusts have begun tracking net
taxpayer. Bulleted items were replaced
or start-up costs and costs of operation, investment income (NII) received and
with numbers making it easier for the
maintenance, and purchase of services distributed under section 1411(c). The
taxpayer to respond to specific items.
to provide information. form was updated to report the tracking
The current form’s purpose was added
of NII receipts and distributions (part II
to the instructions box at the top of page Approved: April 11, 2016. and Schedule A). Charitable remainder
1, which provides transparency. The Tuawana Pinkston, trusts (CRT) may elect to apply a
form provides the taxpayer up to five IRS Reports Clearance Officer. simplified NII calculation (reported on
Forms 1099–K. To benefit taxpayers [FR Doc. 2016–09295 Filed 4–20–16; 8:45 am] part I–B of Schedule A). For charitable
with up to ten Forms 1099–K, online
BILLING CODE 4830–01–P remainder trusts that own interests,
information was added. The taxpayer
directly or indirectly, in certain
has the option of going to www.IRS.gov
controlled foreign corporations (CFCs)
to retrieve their Forms 1099–K filed DEPARTMENT OF THE TREASURY or certain passive foreign investment
with the IRS. Due to additions to the
companies (PFICs), the trust may make
Form 1099–K, columns were added to Internal Revenue Service a special election to align the NIIT
the Form 14420 table to account for
Proposed Collection; Comment treatment of those CFCs and PFICs with
‘card not present’ (online sales) and
Request for Form 5227 their treatment for regular tax purposes.
‘number of payment transactions.’ The
In addition, the Department estimates
form’s length remains at three pages. AGENCY: Internal Revenue Service (IRS), an increase of responses based on its
The changes provide clarity, resulting in Treasury. most recent data on Form 5227 filings,
reduced time and reduced burden on
ACTION: Notice and request for from 220,000, to 340,000. The form
the taxpayer to complete the form and
comments. changes and the estimated increase in
for the tax examiners to review and
the number of responses will increase
evaluate taxpayer responses. SUMMARY: The Department of the
Type of Review: Revisions of a the estimated annual burden hours from
Treasury, as part of its continuing effort 15,152,550 to 33,138,550.
currently approved collection. to reduce paperwork and respondent
Affected Public: Businesses and other Type of Review: Revisions of a
burden, invites the general public and currently approved collection.
for-profit organizations, Individuals or other Federal agencies to take this
Households. Affected Public: Business or other for-
opportunity to comment on proposed profit organizations.
Estimated Number of Respondents: and/or continuing information
1,000. Estimated Number of Responses:
collections, as required by the 340,000.
Estimated Time per Respondent: 4 Paperwork Reduction Act of 1995,
hours. Estimated Time per Respondent: 97
Public Law 104–13 (44 U.S.C. hr., 28 min.
jstallworth on DSK7TPTVN1PROD with NOTICES
Estimated Total Annual Burden
3506(c)(2)(A)). Currently, the IRS is Estimated Total Annual Burden
Hours: 4,000.
The following paragraph applies to all soliciting comments concerning Form Hours: 33,138,550.
of the collections of information covered 5227, Split-Interest Trust Information The following paragraph applies to all
by this notice: Return. of the collections of information covered
An agency may not conduct or DATES: Written comments should be by this notice:
sponsor, and a person is not required to received on or before June 20, 2016 to An agency may not conduct or
respond to, a collection of information be assured of consideration. sponsor, and a person is not required to
VerDate Sep<11>2014 13:27 Apr 20, 2016 Jkt 238001 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 E:\FR\FM\21APN1.SGM 21APN1](https://thefederalregister.org/doc/81_FR_23629/page/1.svg)
![Federal Register / Vol. 81, No. 77 / Thursday, April 21, 2016 / Notices 23553
respond to, a collection of information DATES: Written comments should be comments will become a matter of
unless the collection of information received on or before June 20, 2016 to public record. Comments are invited on:
displays a valid OMB control number. be assured of consideration. (a) Whether the collection of
Books or records relating to a collection ADDRESSES: Direct all written comments information is necessary for the proper
of information must be retained as long to Tuawana Pinkston, Internal Revenue performance of the functions of the
as their contents may become material Service, Room 6526, 1111 Constitution agency, including whether the
in the administration of any internal Avenue NW., Washington, DC 20224. information shall have practical utility;
revenue law. Generally, tax returns and FOR FURTHER INFORMATION CONTACT: (b) the accuracy of the agency’s estimate
tax return information are confidential, Requests for additional information or of the burden of the collection of
as required by 26 U.S.C. 6103. copies of the form and instructions information; (c) ways to enhance the
Request for Comments: Comments should be directed to R. Joseph Durbala, quality, utility, and clarity of the
submitted in response to this notice will (202) 317–5746, at Internal Revenue information to be collected; (d) ways to
be summarized and/or included in the Service, Room 6129, 1111 Constitution minimize the burden of the collection of
request for OMB approval. All Avenue NW., Washington, DC 20224, or information on respondents, including
comments will become a matter of through the Internet at through the use of automated collection
public record. Comments are invited on: RJoseph.Durbala@irs.gov. techniques or other forms of information
(a) Whether the collection of technology; and (e) estimates of capital
SUPPLEMENTARY INFORMATION:
information is necessary for the proper or start-up costs and costs of operation,
Title: Tribal Evaluation of Filing and
performance of the functions of the maintenance, and purchase of services
Accuracy Compliance (TEFAC)—
agency, including whether the to provide information.
Compliance Check Report.
information shall have practical utility; OMB Number: 1545–2026. Approved: April 12, 2016.
(b) the accuracy of the agency’s estimate Form Number: Form 13797. R. Joseph Durbala,
of the burden of the collection of Abstract: This form will be provided IRS, Tax Analyst.
information; (c) ways to enhance the to tribes who elect to perform a self [FR Doc. 2016–09293 Filed 4–20–16; 8:45 am]
quality, utility, and clarity of the compliance check on any or all of their BILLING CODE 4830–01–P
information to be collected; (d) ways to entities. This is a VOLUNTARY
minimize the burden of the collection of program, and the entity is not penalized
information on respondents, including for non-completion of forms or DEPARTMENT OF THE TREASURY
through the use of automated collection withdrawal from the program. Upon
techniques or other forms of information completion, the information will be Internal Revenue Service
technology; and (e) estimates of capital used by the Tribe and ITG to develop
or start-up costs and costs of operation, training needs, compliance strategies, Proposed Collection; Comment
maintenance, and purchase of services and corrective actions. Request for Forms 8554 and 8554–EP
to provide information. Current Actions: There is no change AGENCY: Internal Revenue Service (IRS),
Approved: April 11, 2016. in the paperwork burden previously Treasury.
Martha R. Brinson, approved by OMB. This form is being
ACTION: Notice and request for
IRS, Tax Analyst. submitted for renewal purposes only.
Type of Review: Extension of a comments.
[FR Doc. 2016–09297 Filed 4–20–16; 8:45 am]
currently approved collection. SUMMARY: The Department of the
BILLING CODE 4830–01–P
Affected Public: Businesses and other Treasury, as part of its continuing effort
for-profit organizations and State, Local, to reduce paperwork and respondent
DEPARTMENT OF THE TREASURY or Tribal Government. burden, invites the general public and
Estimated Number of Respondents: other Federal agencies to take this
Internal Revenue Service 20. opportunity to comment on proposed
Estimated Time per Respondent: 22 and/or continuing information
Proposed Collection; Comment hours 20 minutes. collections, as required by the
Request for Form 13797 Estimated Total Annual Burden Paperwork Reduction Act of 1995,
Hours: 447. Public Law 104–13 (44 U.S.C.
AGENCY: Internal Revenue Service (IRS), The following paragraph applies to all
Treasury. 3506(c)(2)(A)). Currently, the IRS is
of the collections of information covered soliciting comments concerning Form
ACTION: Notice and request for by this notice: 8554, Application for Renewal of
comments. An agency may not conduct or Enrollment to Practice Before the
sponsor, and a person is not required to Internal Revenue Service and Form
SUMMARY: The Department of the respond to, a collection of information 8554–EP, Application for Renewal of
Treasury, as part of its continuing effort unless the collection of information Enrollment to Practice Before the
to reduce paperwork and respondent displays a valid OMB control number. Internal Revenue Service as an Enrolled
burden, invites the general public and Books or records relating to a Retirement Plan Agent (ERPA).
other Federal agencies to take this collection of information must be
DATES: Written comments should be
opportunity to comment on proposed retained as long as their contents may
and/or continuing information become material in the administration received on or before June 20, 2016 to
collections, as required by the of any internal revenue law. Generally, be assured of consideration.
jstallworth on DSK7TPTVN1PROD with NOTICES
Paperwork Reduction Act of 1995, tax returns and tax return information ADDRESSES: Direct all written comments
Public Law 104–13 (44 U.S.C. are confidential, as required by 26 to Tuawana Pinkston, Internal Revenue
3506(c)(2)(A)). Currently, the IRS is U.S.C. 6103. Service, Room 6526, 1111 Constitution
soliciting comments concerning Form Request for Comments: Comments Avenue NW., Washington, DC 20224.
13797, Tribal Evaluation of Filing and submitted in response to this notice will FOR FURTHER INFORMATION CONTACT:
Accuracy Compliance (TEFAC)— be summarized and/or included in the Requests for additional information or
Compliance Check Report. request for OMB approval. All copies of the form should be directed to
VerDate Sep<11>2014 13:27 Apr 20, 2016 Jkt 238001 PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 E:\FR\FM\21APN1.SGM 21APN1](https://thefederalregister.org/doc/81_FR_23629/page/2.svg)
Document Created: 2016-04-21 01:17:23
Document Modified: 2016-04-21 01:17:23
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice and request for comments. | |
| Dates | Written comments should be received on or before June 20, 2016 to be assured of consideration. | |
| Contact | Requests for additional information or copies of the form and instructions should be directed to Martha R. Brinson, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet at [email protected] | |
| FR Citation | 81 FR 23552 |
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