81 FR 30610 - Submission for OMB Review; Comment Request

DEPARTMENT OF THE TREASURY

Federal Register Volume 81, Issue 95 (May 17, 2016)

[Federal Register Volume 81, Number 95 (Tuesday, May 17, 2016)]
[Notices]
[Page 30610]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-11629]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

May 12, 2016.
    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, Public Law 104-13, on or after the date of 
publication of this notice.

DATES: Comments should be received on or before June 16, 2016 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimates, or any other 
aspect of the information collections, 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 8117, Washington, 
DC 20220, or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained by emailing [email protected], calling (202) 622-1295, or 
viewing the entire information collection request at www.reginfo.gov.

Internal Revenue Service (IRS)

    OMB Control Number: 1545-0364.
    Type of Review: Reinstatement of a previously approved collection.
    Title: Statement of Payments Received.
    Form: Form 4669.
    Abstract: Form 4669, Statement of Payments Received, is used by 
payers in specific situations to request relief from payment of certain 
required taxes. A payer who fails to withhold certain required taxes 
from a payee may be entitled to relief, under sections 3402(d), 
3102(f)(3), 1463 or Regulations section 1.1474-4. To apply for relief, 
a payer must show that the payee reported the payments and paid the 
corresponding tax. To secure relief as described above, a payer must 
obtain a separate, completed Form 4669 from each payee for each year 
relief is requested. The data is used to verify that the income tax on 
the wages was paid in full. The collection of data affects business, 
individuals, and households.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 21,250.
    OMB Control Number: 1545-1617.
    Type of Review: Reinstatement of a previously approved collection.
    Title: REG-124069-02 (Final) Section 6038--Returns Required with 
Respect to Controlled Foreign Partnerships; REG-118966-97 (Final) 
Information Reporting with Respect to Certain Foreign Partnerships.
    Abstract: REG-124069-02 Treasury Regulation Sec. 1.6038-3 requires 
certain United States person who own interests in controlled foreign 
partnership to annually report information to the IRS on Form 8865. 
This regulation amends the reporting rules under Treasury Regulation 
section 1.6038-e to provide that a U.S. person must follow the filing 
requirements that are specified in the instructions for Form 8865 when 
the U.S. person must file Form 8865 and the foreign partnership 
completes and files Form 1065 or Form 1065-B. REG-118966-97 Section 
6038 requires certain U.S. persons who own interest in controlled 
foreign partnerships or certain foreign corporations to annually report 
information to the IRS. This regulation provides reporting rules to 
identify foreign partnerships and foreign corporations which are 
controlled by U.S. persons.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 500.

    OMB Control Number: 1545-1647.
    Type of Review: Reinstatement of a previously approved collection.
    Title: Revenue Procedure 2001-21.
    Abstract: The revenue procedure provides for an election that 
allows taxpayers to treat a debt substitution, in certain 
circumstances, as a realization event even though it does not result in 
a significant modification under 26 CFR 1.1001-3.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 75.

    OMB Control Number: 1545-2241.
    Type of Review: Revision of a currently approved collection.
    Title: Offshore Voluntary Disclosure Program (OVDP).
    Form: Forms 14457, 14454, 14453, 14452, 14467, 14653.
    Abstract: This information collection includes Form 14457, Offshore 
Voluntary Disclosure Letter; Form 14454, Attachment to Offshore 
Voluntary Disclosure Letter; Form 14453, Penalty Computation Worksheet; 
Form 14452, Foreign Account or Asset Statement; Form 14467, Statement 
on Abandoned Entities; Form 14653, Certification by U.S. Person 
Residing Outside of the United States for Streamlined Foreign Offshore 
Procedures; Form 14654, Certification by U.S. Person Residing in the 
United States for Streamlined Domestic Offshore Procedures; and Form 
14708, Streamlined Domestic Penalty Reconsideration Request Related to 
Canadian Retirement Plans.
    Affected Public: Individuals or households.
    Estimated Total Annual Burden Hours: 757,000.

Brenda Simms,
Treasury PRA Clearance Officer.
[FR Doc. 2016-11629 Filed 5-16-16; 8:45 am]
BILLING CODE 4830-01-P