81 FR 38774 - Proposed Information Collection; Comment Request

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 114 (June 14, 2016)

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)).

[Federal Register Volume 81, Number 114 (Tuesday, June 14, 2016)]
[Notices]
[Pages 38774-38775]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-14108]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Information Collection; Comment Request

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)).

DATES: Written comments should be received on or before August 15, 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, or at [email protected]. Please send separate 
comments for each specific information collection listed below. You 
must reference the information collection's title, form number, 
reporting or record-keeping requirement number, and OMB number (if any) 
in your comment.

FOR FURTHER INFORMATION CONTACT: To obtain additional information, or 
copies of the information collection and instructions, or copies of any 
comments received, contact Elaine Christophe, at Internal Revenue 
Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, 
or through the internet, at [email protected].

SUPPLEMENTARY INFORMATION: 

Request for Comments

    The Department of the Treasury and the Internal Revenue Service, as 
part of their continuing effort to reduce paperwork and respondent 
burden, invite the general public and other Federal agencies to take 
this opportunity to comment on the proposed or continuing information 
collections listed below in this notice, as required by the Paperwork 
Reduction Act of 1995, (44 U.S.C. 3501 et seq.).
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in our request for Office of 
Management and Budget (OMB) approval of the relevant information 
collection. All comments will become a matter of public record. Please 
do not include any confidential or inappropriate material in your 
comments.
    We invite comments on: (a) Whether the collection of information is 
necessary for the proper performance of the agency's functions, 
including whether the information has 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

[[Page 38775]]

information to be collected; (d) ways to minimize the burden of the 
collection of information on respondents, including 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 the 
requested information. Currently, the IRS is seeking comments 
concerning the following forms, and reporting and record-keeping 
requirements:
    1. Title: Certain Payments Made Pursuant to a Securities Lending 
Transaction.
    OMB Number: 1545-1566.
    Notice Number: Notice 97-66 and Notice 2010-46.
    Abstract: Notice 97-66 modifies final regulations which were 
effective November 14, 1997. The notice relaxes the statement 
requirement with respect to substitute interest payments relating to 
securities loans and sale-repurchase transactions. It also provides a 
withholding mechanism to eliminate excessive withholding on multiple 
payments in a chain of substitute dividend payments. Notice 2010-46 
modifies Notice 97-66, by providing necessary information to ensure 
taxpayers are not subject to excessive tax pursuant to IRC section 
871(l). The information will allow a withholding agent to make a 
substitute dividend payment to certain counterparties in a series of 
securities lending transactions without withholding and depositing 
additional excessive tax.
    Current Actions: There are no changes being made to the notices at 
this time.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 383,500.
    Estimated Time per Respondent: 10 minutes.
    Estimated Total Annual Burden Hours: 62,750.
    2. Title: Volunteer Return Preparation Critical Intake Sheet--NR.
    OMB Number: 1545-2075.
    Form Number: 13614-NR.
    Abstract: This form will be used at the nonresident alien VITA 
sites by volunteers to gather information--relevant to tax 
preparation--from taxpayer's.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or Households.
    Estimated Number of Respondents: 565,039.
    Estimated Time per Respondent: 15 minutes.
    Estimated Total Annual Reporting Burden Hours: 141,260.
    3. Title: Minimum Tax--Tax Benefit Rule.
    OMB Number: 1545-1093.
    Regulation Project Number: IA-56-87 and IA-53-87 (TD 8416).
    Abstract: Section 58(h) of the Internal Revenue Code provides that 
the Secretary of the Treasury shall prescribe regulations that adjust 
tax preference items where such items provided no tax benefit for any 
taxable year. This regulation provides guidance for situations where 
tax preference items did not result in a tax benefit because of 
available credits or refund of minimum tax paid on such preferences.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 200.
    Estimated Time per Respondent: 12 minutes.
    Estimated Total Annual Burden Hours: 40.
    4. Title: Form 8871, Political Organization Notice of Section 527 
Status; Form 8453-X, Political Organization Declaration for Electronic 
Filing of Notice of Section 527 Status.
    OMB Number: 1545-1693.
    Form Number: Forms 8871 and 8453-X.
    Abstract: Public Law 106-230 as amended by Public Law 107-276, 
amended Internal Revenue Code section 527(i) to require certain 
political organizations to provide information to the IRS regarding 
their name and address, their purpose, and the names and addresses of 
their officers, highly compensated employees, Board of Directors, and 
related entities within the meaning of section 168(h)(4)). Forms 8871 
and 8453-X are used to report this information to the IRS.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Not-for-profit institutions.
    Estimated Number of Respondents: 5,500.
    Estimated Time per Respondent: 7 hrs., 2 min.
    Estimated Total Annual Reporting Burden Hours: 35,195.
    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.

    Approved: June 6, 2016.
Elaine Christophe,
IRS Tax Analyst.
[FR Doc. 2016-14108 Filed 6-13-16; 8:45 am]
 BILLING CODE 4830-01-P