81 FR 45370 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 134 (July 13, 2016)

Page Range		45370-45371
FR Document		2016-16554

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 regulations governing practice before the Internal Revenue.

Federal Register, Volume 81 Issue 134 (Wednesday, July 13, 2016)

[Federal Register Volume 81, Number 134 (Wednesday, July 13, 2016)]
[Notices]
[Pages 45370-45371]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-16554]


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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 regulations 
governing practice before the Internal Revenue.

DATES: Written comments should be received on or before September 12, 
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 regulation should be directed to Allan Hopkins at 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Regulations Governing Practice Before the Internal Revenue 
Service.
    OMB Number: 1545-1726.
    Regulation Project Number: REG-111835-00.
    Abstract: These regulations affect individuals who are eligible to 
practice before the Internal Revenue Service. These regulations also 
authorize the Director of Practice to act upon applications for 
enrollment to practice before the Internal Revenue Service. The 
Director of Practice will use certain information to ensure that: (1) 
Enrolled agents properly complete continuing education requirements to 
obtain renewal; (2) practitioners properly obtain consent of taxpayers 
before representing conflicting interests; (3) practitioners do not use 
e-commerce to make misleading solicitations.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Reinstatement of a previously approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 718,400.
    Estimated Time per Respondent: 2 hours, 28 minutes.
    Estimated Total Annual Burden Hours: 1,777,125.
    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

[[Page 45371]]

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: July 8, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016-16554 Filed 7-12-16; 8:45 am]
 BILLING CODE 4830-01-P

45370 Federal Register / Vol. 81, No. 134 / Wednesday, July 13, 2016 / Notices

• An instructional revision for the proper performance of the DATES: Written comments should be
addressing the reporting of net gains agencies’ functions, including whether received on or before September 12,
(losses) and other-than-temporary the information has practical utility; 2016 to be assured of consideration.
impairments on equity securities that do (b) The accuracy of the agencies’ ADDRESSES: Direct all written comments
not have readily determinable fair estimates of the burden of the to Tuawana Pinkston, Internal Revenue
values on the Call Report income information collections as they are Service, Room 6526, 1111 Constitution
statement; proposed to be revised, including the Avenue NW., Washington, DC 20224.
• New and revised data items of validity of the methodology and FOR FURTHER INFORMATION CONTACT:
general applicability, including: assumptions used; Requests for additional information or
Æ Increasing the time deposit size (c) Ways to enhance the quality, copies of the regulation should be
threshold used to report certain deposit utility, and clarity of the information to directed to Allan Hopkins at Internal
information from $100,000 to $250,000 be collected; Revenue Service, Room 6129, 1111
in Schedules RC–E, RI, and RC–K; (d) Ways to minimize the burden of Constitution Avenue NW., Washington,
Æ Revising the statements used to information collections on respondents, DC 20224, or through the internet at
describe the level of external auditing including through the use of automated Allan.M.Hopkins@irs.gov.
work performed for the reporting collection techniques or other forms of
institution during the preceding year in SUPPLEMENTARY INFORMATION:
information technology; and
Schedule RC; and Title: Regulations Governing Practice
(e) Estimates of capital or start up
• New and revised data items of Before the Internal Revenue Service.
costs and costs of operation,
limited applicability, including: OMB Number: 1545–1726.
maintenance, and purchase of services
Æ Moving the existing Memorandum Regulation Project Number: REG–
to provide information.
items for the fair value and unpaid 111835–00.
Comments submitted in response to
principal balance of loans (not held for Abstract: These regulations affect
this joint notice will be shared among
trading) measured under a fair value individuals who are eligible to practice
the agencies. All comments will become
option from Schedule RC–C, Part I, to before the Internal Revenue Service.
a matter of public record.
Schedule RC–Q; and These regulations also authorize the
Æ Revising the information reported Dated: July 7, 2016. Director of Practice to act upon
in Schedule RI by certain institutions Karen Solomon, applications for enrollment to practice
with total assets of $100 billion or more Deputy Chief Counsel, Office of the before the Internal Revenue Service. The
on the impact on trading revenues of Comptroller of the Currency. Director of Practice will use certain
changes in credit and debit valuation Dated: July 1, 2016. information to ensure that: (1) Enrolled
adjustments and adding a new item for Robert deV. Frierson, agents properly complete continuing
gross trading revenue. education requirements to obtain
Secretary of the Board, Board of Governors
The agencies are not proceeding with of the Federal Reserve System. renewal; (2) practitioners properly
the following elements of the September obtain consent of taxpayers before
Dated at Washington, DC, this 5th day of representing conflicting interests; (3)
2015 proposal: July 2016.
• Proposed instructional practitioners do not use e-commerce to
Robert E. Feldman, make misleading solicitations.
clarifications addressing the reporting of
securities for which a fair value option Executive Secretary, Federal Deposit Current Actions: There is no change to
Insurance Corporation. this existing regulation.
is elected for measurement purposes on
[FR Doc. 2016–16533 Filed 7–12–16; 8:45 am] Type of Review: Reinstatement of a
the Call Report balance sheet and the
reporting of home equity lines of credit BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P previously approved collection.
that convert from revolving to non- Affected Public: Business or other for-
revolving status in Schedule RC–C, Part profit organizations.
I, and certain other schedules; and DEPARTMENT OF THE TREASURY Estimated Number of Respondents:
• Revisions to the reporting of certain Internal Revenue Service
718,400.
securities measured under a fair value Estimated Time per Respondent: 2
option in Schedule RC–Q. Proposed Collection; Comment hours, 28 minutes.
For the September 30, 2016, and Request for Regulation Project Estimated Total Annual Burden
March 31, 2017, report dates, as Hours: 1,777,125.
applicable, institutions may provide AGENCY: Internal Revenue Service (IRS), The following paragraph applies to all
reasonable estimates for any new or Treasury. of the collections of information covered
revised Call Report data item initially ACTION: Notice and request for by this notice:
required to be reported as of that date comments. An agency may not conduct or
for which the requested information is sponsor, and a person is not required to
not readily available. The specific SUMMARY: The Department of the respond to, a collection of information
wording of the captions for the new or Treasury, as part of its continuing effort unless the collection of information
revised Call Report data items discussed to reduce paperwork and respondent displays a valid OMB control number.
in this notice and the numbering of burden, invites the general public and Books or records relating to a collection
these data items should be regarded as other Federal agencies to take this of information must be retained as long
preliminary. opportunity to comment on proposed as their contents may become material
and/or continuing information in the administration of any internal
jstallworth on DSK7TPTVN1PROD with NOTICES

V. Request for Comment collections, as required by the revenue law. Generally, tax returns and
Public comment is requested on all Paperwork Reduction Act of 1995, tax return information are confidential,
aspects of this joint notice. Comments Public Law 104–13 (44 U.S.C. as required by 26 U.S.C. 6103.
are invited on: 3506(c)(2)(A)). Currently, the IRS is Request for Comments: Comments
(a) Whether the proposed revisions to soliciting comments regulations submitted in response to this notice will
the collections of information that are governing practice before the Internal be summarized and/or included in the
the subject of this notice are necessary Revenue. request for OMB approval. All

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Federal Register / Vol. 81, No. 134 / Wednesday, July 13, 2016 / Notices 45371

comments will become a matter of DC 20224, or through the Internet at Request for Comments: Comments
public record. Comments are invited on: Allan.M.Hopkins@irs.gov. submitted in response to this notice will
(a) Whether the collection of SUPPLEMENTARY INFORMATION: be summarized and/or included in the
information is necessary for the proper Title: Financial Asset Securitization request for OMB approval. All
performance of the functions of the Investment Trusts; Real Estate Mortgage comments will become a matter of
agency, including whether the Investment Conduits. public record. Comments are invited on:
information shall have practical utility; OMB Number: 1545–1675. Regulation (a) Whether the collection of
(b) the accuracy of the agency’s estimate Project Number: [REG–100276–97; information is necessary for the proper
of the burden of the collection of REG–122450–98]; TD 9004 (final). performance of the functions of the
information; (c) ways to enhance the Abstract: REG–122450–98 Sections agency, including whether the
quality, utility, and clarity of the 1.860E–1(c)(4)–(10) of the Treasury information shall have practical utility;
information to be collected; (d) ways to Regulations provide circumstances (b) the accuracy of the agency’s estimate
minimize the burden of the collection of under which a transferor of a of the burden of the collection of
information on respondents, including noneconomic residual interest in a Real information; (c) ways to enhance the
through the use of automated collection Estate Mortgage Investment Conduit quality, utility, and clarity of the
techniques or other forms of information (REMIC) meeting the investigation, and information to be collected; (d) ways to
technology; and (e) estimates of capital two representation requirements may minimize the burden of the collection of
or start-up costs and costs of operation, avail itself of the safe harbor by information on respondents, including
maintenance, and purchase of services satisfying either the formula test or asset through the use of automated collection
to provide information. test. This regulation provides start-up techniques or other forms of information
Approved: July 8, 2016.
and transitional rules applicable to technology; and (e) estimates of capital
financial asset securitization investment or start-up costs and costs of operation,
Allan Hopkins,
trust. TD 9004 contains final regulations maintenance, and purchase of services
Tax Analyst. relating to safe harbor transfers of to provide information.
[FR Doc. 2016–16554 Filed 7–12–16; 8:45 am] noneconomic residual interests in real Approved: July 8, 2016.
BILLING CODE 4830–01–P estate mortgage investment conduits
Allan Hopkins,
(REMICs). The final regulations provide
additional limitations on the Tax Analyst.
DEPARTMENT OF THE TREASURY circumstances under which transferors [FR Doc. 2016–16556 Filed 7–12–16; 8:45 am]
may claim safe harbor treatment. BILLING CODE 4830–01–P
Internal Revenue Service
Current Actions: The original NPRM
Proposed Collection; Comment (REG–100276–97; REG–122450–97)
combined proposed rulemaking DEPARTMENT OF THE TREASURY
Request for Regulation Project
activities for (1) Financial Asset
AGENCY: Internal Revenue Service (IRS), Internal Revenue Service
Securitization Investment Trusts
Treasury. (FASIT) and (2) Real Estate Mortgage Proposed Collection; Comment
ACTION: Notice and request for Investment (REMIC). Only the rules Request for Notice 99–43
comments. applicable to REMIC were finalized
under § 1.860E–1 by TD 9004. Public AGENCY: Internal Revenue Service (IRS),
SUMMARY: The Department of the Law 108–357 later repealed the FASIT Treasury.
Treasury, as part of its continuing effort requirements under 26 U.S.C. 860H ACTION: Notice and request for
to reduce paperwork and respondent through 860L. comments.
burden, invites the general public and Type of Review: Reinstatement of a
other Federal agencies to take this previously approved collection. SUMMARY: The Department of the
opportunity to comment on proposed Affected Public: Business or other for- Treasury, as part of its continuing effort
and/or continuing information profit. to reduce paperwork and respondent
collections, as required by the Estimated Number of Respondents burden, invites the general public and
Paperwork Reduction Act of 1995, and/or Record-Keeping: 470. other Federal agencies to take this
Public Law 104–13(44 U.S.C. Estimated Average Annual Burden opportunity to comment on proposed
3506(c)(2)(A)). Currently, the IRS is Hours per Respondent and/or Record- and/or continuing information
soliciting comments concerning keeping: 1 hour. collections, as required by the
financial asset securitization investment Estimated Total Annual Reporting Paperwork Reduction Act of 1995,
trust; real estate mortgage investment and/or Record Keeping Burden: 470. Public Law 104–13 (44 U.S.C.
conduits; real estate mortgage The following paragraph applies to all 3506(c)(2)(A)). Currently, the IRS is
investment conduits. of the collections of information covered soliciting comments concerning Notice
by this notice: 99–43, Nonrecognition Exchanges under
DATES: Written comments should be
An agency may not conduct or Section 897.
received on or before September 12, sponsor, and a person is not required to
2016 to be assured of consideration. respond to, a collection of information DATES: Written comments should be
ADDRESSES: Direct all written comments unless the collection of information received on or before September 12,
to Tuawana Pinkston, Internal Revenue displays a valid OMB control number. 2016 to be assured of consideration.
Service, Room 6526, 1111 Constitution Books or records relating to a ADDRESSES: Direct all written comments
jstallworth on DSK7TPTVN1PROD with NOTICES

Avenue NW., Washington, DC 20224. collection of information must be to Tuawana Pinkston, Internal Revenue
FOR FURTHER INFORMATION CONTACT: retained as long as their contents may Service, Room 6526, 1111 Constitution
Requests for additional information or become material in the administration Avenue NW., Washington, DC 20224.
copies of the regulations should be of any internal revenue law. Generally, FOR FURTHER INFORMATION CONTACT:
directed to Allan Hopkins at Internal tax returns and tax return information Requests for additional information or
Revenue Service, Room 6129, 1111 are confidential, as required by 26 copies of this regulation should be
Constitution Avenue NW., Washington, U.S.C. 6103. directed to Allan Hopkins, Internal

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Document Created: 2016-07-13 01:44:00
Document Modified: 2016-07-13 01:44:00

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 September 12, 2016 to be assured of consideration.
Contact		Requests for additional information or copies of the regulation should be directed to Allan Hopkins at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet at [email protected]
FR Citation		81 FR 45370

81 FR 45370 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 81, Issue 134 (July 13, 2016)

DEPARTMENT OF THE TREASURY
Internal Revenue Service