81 FR 79098 - Proposed Collection; Comment Request for Regulation Project
DEPARTMENT OF THE TREASURY
Internal Revenue Service Federal Register Volume 81, Issue 218 (November 10, 2016)
Internal Revenue Service
Federal Register Volume 81, Issue 218 (November 10, 2016)
| Page Range | 79098-79098 | |
| FR Document | 2016-27113 |
[Federal Register Volume 81, Number 218 (Thursday, November 10, 2016)] [Notices] [Page 79098] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-27113] ----------------------------------------------------------------------- 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 capitalization of certain policy acquisition expenses. DATES: Written comments should be received on or before January 9, 2017 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 LaNita Van Dyke at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet at [email protected]. SUPPLEMENTARY INFORMATION: Title: Capitalization of Certain Policy Acquisition Expenses. OMB Number: 1545-1287. Regulation Project Number: FI-3-91 (TD 8456). Abstract: Internal Revenue Code section 848 provides that insurance companies' must capitalize ``specified policy acquisition expenses. In lieu of identifying the categories of expenses that must be capitalized, section 848 requires that a company capitalize an amount of otherwise deductible expenses equal to specified percentages of net premiums with respect to certain types of insurance contracts. Insurance companies that enter into reinsurance agreements must determine the amounts to be capitalized under those agreements consistently. This regulation provides elections to permit the parties to a reinsurance agreement to shift the burden of capitalization for their mutual benefit. Current Actions: There is no change to these existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Business or other for-profit organizations. Estimated Number of Respondents: 2,070. Estimated Time per Respondent: 1 hr. Estimated Total Annual Burden Hours: 2,070. 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 toprovide information. Approved: November 1, 2016. Tuawana Pinkston, Supervisory Tax Analyst. [FR Doc. 2016-27113 Filed 11-9-16; 8:45 am] BILLING CODE 4830-01-P
![79098 Federal Register / Vol. 81, No. 218 / Thursday, November 10, 2016 / Notices
sheet is an effective tool ensuring that DEPARTMENT OF THE TREASURY Affected Public: Business or other for-
critical taxpayer information is obtained profit organizations.
and applied during the interview Internal Revenue Service Estimated Number of Respondents:
process. 2,070.
Proposed Collection; Comment Estimated Time per Respondent: 1 hr.
Current Actions: There are no changes Request for Regulation Project
being made to these forms at this time, Estimated Total Annual Burden
however, the agency has updated its AGENCY: Internal Revenue Service (IRS), Hours: 2,070.
Treasury. The following paragraph applies to all
most recent number of respondent
of the collections of information covered
estimates and updated the collection to ACTION: Notice and request for
by this notice:
include all 11 language translations. comments. An agency may not conduct or
Type of Review: Revision of a sponsor, and a person is not required to
SUMMARY: The Department of the
currently approved collection. respond to, a collection of information
Treasury, as part of its continuing effort
Affected Public: Individuals or to reduce paperwork and respondent unless the collection of information
households, Business or other for-profit burden, invites the general public and displays a valid OMB control number.
organizations, and not-for-profit other Federal agencies to take this Books or records relating to a collection
institutions, and Federal Government. opportunity to comment on proposed of information must be retained as long
Estimated Number of Responses: and/or continuing information as their contents may become material
3,700,000. collections, as required by the in the administration of any internal
Paperwork Reduction Act of 1995, revenue law. Generally, tax returns and
Estimated Time per Response: 17 min. tax return information are confidential,
Public Law 104–13 (44 U.S.C.
Estimated Total Annual Burden 3506(c)(2)(A)). Currently, the IRS is as required by 26 U.S.C. 6103.
Hours: 616,803. soliciting comments capitalization of Request for Comments: Comments
The following paragraph applies to all certain policy acquisition expenses. submitted in response to this notice will
of the collections of information covered be summarized and/or included in the
DATES: Written comments should be
by this notice: request for OMB approval. All
received on or before January 9, 2017 to
comments will become a matter of
An agency may not conduct or be assured of consideration.
public record. Comments are invited on:
sponsor, and a person is not required to ADDRESSES: Direct all written comments
(a) Whether the collection of
respond to, a collection of information to Tuawana Pinkston, Internal Revenue information is necessary for the proper
unless the collection of information Service, Room 6526, 1111 Constitution performance of the functions of the
displays a valid OMB control number. Avenue NW., Washington, DC 20224. agency, including whether the
Books or records relating to a collection FOR FURTHER INFORMATION CONTACT: information shall have practical utility;
of information must be retained as long Requests for additional information or (b) the accuracy of the agency’s estimate
as their contents may become material copies of the regulations should be of the burden of the collection of
in the administration of any internal directed to LaNita Van Dyke at Internal information; (c) ways to enhance the
revenue law. Generally, tax returns and Revenue Service, Room 6526, 1111 quality, utility, and clarity of the
tax return information are confidential, Constitution Avenue NW., Washington, information to be collected; (d) ways to
as required by 26 U.S.C. 6103. DC 20224, or through the internet at minimize the burden of the collection of
Request for Comments: Comments Lanita.VanDyke@irs.gov. information on respondents, including
submitted in response to this notice will SUPPLEMENTARY INFORMATION: through the use of automated collection
be summarized and/or included in the Title: Capitalization of Certain Policy techniques or other forms of information
request for OMB approval. All Acquisition Expenses. technology; and (e) estimates of capital
comments will become a matter of OMB Number: 1545–1287. or start-up costs and costs of operation,
public record. Comments are invited on: Regulation Project Number: FI–3–91 maintenance, and purchase of services
(a) Whether the collection of (TD 8456). toprovide information.
information is necessary for the proper Abstract: Internal Revenue Code
section 848 provides that insurance Approved: November 1, 2016.
performance of the functions of the
companies’ must capitalize ‘‘specified Tuawana Pinkston,
agency, including whether the
information shall have practical utility; policy acquisition expenses. In lieu of Supervisory Tax Analyst.
(b) the accuracy of the agency’s estimate identifying the categories of expenses [FR Doc. 2016–27113 Filed 11–9–16; 8:45 am]
of the burden of the collection of that must be capitalized, section 848 BILLING CODE 4830–01–P
information; (c) ways to enhance the requires that a company capitalize an
quality, utility, and clarity of the amount of otherwise deductible
information to be collected; (d) ways to expenses equal to specified percentages DEPARTMENT OF THE TREASURY
minimize the burden of the collection of of net premiums with respect to certain
types of insurance contracts. Insurance Internal Revenue Service
information on respondents, including
through the use of automated collection companies that enter into reinsurance
Quarterly Publication of Individuals,
techniques or other forms of information agreements must determine the amounts
Who Have Chosen To Expatriate, as
technology; and (e) estimates of capital to be capitalized under those
Required by Section 6039G
asabaliauskas on DSK3SPTVN1PROD with NOTICES
or start-up costs and costs of operation, agreements consistently. This regulation
maintenance, and purchase of services provides elections to permit the parties AGENCY: Internal Revenue Service (IRS),
to provide information. to a reinsurance agreement to shift the Treasury.
burden of capitalization for their mutual ACTION: Notice.
Approved: November 1, 2016.
benefit.
Tuawana Pinkston, Current Actions: There is no change to SUMMARY: This notice is provided in
IRS Reports Clearance Officer. these existing regulation. accordance with IRC section 6039G of
[FR Doc. 2016–27099 Filed 11–9–16; 8:45 am] Type of Review: Extension of a the Health Insurance Portability and
BILLING CODE 4830–01–P currently approved collection. Accountability Act (HIPPA) of 1996, as
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Document Created: 2016-11-10 01:43:51
Document Modified: 2016-11-10 01:43:51
| 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 January 9, 2017 to be assured of consideration. | |
| Contact | Requests for additional information or copies of the regulations should be directed to LaNita Van Dyke at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet at [email protected] | |
| FR Citation | 81 FR 79098 |
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