81 FR 79118 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 218 (November 10, 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)). Currently, the IRS is soliciting comments concerning revised regulations concerning section 403(b) tax- sheltered annuity contracts.

[Federal Register Volume 81, Number 218 (Thursday, November 10, 2016)]
[Notices]
[Pages 79118-79119]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-27102]


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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.

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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

[[Page 79119]]

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 revised regulations concerning section 403(b) tax-
sheltered annuity contracts.

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 Kerry Dennis at 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Revised Regulations Concerning Section 403(b) Tax-Sheltered 
Annuity Contracts.
    OMB Number: 1545-2068.
    Regulation Project Number: TD 9340.
    Abstract: The collection of information in the regulations is in 
final regulations under section 403(b) of the Internal Revenue Code and 
under related provisions of sections 402(b), 402(g), 402A, and 414(c). 
The regulations provide updated guidance on section 403(b) contracts of 
public schools and tax-exempt organizations described in section 
501(c)(3). Such information exchange is necessary to ensure compliance 
with tax law requirements relating to loans and hardship distributions 
from section 403(b) plans and sponsors of section 403(b) contracts, 
administrators, participants, and beneficiaries.
    Current Actions: There are no changes being made to this 
regulation.
    Type of Review: Extension of a previously approved collection.
    Affected Public: Individuals or households, state, local or tribal 
governments, and not-for-profit institutions.
    Estimated Number of Respondents: 11,000.
    Estimated Number of Responses: 90,000.
    Estimated Time per Respondent: 4.1 hours.
    Estimated Total Annual Burden Hours: 45,000.
    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 to provide information.

    Approved: October 27, 2016.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2016-27102 Filed 11-9-16; 8:45 am]
BILLING CODE 4830-01-P