81 FR 87127 - Proposed Collection; Comment Request for Form 8974

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 232 (December 2, 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 Form 8974, Qualified Small Business Payroll Tax Credit for Increasing Research Activities.

[Federal Register Volume 81, Number 232 (Friday, December 2, 2016)]
[Notices]
[Pages 87127-87128]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-28915]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8974

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)). Currently, the IRS is soliciting comments concerning 
Form 8974, Qualified Small Business Payroll Tax Credit for Increasing 
Research Activities.

DATES: Written comments should be received on or before January 31, 
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 form and instructions should be directed to Sara 
Covington, Internal Revenue Service, Room 6526, 1111 Constitution 
Avenue NW., Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Qualified Small Business Payroll Tax Credit for Increasing 
Research Activities.
    OMB Number: 1545-XXXX.
    Form Number: 8974.
    Abstract: The law allows a qualified small business to elect a 
portion (up to $250,000) of the research credit against payroll taxes. 
Section 3111(f) allows the elected amount as a credit for the quarter 
up to the total amount of the employer's share of social security tax. 
Any unused credit can be carried forward to the next quarter. Form 8974 
is used by businesses and individuals

[[Page 87128]]

engaged in a trade or business to determine the portion of the elected 
research credit amount, as reported on Form 6765, that can be claimed 
for the quarter on Form 941.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: New Form.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 2 hours, 45 minutes.
    Estimated Total Annual Burden Hours: 20,000.
    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 to provide information.

    Approved: November 15, 2016.
Tuawana Pinkston,
IRS Supervisory Tax Analyst.
[FR Doc. 2016-28915 Filed 12-1-16; 8:45 am]
BILLING CODE 4830-01-P