81_FR_87359 81 FR 87127 - Proposed Collection; Comment Request for Form 8974

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)

Page Range87127-87128
FR Document2016-28915

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 Issue 232 (Friday, December 2, 2016) 
[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

Federal Register / Vol. 81, No. 232 / Friday, December 2, 2016 / Notices 87127 maintenance) for large banks; 120 hours annual incentive payments, and and purchase of services to provide (80 for setup; 40 for yearly maintenance) document approvals. information. for small banks. The OCC uses the legal standard for Dated: November 28, 2016. Frequency of Response: Annually. estimating burden hours under the PRA Karen Solomon, Total Annual Burden: 187,040 hours. (44 U.S.C. 3502(2)). The term ‘‘burden’’ On July 27, 2016, the OCC issued a Deputy Chief Counsel, Office of the means time, effort, or financial Comptroller of the Currency. 60-day notice soliciting comment on the resources expended by persons to information collection, 81 FR 49356. [FR Doc. 2016–28903 Filed 12–1–16; 8:45 am] generate, maintain, or provide One comment was received from an information to or for a Federal agency, BILLING CODE 4810–33–P individual. including the resources expended for: The commenter stated that the burden (a) Reviewing instructions; (b) estimates are low, unrealistic, and DEPARTMENT OF THE TREASURY acquiring, installing, and utilizing unsupported by empirical evidence. The technology and systems; (c) adjusting commenter requested that the next Internal Revenue Service the existing ways to comply with any notice explain how the burden estimates previously applicable instructions and Proposed Collection; Comment were calculated and the empirical requirements; (d) searching data Request for Form 8974 evidence used in the calculation. The commenter believes that the sources; (e) completing and reviewing AGENCY: Internal Revenue Service (IRS), requirements in the guidance requiring the collection of information; and (f) Treasury. institutions to have policies, transmitting, or otherwise disclosing the information. The OCC believes that its ACTION: Notice and request for procedures, appropriate controls, and comments. sufficient documentation to permit an burden estimates are accurate, given audit of the incentive compensation that institutions already have the SUMMARY: The Department of the arrangements and for the board of required arrangements in place, Treasury, as part of its continuing effort directors to review, at least annually, an including any required systems and to reduce paperwork and respondent assessment of the effectiveness of the procedures. burden, invites the general public and design and operation of the bank’s The banking agencies 1 estimated in other Federal agencies to take this incentive compensation system to their original notice 2 that large opportunity to comment on proposed ensure safety and soundness would institutions would spend 480 hours to and/or continuing information likely be met by having the internal modify their policies and procedures to collections, as required by the audit department examine incentive monitor incentive compensation. Small Paperwork Reduction Act of 1995, compensation systems and provide institutions would spend 80 hours to Public Law 104–13 (44 U.S.C. reports to the board audit committee. establish or modify policies and 3506(c)(2)(A)). Currently, the IRS is The commenter estimates that, in procedures to monitor incentive soliciting comments concerning Form institutions with $20 billion or more in compensation. Forty hours would be 8974, Qualified Small Business Payroll total assets, a minimum of four internal required to maintain an incentive Tax Credit for Increasing Research auditors customarily spend three or four compensation program. Activities. weeks auditing the effectiveness of the In the experience of the banking agencies, two months is typically DATES: Written comments should be design and operation of incentive required for a large institution to set up received on or before January 31, 2017 compensation systems, resulting in an a program of this complexity and one to be assured of consideration. annual assessment of the effectiveness of the design and operation of the bank’s business week is required for yearly ADDRESSES: Direct all written comments incentive compensation system at large maintenance. The banking agencies to Tuawana Pinkston, Internal Revenue banks taking a minimum of 640 hours generated these estimates based on their Service, Room 6526, 1111 Constitution to complete. The commenter also stated experience with other information Avenue NW., Washington, DC 20224. that this estimate would not include collections. FOR FURTHER INFORMATION CONTACT: additional hours needed every year to: Comments continue to be invited on: Requests for additional information or (i) Update policies; (ii) revise (a) Whether the collection of copies of the form and instructions procedures; (iii) adjust controls; and (iv) information is necessary for the proper should be directed to Sara Covington, document annual incentive payments performance of the functions of the Internal Revenue Service, Room 6526, and document approvals. The OCC, including whether the information 1111 Constitution Avenue NW., commenter believes that, in large, has practical utility; Washington, DC 20224, or through the systemically important institutions, (b) The accuracy of the OCC’s internet at Sara.L.Covington@irs.gov. internal auditors can spend one to two estimate of the information collection SUPPLEMENTARY INFORMATION: thousand hours auditing the many burden; Title: Qualified Small Business incentive compensation plans for (c) Ways to enhance the quality, Payroll Tax Credit for Increasing compliance with OCC requirements. utility, and clarity of the information to Research Activities. The commenter also believes that the be collected; OMB Number: 1545–XXXX. estimate for ‘‘small banks’’ is also (d) Ways to minimize the burden of Form Number: 8974. grossly underestimated and that, in a the collection on respondents, including Abstract: The law allows a qualified small bank ($50 million in total assets), small business to elect a portion (up to asabaliauskas on DSK3SPTVN1PROD with NOTICES through the use of automated collection it would take one person at least one techniques or other forms of information $250,000) of the research credit against week to assess the effectiveness of the technology; and payroll taxes. Section 3111(f) allows the design and operation of the (e) Estimates of capital or startup costs elected amount as a credit for the compensation systems and format the and costs of operation, maintenance, quarter up to the total amount of the results to be submitted to the board of employer’s share of social security tax. directors. This would be in addition to 1 OCC, Board of Governors of the Federal Reserve Any unused credit can be carried the 40 hours needed to update written System, and Federal Deposit Insurance Corporation. forward to the next quarter. Form 8974 policies and procedures, document 2 75 FR 36395 (June 25, 2010). is used by businesses and individuals VerDate Sep<11>2014 17:55 Dec 01, 2016 Jkt 241001 PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 E:\FR\FM\02DEN1.SGM 02DEN1

87128 Federal Register / Vol. 81, No. 232 / Friday, December 2, 2016 / Notices engaged in a trade or business to public record. Comments are invited on: the Department of the Treasury is determine the portion of the elected (a) Whether the collection of publishing a current list of countries research credit amount, as reported on information is necessary for the proper which require or may require Form 6765, that can be claimed for the performance of the functions of the participation in, or cooperation with, an quarter on Form 941. agency, including whether the international boycott (within the Current Actions: There are no changes information shall have practical utility; meaning of section 999(b)(3) of the being made to the form at this time. (b) the accuracy of the agency’s estimate Internal Revenue Code of 1986). Type of Review: New Form. of the burden of the collection of Affected Public: Business or other for- information; (c) ways to enhance the On the basis of the best information profit organizations and individuals. quality, utility, and clarity of the currently available to the Department of Estimated Number of Respondents: information to be collected; (d) ways to the Treasury, the following countries 5,000. minimize the burden of the collection of require or may require participation in, Estimated Time per Respondent: 2 information on respondents, including or cooperation with, an international hours, 45 minutes. through the use of automated collection boycott (within the meaning of section Estimated Total Annual Burden techniques or other forms of information 999(b)(3) of the Internal Revenue Code Hours: 20,000. technology; and (e) estimates of capital of 1986). The following paragraph applies to all or start-up costs and costs of operation, of the collections of information covered Iraq maintenance, and purchase of services Kuwait by this notice: to provide information. An agency may not conduct or Lebanon sponsor, and a person is not required to Approved: November 15, 2016. Libya respond to, a collection of information Tuawana Pinkston, Qatar unless the collection of information IRS Supervisory Tax Analyst. Saudi Arabia displays a valid OMB control number. [FR Doc. 2016–28915 Filed 12–1–16; 8:45 am] Syria Books or records relating to a collection BILLING CODE 4830–01–P United Arab Emirates of information must be retained as long Yemen as their contents may become material Dated: November 28, 2016. in the administration of any internal DEPARTMENT OF THE TREASURY Danielle Rolfes, revenue law. Generally, tax returns and International Tax Counsel, (Tax Policy). tax return information are confidential, Office of the Secretary [FR Doc. 2016–29008 Filed 12–1–16; 8:45 am] as required by 26 U.S.C. 6103. List of Countries Requiring Request for Comments: Comments BILLING CODE 4810–25–P Cooperation With an International submitted in response to this notice will Boycott be summarized and/or included in the request for OMB approval. All In accordance with section 999(a)(3) comments will become a matter of of the Internal Revenue Code of 1986, asabaliauskas on DSK3SPTVN1PROD with NOTICES VerDate Sep<11>2014 17:55 Dec 01, 2016 Jkt 241001 PO 00000 Frm 00112 Fmt 4703 Sfmt 9990 E:\FR\FM\02DEN1.SGM 02DEN1


Document Created: 2018-02-14 09:02:06
Document Modified: 2018-02-14 09:02:06
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice and request for comments.
DatesWritten comments should be received on or before January 31, 2017 to be assured of consideration.
ContactRequests 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]
FR Citation81 FR 87127 
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