81 FR 94024 - Submission for OMB Review; Comment Request

DEPARTMENT OF THE TREASURY

Federal Register Volume 81, Issue 246 (December 22, 2016)

Page Range		94024-94025
FR Document		2016-30887

Federal Register, Volume 81 Issue 246 (Thursday, December 22, 2016)

[Federal Register Volume 81, Number 246 (Thursday, December 22, 2016)]
[Notices]
[Pages 94024-94025]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-30887]



[[Page 94024]]

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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

December 19, 2016.
    The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, Public Law 104-13, on or after the date of 
publication of this notice.

DATES: Comments should be received on or before January 23, 2017 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimates, or any other 
aspect of the information collections, including suggestions for 
reducing the burden, to (1) Office of Information and Regulatory 
Affairs, Office of Management and Budget, Attention: Desk Officer for 
Treasury, New Executive Office Building, Room 10235, Washington, DC 
20503, or email at [email protected] and (2) Treasury PRA 
Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8142, Washington, 
DC 20220, or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained by emailing [email protected], calling (202) 622-0934, or 
viewing the entire information collection request at www.reginfo.gov.

Internal Revenue Service (IRS)

    OMB Control Number: 1545-0092.
    Type of Review: Revision of a currently approved collection.
    Title: U.S. Income Tax Return for Estates and Trusts.
    Forms: 1041, Schedule D (Form 1041), Schedule D-1 (Form 1041), 
Schedule I (Form 1041), Schedule J (Form 1041), Schedule K-1 (Form 
1041), 1041-V.
    Abstract: IRC section 6012 requires that an annual income tax 
return be filed for estates and trusts. Data is used to determine that 
the estates, trusts, and beneficiaries file the proper returns and paid 
the correct tax. The various schedules (Schedule D, I, J, and K-I) are 
used in the collection of information under the various authorizing 
statutes seen below (Legal Statutes). The worksheets are used to figure 
various taxes and deductions. Form 1041-V allows the Internal Revenue 
Service to process the payment more accurately and efficiently. The IRS 
strongly encourages the use of Form 1041-V, but there is no penalty if 
it is not used.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 307,784,800.

    OMB Control Number: 1545-0181.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Application for Extension of Time to File a Return and/or 
Pay U.S. Estate (and Generation-Skipping Transfer) Taxes.
    Form: 4768.
    Abstract: Form 4768 is used by estates to request an extension of 
time to file an estate (and GST) tax return and/or to pay the estate 
(and GST) taxes and to explain why the extension should be granted. IRS 
uses the information to decide whether the extension should be granted.
    Affected Public: Individuals and Households.
    Estimated Total Annual Burden Hours: 30,710.

    OMB Control Number: 1545-0954.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Return for Nuclear Decommissioning Funds and Certain Related 
Persons.
    Form: 1120-ND.
    Abstract: A nuclear utility files Form 1120-ND to report the income 
and taxes of a fund set up by the public utility to provide cash for 
the dismantling of the nuclear power plant. The IRS uses Form 1120-ND 
to determine if the fund income taxes are correctly computed and if a 
person related to the fund or the nuclear utility must pay taxes on 
self-dealing.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 3,259.

    OMB Control Number: 1545-1595.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Automatic Data Processing--(Rev. Proc. 98-25).
    Abstract: Rev. Proc. 98-25 specifies the basic requirements that 
the IRS considers to be essential in cases where a taxpayers's records 
are maintained within an Automatic Data Processing System (ADP). If 
machine-sensible records are lost, stolen, destroyed, or materially 
inaccurate, the Rev. Proc. requires that a taxpayer promptly notify its 
District Director and submit a plan to replace the affected records. 
The District Director will notify the taxpayer of any objection(s) to 
the taxpayer's plan. Also, the Rev. Proc. provides that a taxpayer who 
maintains machine-sensible records may request to enter into a Record 
Retention Limitation Agreement (RRLA) with its District Director.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 120,000.

    OMB Control Number: 1545-1668.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Return of U.S. Persons With Respect to Certain Foreign 
Partnerships.
    Forms: 8865, Sch K-1, Sch O, Sch P.
    Abstract: The Taxpayer Relief Act of 1997 significantly modified 
the information reporting requirements with respect to foreign 
partnerships. The Act made the following three changes (1) expanded 
section 6038B to require U.S. persons transferring property to foreign 
partnerships in certain transactions to report those transfers; (2) 
expanded section 6038 to require certain U.S. Partners of controlled 
foreign partnerships to report information about the partnerships; and 
(3) modified the reporting required under section 6046A with respect to 
acquisitions and dispositions of foreign partnership interests.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 245,074.

    OMB Control Number: 1545-1722.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Extraterritorial Income Exclusion.
    Abstract: A taxpayer uses Form 8873 to claim the gross income 
exclusion provided for by section 114 of the Internal Revenue Code.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 19,087,500.

    OMB Control Number: 1545-1736.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Advanced Insurance Commissions--Revenue Procedure 2001-24.
    Abstract: A taxpayer that wants to obtain automatic consent to 
change its method of accounting for cash advances on commissions paid 
to its agents must agree to the specified terms and conditions under 
the revenue procedure. This agreement is ratified by attaching the 
required statement to the federal income tax return for the year of 
change.
    Affected Public: Businesses or other for-profits.

[[Page 94025]]

    Estimated Total Annual Burden Hours: 1,318.

Bob Faber,
Acting Treasury PRA Clearance Officer.
[FR Doc. 2016-30887 Filed 12-21-16; 8:45 am]
 BILLING CODE 4830-01-P

94024 Federal Register / Vol. 81, No. 246 / Thursday, December 22, 2016 / Notices

DEPARTMENT OF THE TREASURY Estimated Total Annual Burden Affected Public: Businesses or other
Hours: 307,784,800. for-profits.
Submission for OMB Review; OMB Control Number: 1545–0181. Estimated Total Annual Burden
Comment Request Type of Review: Extension without Hours: 120,000.
change of a currently approved OMB Control Number: 1545–1668.
December 19, 2016.
collection.
The Department of the Treasury will Title: Application for Extension of Type of Review: Extension without
submit the following information Time to File a Return and/or Pay U.S. change of a currently approved
collection requests to the Office of Estate (and Generation-Skipping collection.
Management and Budget (OMB) for Transfer) Taxes. Title: Return of U.S. Persons With
review and clearance in accordance Form: 4768. Respect to Certain Foreign Partnerships.
with the Paperwork Reduction Act of Abstract: Form 4768 is used by estates Forms: 8865, Sch K–1, Sch O, Sch P.
1995, Public Law 104–13, on or after the to request an extension of time to file an Abstract: The Taxpayer Relief Act of
date of publication of this notice. estate (and GST) tax return and/or to 1997 significantly modified the
DATES: Comments should be received on pay the estate (and GST) taxes and to information reporting requirements with
or before January 23, 2017 to be assured explain why the extension should be respect to foreign partnerships. The Act
of consideration. granted. IRS uses the information to made the following three changes (1)
ADDRESSES: Send comments regarding decide whether the extension should be expanded section 6038B to require U.S.
the burden estimates, or any other granted. persons transferring property to foreign
aspect of the information collections, Affected Public: Individuals and partnerships in certain transactions to
including suggestions for reducing the Households. report those transfers; (2) expanded
burden, to (1) Office of Information and Estimated Total Annual Burden section 6038 to require certain U.S.
Regulatory Affairs, Office of Hours: 30,710. Partners of controlled foreign
Management and Budget, Attention: OMB Control Number: 1545–0954. partnerships to report information about
Desk Officer for Treasury, New Type of Review: Extension without the partnerships; and (3) modified the
Executive Office Building, Room 10235, change of a currently approved reporting required under section 6046A
Washington, DC 20503, or email at collection. with respect to acquisitions and
OIRA_Submission@OMB.EOP.gov and Title: Return for Nuclear dispositions of foreign partnership
(2) Treasury PRA Clearance Officer, Decommissioning Funds and Certain interests.
1750 Pennsylvania Ave. NW., Suite Related Persons.
Form: 1120–ND. Affected Public: Businesses or other
8142, Washington, DC 20220, or email Abstract: A nuclear utility files Form for-profits.
at PRA@treasury.gov. 1120–ND to report the income and taxes Estimated Total Annual Burden
FOR FURTHER INFORMATION CONTACT: of a fund set up by the public utility to Hours: 245,074.
Copies of the submissions may be provide cash for the dismantling of the OMB Control Number: 1545–1722.
obtained by emailing PRA@treasury.gov, nuclear power plant. The IRS uses Form Type of Review: Extension without
calling (202) 622–0934, or viewing the 1120–ND to determine if the fund change of a currently approved
entire information collection request at income taxes are correctly computed collection.
www.reginfo.gov. and if a person related to the fund or the
Title: Extraterritorial Income
Internal Revenue Service (IRS) nuclear utility must pay taxes on self-
Exclusion.
dealing.
OMB Control Number: 1545–0092. Affected Public: Businesses or other Abstract: A taxpayer uses Form 8873
Type of Review: Revision of a for-profits. to claim the gross income exclusion
currently approved collection. Estimated Total Annual Burden provided for by section 114 of the
Title: U.S. Income Tax Return for Hours: 3,259. Internal Revenue Code.
Estates and Trusts. OMB Control Number: 1545–1595. Affected Public: Businesses or other
Forms: 1041, Schedule D (Form 1041), Type of Review: Extension without for-profits.
Schedule D–1 (Form 1041), Schedule I change of a currently approved Estimated Total Annual Burden
(Form 1041), Schedule J (Form 1041), collection. Hours: 19,087,500.
Schedule K–1 (Form 1041), 1041–V. Title: Automatic Data Processing— OMB Control Number: 1545–1736.
Abstract: IRC section 6012 requires (Rev. Proc. 98–25).
that an annual income tax return be Abstract: Rev. Proc. 98–25 specifies Type of Review: Extension without
filed for estates and trusts. Data is used the basic requirements that the IRS change of a currently approved
to determine that the estates, trusts, and considers to be essential in cases where collection.
beneficiaries file the proper returns and a taxpayers’s records are maintained Title: Advanced Insurance
paid the correct tax. The various within an Automatic Data Processing Commissions—Revenue Procedure
schedules (Schedule D, I, J, and K–I) are System (ADP). If machine-sensible 2001–24.
used in the collection of information records are lost, stolen, destroyed, or Abstract: A taxpayer that wants to
under the various authorizing statutes materially inaccurate, the Rev. Proc. obtain automatic consent to change its
seen below (Legal Statutes). The requires that a taxpayer promptly notify method of accounting for cash advances
worksheets are used to figure various its District Director and submit a plan to on commissions paid to its agents must
taxes and deductions. Form 1041–V replace the affected records. The District agree to the specified terms and
sradovich on DSK3GMQ082PROD with NOTICES

allows the Internal Revenue Service to Director will notify the taxpayer of any conditions under the revenue
process the payment more accurately objection(s) to the taxpayer’s plan. Also, procedure. This agreement is ratified by
and efficiently. The IRS strongly the Rev. Proc. provides that a taxpayer attaching the required statement to the
encourages the use of Form 1041–V, but who maintains machine-sensible federal income tax return for the year of
there is no penalty if it is not used. records may request to enter into a change.
Affected Public: Businesses or other Record Retention Limitation Agreement Affected Public: Businesses or other
for-profits. (RRLA) with its District Director. for-profits.

VerDate Sep<11>2014 17:40 Dec 21, 2016 Jkt 241001 PO 00000 Frm 00144 Fmt 4703 Sfmt 4703 E:\FR\FM\22DEN1.SGM 22DEN1

$Federal Register / Vol. 81, No. 246 / Thursday, December 22, 2016 / Notices 94025 Estimated Total Annual Burden Hours: 1,318. Bob Faber, Acting Treasury PRA Clearance Officer. [FR Doc. 2016–30887 Filed 12–21–16; 8:45 am] BILLING CODE 4830–01–P sradovich on DSK3GMQ082PROD with NOTICES VerDate Sep<11>2014 17:40 Dec 21, 2016 Jkt 241001 PO 00000 Frm 00145 Fmt 4703 Sfmt 9990 E:\FR\FM\22DEN1.SGM 22DEN1$

Document Created: 2016-12-21 23:52:37
Document Modified: 2016-12-21 23:52:37

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
Dates		Comments should be received on or before January 23, 2017 to be assured of consideration.
Contact		Copies of the submissions may be obtained by emailing [email protected], calling (202) 622-0934, or viewing the entire information collection request at www.reginfo.gov.
FR Citation		81 FR 94024