82 FR 37987 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 155 (August 14, 2017)

Page Range		37987-37987
FR Document		2017-17136

The Internal Revenue Service, 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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning suspension or reduction of safe harbor nonelective contributions.

Federal Register, Volume 82 Issue 155 (Monday, August 14, 2017)

[Federal Register Volume 82, Number 155 (Monday, August 14, 2017)]
[Notices]
[Page 37987]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-17136]


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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 Internal Revenue Service, 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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning 
suspension or reduction of safe harbor nonelective contributions.

DATES: Written comments should be received on or before October 13, 
2017 to be assured of consideration.

ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue 
Service, room 6529, 1111 Constitution Avenue NW., Washington, DC 20224. 
Requests for additional information or copies of the regulations should 
be directed to Kerry Dennis, Internal Revenue Service, Room 6529, 1111 
Constitution Avenue NW., Washington DC 20224, or through the internet, 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Suspension or Reduction of Safe Harbor Nonelective 
Contributions.
    OMB Number: 1545-2191.
    Regulation Project Number: T.D. 9641.
    Abstract: The final regulation allows a 401(k) plan using the safe 
harbor provisions of section 401(k)(12) to suspend or reduce 
nonelective safe harbor contributions if the employer is operating at 
an economic loss described in section 412(2)(A). The final regulations 
permit an employer to reduce or suspend safe harbor nonelective 
contributions without regard to the financial condition of the employer 
if notice is provided to participants before the beginning of the plan 
year which discloses the possibility that the contributions might be 
reduced or suspended midyear. The final regulations also permit 
matching contributions to be reduced or suspended under a mid-year 
amendment if the notice provided to participants before the beginning 
of the plan year discloses that the contributions might be reduced or 
suspended mid-year. These notices must also provide that a supplemental 
notice will be provided to plan participants if a reduction or 
suspension does occur and that the reduction or suspension will not 
apply until at least 30 days after the supplemental notice is provided.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals and Households, Businesses and other 
for-profit organizations.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 10,000.
    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: August 7, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-17136 Filed 8-11-17; 8:45 am]
 BILLING CODE P

Federal Register / Vol. 82, No. 155 / Monday, August 14, 2017 / Notices 37987

e.g., by permitting electronic Constitution Avenue NW., Washington Estimated Time per Respondent: 2
submissions of responses. DC 20224, or through the internet, at hours.
Comments submitted in response to Kerry.Dennis@irs.gov. Estimated Total Annual Burden
this notice will be summarized and/or SUPPLEMENTARY INFORMATION: Hours: 10,000.
included in the ICR for OMB approval Title: Suspension or Reduction of Safe The following paragraph applies to all
of the extension of the information Harbor Nonelective Contributions. of the collections of information covered
collection; they will also become a OMB Number: 1545–2191. by this notice.
matter of public record. An agency may not conduct or
Regulation Project Number: T.D. 9641.
Approved: August 8, 2017. sponsor, and a person is not required to
Abstract: The final regulation allows
R. Joseph Durbala, respond to, a collection of information
a 401(k) plan using the safe harbor
unless the collection of information
IRS Tax Analyst. provisions of section 401(k)(12) to
displays a valid OMB control number.
[FR Doc. 2017–17139 Filed 8–11–17; 8:45 am] suspend or reduce nonelective safe
Books or records relating to a collection
BILLING CODE 4830–01–P harbor contributions if the employer is
of information must be retained as long
operating at an economic loss described
as their contents may become material
in section 412(2)(A). The final
in the administration of any internal
DEPARTMENT OF THE TREASURY regulations permit an employer to
revenue law. Generally, tax returns and
reduce or suspend safe harbor
Internal Revenue Service tax return information are confidential,
nonelective contributions without
as required by 26 U.S.C. 6103.
regard to the financial condition of the
Proposed Collection; Comment Request for Comments: Comments
employer if notice is provided to
Request for Regulation Project submitted in response to this notice will
participants before the beginning of the
be summarized and/or included in the
AGENCY: Internal Revenue Service (IRS), plan year which discloses the
request for OMB approval. All
Treasury. possibility that the contributions might
comments will become a matter of
ACTION: Notice and request for be reduced or suspended midyear. The
public record. Comments are invited on:
comments. final regulations also permit matching
(a) Whether the collection of
contributions to be reduced or
SUMMARY: The Internal Revenue Service, information is necessary for the proper
suspended under a mid-year
as part of its continuing effort to reduce performance of the functions of the
amendment if the notice provided to
paperwork and respondent burden, agency, including whether the
participants before the beginning of the
invites the general public and other information shall have practical utility;
plan year discloses that the
Federal agencies to take this (b) the accuracy of the agency’s estimate
contributions might be reduced or
opportunity to comment on continuing of the burden of the collection of
suspended mid-year. These notices
information collections, as required by information; (c) ways to enhance the
must also provide that a supplemental
the Paperwork Reduction Act of 1995. quality, utility, and clarity of the
notice will be provided to plan
The IRS is soliciting comments information to be collected; (d) ways to
participants if a reduction or suspension
concerning suspension or reduction of minimize the burden of the collection of
does occur and that the reduction or
safe harbor nonelective contributions. information on respondents, including
suspension will not apply until at least
through the use of automated collection
DATES: Written comments should be 30 days after the supplemental notice is
techniques or other forms of information
received on or before October 13, 2017 provided.
technology; and (e) estimates of capital
to be assured of consideration. Current Actions: There is no change to or start-up costs and costs of operation,
ADDRESSES: Direct all written comments this existing regulation. maintenance, and purchase of services
to L. Brimmer, Internal Revenue Type of Review: Extension of a to provide information.
Service, room 6529, 1111 Constitution currently approved collection.
Avenue NW., Washington, DC 20224. Affected Public: Individuals and Approved: August 7, 2017.
Requests for additional information or Households, Businesses and other for- L. Brimmer,
copies of the regulations should be profit organizations. Senior Tax Analyst.
directed to Kerry Dennis, Internal Estimated Number of Respondents: [FR Doc. 2017–17136 Filed 8–11–17; 8:45 am]
Revenue Service, Room 6529, 1111 5,000. BILLING CODE P
sradovich on DSK3GMQ082PROD with NOTICES

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Document Created: 2018-10-24 11:52:00
Document Modified: 2018-10-24 11:52:00

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 October 13, 2017 to be assured of consideration.
FR Citation		82 FR 37987

82 FR 37987 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 82, Issue 155 (August 14, 2017)

DEPARTMENT OF THE TREASURY
Internal Revenue Service