83 FR 14105 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 63 (April 2, 2018)

Page Range		14105-14105
FR Document		2018-06672

The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Bad Debt Reserves of Banks.

Federal Register, Volume 83 Issue 63 (Monday, April 2, 2018)

[Federal Register Volume 83, Number 63 (Monday, April 2, 2018)]
[Notices]
[Page 14105]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-06672]


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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 (IRS), 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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning Bad Debt Reserves of 
Banks.

DATES: Written comments should be received on or before June 1, 2018 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT:  Requests for additional information 
or copies of the regulation should be directed to Martha R. Brinson, at 
(202) 317-5753, or at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Bad Debt Reserves of Banks.
    OMB Number: 1545-1290.
    Regulation Project Number: TD 8513.
    Abstract: Section 585 (c) of the Internal Revenue Code requires 
large banks to change from reserve method of accounting to the specific 
charge off method of accounting for bad debts. Section 1.585-8 of the 
regulation contains reporting requirements in cases in which large 
banks elect (1) to include in income an amount greater than that 
prescribed by the Code; (2) to use the elective cut-off method of 
accounting: Or (3) to revoke any elections previously made.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,500.
    Estimated Time per Respondent: 15 min.
    Estimated Total Annual Burden Hours: 625.
    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: March 27, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-06672 Filed 3-30-18; 8:45 am]
 BILLING CODE 4830-01-P

Federal Register / Vol. 83, No. 63 / Monday, April 2, 2018 / Notices 14105

Description: Section 312 of the Fair techniques or other forms of information Current Actions: There is no change to
and Accurate Credit Transactions Act of technology; and this existing regulation.
2003 (FACT Act) required the issuance (e) Estimates of capital or start-up Type of Review: Extension of a
of guidelines for use by furnishers costs and costs of operation, currently approved collection.
regarding the accuracy and integrity of maintenance, and purchase of services Affected Public: Business or other for-
the information about consumers that to provide information. profit organizations.
they furnish to consumer reporting Dated: March 26, 2018.
Estimated Number of Respondents:
agencies and to prescribe regulations 2,500.
Karen Solomon, Estimated Time per Respondent: 15
requiring furnishers to establish Acting Senior Deputy Comptroller and Chief
reasonable policies and procedures for min.
Counsel. Estimated Total Annual Burden
implementing the guidelines. Section [FR Doc. 2018–06580 Filed 3–30–18; 8:45 am] Hours: 625.
312 also required the issuance of BILLING CODE 4810–33–P The following paragraph applies to all
regulations identifying the of the collections of information covered
circumstances under which a furnisher by this notice:
must reinvestigate disputes about the DEPARTMENT OF THE TREASURY An agency may not conduct or
accuracy of information contained in a sponsor, and a person is not required to
consumer report based on a direct Internal Revenue Service respond to, a collection of information
request from a consumer. unless the collection of information
Twelve CFR 1022.42(a) requires Proposed Collection; Comment
displays a valid OMB control number.
furnishers to establish and implement Request for Regulation Project
Books or records relating to a collection
reasonable written policies and AGENCY: Internal Revenue Service (IRS), of information must be retained as long
procedures regarding the accuracy and Treasury. as their contents may become material
integrity of consumer information that in the administration of any internal
ACTION: Notice and request for
they provide to a consumer reporting revenue law. Generally, tax returns and
comments.
agency (CRA). tax return information are confidential,
Section 1022.43(a) requires a SUMMARY: The Internal Revenue Service as required by 26 U.S.C. 6103.
furnisher to conduct a reasonable (IRS), as part of its continuing effort to Request for Comments: Comments
investigation of a dispute initiated reduce paperwork and respondent submitted in response to this notice will
directly by a consumer in certain burden, invites the general public and be summarized and/or included in the
circumstances. Furnishers are required other Federal agencies to take this request for OMB approval. All
to have procedures to ensure that opportunity to comment on information comments will become a matter of
disputes received directly from collections, as required by the public record. Comments are invited on:
consumers are handled in a Paperwork Reduction Act of 1995. The (a) Whether the collection of
substantially similar manner to those IRS is soliciting comments concerning information is necessary for the proper
complaints received through CRAs. Bad Debt Reserves of Banks. performance of the functions of the
Section 1022.43(f)(2) incorporates the DATES: Written comments should be agency, including whether the
statutory requirement that a furnisher received on or before June 1, 2018 to be information shall have practical utility;
must notify a consumer by mail or other assured of consideration. (b) the accuracy of the agency’s estimate
means (if authorized by the consumer) of the burden of the collection of
ADDRESSES: Direct all written comments
not later than five business days after information; (c) ways to enhance the
to Laurie Brimmer, Internal Revenue
making a determination that a dispute is quality, utility, and clarity of the
Service, Room 6526, 1111 Constitution
frivolous or irrelevant. Section information to be collected; (d) ways to
Avenue NW, Washington, DC 20224.
1022.43(f) incorporates the statute’s minimize the burden of the collection of
content requirements for the notices. FOR FURTHER INFORMATION CONTACT:
Requests for additional information or information on respondents, including
Affected Public: Businesses or other through the use of automated collection
for-profit. copies of the regulation should be
directed to Martha R. Brinson, at (202) techniques or other forms of information
Estimated Number of Respondents: technology; and (e) estimates of capital
1,133 respondents. 317–5753, or at Internal Revenue
Service, Room 6526, 1111 Constitution or start-up costs and costs of operation,
Estimated Total Annual Burden:
Avenue NW, Washington, DC 20224, or maintenance, and purchase of services
185,603 hours.
Comments submitted in response to through the internet at to provide information.
this notice will be summarized, Martha.R.Brinson@irs.gov. Approved: March 27, 2018.
included in the request for OMB SUPPLEMENTARY INFORMATION: Laurie Brimmer,
approval, and become a matter of public Title: Bad Debt Reserves of Banks. Senior Tax Analyst.
record. Comments are invited on: OMB Number: 1545–1290. [FR Doc. 2018–06672 Filed 3–30–18; 8:45 am]
(a) Whether the collection of Regulation Project Number: TD 8513. BILLING CODE 4830–01–P
information is necessary for the proper Abstract: Section 585 (c) of the
performance of the functions of the Internal Revenue Code requires large
OCC, including whether the information banks to change from reserve method of DEPARTMENT OF THE TREASURY
has practical utility; accounting to the specific charge off
(b) The accuracy of the OCC’s method of accounting for bad debts. Internal Revenue Service
estimate of the burden of the collection Section 1.585–8 of the regulation
daltland on DSKBBV9HB2PROD with NOTICES

of information; contains reporting requirements in cases Proposed Collection; Comment
(c) Ways to enhance the quality, in which large banks elect (1) to include Request for Regulation Project
utility, and clarity of the information to in income an amount greater than that AGENCY: Internal Revenue Service (IRS),
be collected; prescribed by the Code; (2) to use the Treasury.
(d) Ways to minimize the burden of elective cut-off method of accounting:
ACTION: Notice and request for
the collection on respondents, including Or (3) to revoke any elections previously
comments.
through the use of automated collection made.

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Document Created: 2018-11-01 09:08:41
Document Modified: 2018-11-01 09:08:41

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 June 1, 2018 to be assured of consideration.
Contact		Requests for additional information or copies of the regulation should be directed to Martha R. Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at [email protected]
FR Citation		83 FR 14105

83 FR 14105 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 83, Issue 63 (April 2, 2018)

DEPARTMENT OF THE TREASURY
Internal Revenue Service