83 FR 14552 - Proposed Collection; Comment Request for Form 1041

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 65 (April 4, 2018)

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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Form 1041, U.S. Income Tax Return for Estates and Trusts, and related Schedules D, I, J, K-1, Form 1041-V, and Frequently Asked Questions (FAQs) relating to the elections of deferred foreign income.

[Federal Register Volume 83, Number 65 (Wednesday, April 4, 2018)]
[Notices]
[Pages 14552-14553]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-06892]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1041

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 
proposed and/or continuing information collections, as required by the 
Paperwork Reduction Act of 1995. The IRS is soliciting comments 
concerning Form 1041, U.S. Income Tax Return for Estates and Trusts, 
and related Schedules D, I, J, K-1, Form 1041-V, and Frequently Asked 
Questions (FAQs) relating to the elections of deferred foreign income.

DATES: Written comments should be received on or before June 4, 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 form and instructions should be directed to Sandra Lowery 
at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, 
Washington, DC 20224, or at (202) 317-5754 or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: U.S. Income Tax Return for Estates and Trusts.
    OMB Number: 1545-0092.
    Form Number: Form 1041.
    Abstract: IRC section 6012 requires that an annual income tax 
return be filed for estates and trusts. The data is used by the IRS to 
determine that the estates, trusts, and beneficiaries filed the proper 
returns and paid the correct tax.
    Public Law 115-97, section 14103 has a retroactive effective date 
of 2017. In order for taxpayers to fulfill their filing obligations and 
report the correct amount of tax under Section 14103, the IRS developed 
FAQ's to alert taxpayers how and where to report this income on their 
2017 return. A critical part of this effort includes alerting taxpayers 
of their filing obligations and educating them on how and where this 
would be reported. The data will be utilized by the IRS to ensure that 
the correct amount of tax is paid.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 9,433,703.
    Estimated Time per Respondent: 32 hours, 38 minutes.
    Estimated Total Annual Burden Hours: 307,844,800.
    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.


[[Page 14553]]


    Approved: March 29, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-06892 Filed 4-3-18; 8:45 am]
 BILLING CODE 4830-01-P