83 FR 45015 - Proposed Extension of Information Collection Request Submitted for Public Comment; Transitional Guidance Under Sections 162(f) and 6050X With Respect to Certain Fines, Penalties, and Other Amounts

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 171 (September 4, 2018)

Page Range		45015-45015
FR Document		2018-19172

The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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. Currently, the IRS is soliciting comments concerning transitional guidance under sections 162(f) and 6050X with respect to certain fines, penalties, and other amounts.

Federal Register, Volume 83 Issue 171 (Tuesday, September 4, 2018)

[Federal Register Volume 83, Number 171 (Tuesday, September 4, 2018)]
[Notices]
[Page 45015]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-19172]



[[Page 45015]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Transitional Guidance Under Sections 162(f) and 
6050X With Respect to Certain Fines, Penalties, and Other Amounts

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 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. Currently, the IRS is soliciting comments 
concerning transitional guidance under sections 162(f) and 6050X with 
respect to certain fines, penalties, and other amounts.

DATES: Written comments should be received on or before November 5, 
2018 to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be directed to R. Joseph Durbala, at Internal Revenue Service, 
Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or 
through the internet, at RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Transitional Guidance Under Sections 162(f) and 6050X with 
Respect To Certain Fines, Penalties, and Other Amounts.
    OMB Number: 1545-New.
    Regulation Project Number: Notice 2018-23, Form 1098-F.
    Abstract: The collection covers the new information reporting 
requirements under IRC 162(f) and new 6050X, which was added by the Tax 
Cuts and Jobs Act (TCJA).
    Section 13306 of ``An Act to provide for reconciliation pursuant to 
titles II and V of the concurrent resolution on the budget for fiscal 
year 2018,'' Public Law 115-97 (the ``Act''), which was signed into law 
on December 22, 2017, amended section 162(f) of the Internal Revenue 
Code (``Code'') and added new section 6050X to the Code. The Department 
of the Treasury (``Treasury Department'') and the Internal Revenue 
Service (``IRS'') intend to publish proposed regulations under sections 
162(f) and 6050X.
    Current Actions: The Treasury Department and the IRS intend to 
issue proposed regulations amending and adding sections to the Income 
Tax Regulations with respect to sections 162(f) and 6050X. To assist in 
the development of the proposed regulations, the IRS has requests 
comments from the public and affected governments and nongovernmental 
entities, on any and all issues related to the application and 
implementation of sections 162(f) and 6050X that the proposed 
regulations should address.
    This submission is being made to seek new approval as required in 
the Paperwork Reduction Act.
    Type of Review: New collection.
    Affected Public: Federal government, State, Local, or Tribal 
Government.
    Estimated Number of Respondents: 200.
    Estimated Time per Respondent: 7 min.
    Estimated Total Annual Burden Hours: 24.
    The following paragraph applies to all 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 if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: August 28, 2018.
Laurie Brimmer,
IRS, Senior Tax Analyst.
[FR Doc. 2018-19172 Filed 8-31-18; 8:45 am]
 BILLING CODE 4830-01-P

Federal Register / Vol. 83, No. 171 / Tuesday, September 4, 2018 / Notices 45015

DEPARTMENT OF THE TREASURY proposed regulations under sections permitting electronic submissions of
162(f) and 6050X. responses.
Internal Revenue Service Current Actions: The Treasury Comments submitted in response to
Department and the IRS intend to issue this notice will be summarized and/or
Proposed Extension of Information proposed regulations amending and included in the ICR for OMB approval
Collection Request Submitted for adding sections to the Income Tax of the extension of the information
Public Comment; Transitional Regulations with respect to sections collection; they will also become a
Guidance Under Sections 162(f) and 162(f) and 6050X. To assist in the matter of public record.
6050X With Respect to Certain Fines, development of the proposed Approved: August 28, 2018.
Penalties, and Other Amounts regulations, the IRS has requests Laurie Brimmer,
AGENCY: Internal Revenue Service (IRS), comments from the public and affected
IRS, Senior Tax Analyst.
Treasury. governments and nongovernmental
[FR Doc. 2018–19172 Filed 8–31–18; 8:45 am]
entities, on any and all issues related to
ACTION: Notice and request for the application and implementation of BILLING CODE 4830–01–P
comments. sections 162(f) and 6050X that the
SUMMARY: The Internal Revenue Service, proposed regulations should address.
This submission is being made to seek DEPARTMENT OF THE TREASURY
as part of its continuing effort to reduce
new approval as required in the Proposed Collection; Comment
paperwork and respondent burden,
Paperwork Reduction Act. Request
invites the public and other Federal
Type of Review: New collection.
agencies to take this opportunity to Affected Public: Federal government, AGENCY: Departmental Offices, Treasury
comment on proposed and/or State, Local, or Tribal Government. Department.
continuing information collections, as Estimated Number of Respondents:
required by the Paperwork Reduction ACTION: Notice and request for
200. comments.
Act of 1995. Currently, the IRS is Estimated Time per Respondent: 7
soliciting comments concerning min. SUMMARY: The Department of the
transitional guidance under sections Estimated Total Annual Burden Treasury, as part of its continuing effort
162(f) and 6050X with respect to certain Hours: 24. to reduce paperwork burdens, invites
fines, penalties, and other amounts. The following paragraph applies to all the general public and other Federal
DATES: Written comments should be the collections of information covered agencies to comment on an information
received on or before November 5, 2018 by this notice: collection that is due for renewed
to be assured of consideration. An agency may not conduct or approval by the Office of Management
ADDRESSES: Direct all written comments sponsor, and a person is not required to and Budget. The Office of International
to Laurie Brimmer, Internal Revenue respond to, a collection of information Affairs within the Department of the
Service, Room 6129, 1111 Constitution unless the collection of information Treasury is soliciting comments
Avenue NW, Washington, DC 20224. displays a valid OMB control number. concerning recordkeeping requirements
Requests for additional information or Books or records relating to a associated with Reporting of
copies of the regulations should be collection of information must be International Capital and Foreign
directed to R. Joseph Durbala, at Internal retained if their contents may become Currency Transactions and Positions—
Revenue Service, Room 6129, 1111 material in the administration of any 31 CFR part 128.
Constitution Avenue NW, Washington, internal revenue law. Generally, tax DATES: Written comments should be
DC 20224, or through the internet, at returns and tax return information are received on or before November 5, 2018
RJoseph.Durbala@irs.gov. confidential, as required by 26 U.S.C. to be assured of consideration.
6103.
SUPPLEMENTARY INFORMATION: Desired Focus of Comments: The ADDRESSES: Direct all written comments
Title: Transitional Guidance Under Internal Revenue Service (IRS) is on international capital transactions and
Sections 162(f) and 6050X with Respect particularly interested in comments positions to: Dwight Wolkow,
To Certain Fines, Penalties, and Other that: International Portfolio Investment Data
Amounts. • Evaluate whether the proposed Systems, Department of the Treasury,
OMB Number: 1545–New. collection of information is necessary Room 5422, 1500 Pennsylvania Avenue
Regulation Project Number: Notice for the proper performance of the NW, Washington, DC 20220. In view of
2018–23, Form 1098–F. functions of the agency, including possible delays in mail delivery, please
Abstract: The collection covers the whether the information will have also notify Mr. Wolkow by email
new information reporting requirements practical utility; (comments2TIC@treasury.gov), FAX
under IRC 162(f) and new 6050X, which • Evaluate the accuracy of the (202–622–2009) or telephone (202–622–
was added by the Tax Cuts and Jobs Act agency’s estimate of the burden of the 1276). Direct all written comments on
(TCJA). proposed collection of information, foreign currency transactions and
Section 13306 of ‘‘An Act to provide including the validity of the positions to: Emily Weis, Department of
for reconciliation pursuant to titles II methodology and assumptions used; the Treasury, Room 1328, 1500
and V of the concurrent resolution on • Enhance the quality, utility, and Pennsylvania Avenue NW, Washington
the budget for fiscal year 2018,’’ Public clarity of the information to be DC 20220. In view of possible delays in
Law 115–97 (the ‘‘Act’’), which was mail delivery, please also notify Ms.
sradovich on DSK3GMQ082PROD with NOTICES

collected; and
signed into law on December 22, 2017, • Minimize the burden of the Weis by email (Emily.Weis@
amended section 162(f) of the Internal collection of information on those who treasury.gov), FAX (202–622–9068) or
Revenue Code (‘‘Code’’) and added new are to respond, including using telephone (202–622–5513).
section 6050X to the Code. The appropriate automated, electronic, FOR FURTHER INFORMATION CONTACT:
Department of the Treasury (‘‘Treasury mechanical, or other technological Requests for additional information on
Department’’) and the Internal Revenue collection techniques or other forms of international capital transactions and
Service (‘‘IRS’’) intend to publish information technology, e.g., by positions should be directed to Mr.

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Document Created: 2018-09-01 02:59:41
Document Modified: 2018-09-01 02:59:41

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 November 5, 2018 to be assured of consideration.
FR Citation		83 FR 45015

83 FR 45015 - Proposed Extension of Information Collection Request Submitted for Public Comment; Transitional Guidance Under Sections 162(f) and 6050X With Respect to Certain Fines, Penalties, and Other Amounts

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 83, Issue 171 (September 4, 2018)

DEPARTMENT OF THE TREASURY
Internal Revenue Service