83 FR 46017 - Proposed Allowance of Information Collection Request Submitted for Public Comment; Information Reporting for Certain Life Insurance Contract Transactions
DEPARTMENT OF THE TREASURY
Internal Revenue Service Federal Register Volume 83, Issue 176 (September 11, 2018)
Internal Revenue Service
Federal Register Volume 83, Issue 176 (September 11, 2018)
| Page Range | 46017-46018 | |
| FR Document | 2018-19619 |
[Federal Register Volume 83, Number 176 (Tuesday, September 11, 2018)] [Notices] [Pages 46017-46018] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-19619] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Allowance of Information Collection Request Submitted for Public Comment; Information Reporting for Certain Life Insurance Contract Transactions AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. ----------------------------------------------------------------------- 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 the guidance for taxpayers regarding information reporting for certain life insurance contract transactions. DATES: Written comments should be received on or before November 13, 2018 to be assured of consideration. ADDRESSES: Direct all written comments to Carolyn Brown, Internal Revenue Service, Room 6236, 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: Information Reporting for Certain Life Insurance Contract Transactions. OMB Number: 1545--New. Regulation Project Number: Notice 2018-41, Form 1099-LS, Form 1099- SB. Abstract: The collection covers the new information reporting requirements for certain life insurance contracts under new IRC 6050Y, which were added by the Tax Cuts and Jobs Act (TCJA). The new reporting requirements apply to reportable death benefits paid and reportable policy sales made after Dec. 31, 2017. On April 26, 2018, the Internal Revenue Service provided transitional guidance delaying any reporting under IRC 6050Y until final regulations are issued. The transitional guidance provides taxpayers additional time to satisfy any reporting obligations arising prior to publication of final regulations. Current Actions: The IRS described the new information reporting requirements for certain life insurance contracts under new IRC 6050Y, which were added by the Tax Cuts and Jobs Act. The new reporting requirements apply to reportable death benefits paid and reportable policy sales made after Dec. 31, 2017. As part of the guidance, however, the IRS provided transitional guidance delaying any reporting under IRC 6050Y until final regulations are issued. This submission is being made to seek new approval as required in the Paperwork Reduction Act. Type of Review: New collection. Affected Public: Individuals or Households, Business or other for profit, Not for profit institutions. Estimated Number of Respondents: 6,000. Estimated Time per Respondent: 7 min. Estimated Total Annual Burden Hours: 720. 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 [[Page 46018]] 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: September 4, 2018. R. Joseph Durbala, IRS, Tax Analyst. [FR Doc. 2018-19619 Filed 9-10-18; 8:45 am] BILLING CODE 4830-01-P
![Federal Register / Vol. 83, No. 176 / Tuesday, September 11, 2018 / Notices 46017
SUMMARY: The Internal Revenue Service of any internal revenue law. Generally, directed to R. Joseph Durbala, at Internal
(IRS), as part of its continuing effort to tax returns and tax return information Revenue Service, Room 6129, 1111
reduce paperwork and respondent are confidential, as required by 26 Constitution Avenue NW, Washington
burden, invites the general public and U.S.C. 6103. DC 20224, or through the internet, at
other Federal agencies to take this Request for Comments: Comments RJoseph.Durbala@irs.gov.
opportunity to comment on information submitted in response to this notice will SUPPLEMENTARY INFORMATION:
collections, as required by the be summarized and/or included in the Title: Information Reporting for
Paperwork Reduction Act of 1995. The request for OMB approval. Comments Certain Life Insurance Contract
IRS is soliciting comments concerning will be of public record. Comments are Transactions.
Request for Discharge From Personal invited on: (a) Whether the collection of OMB Number: 1545—New.
Liability Under Internal Revenue Code information is necessary for the proper Regulation Project Number: Notice
Section 2204 or 6905. performance of the functions of the 2018–41, Form 1099–LS, Form 1099–
DATES: Written comments should be agency, including whether the SB.
received on or before November 13, information has practical utility; (b) the Abstract: The collection covers the
2018 to be assured of consideration. accuracy of the agency’s estimate of the new information reporting requirements
burden of the collection of information; for certain life insurance contracts
ADDRESSES: Direct all written comments
(c) ways to enhance the quality, utility, under new IRC 6050Y, which were
to Laurie Brimmer, Internal Revenue and clarity of the information to be
Service, Room 6526, 1111 Constitution added by the Tax Cuts and Jobs Act
collected; (d) ways to minimize the (TCJA).
Avenue NW, Washington, DC 20224. burden of the collection of information
FOR FURTHER INFORMATION CONTACT: The new reporting requirements
on or other forms of information
Requests for additional information or apply to reportable death benefits paid
technology; and (e) estimates of capital
copies of the form and instructions and reportable policy sales made after
or start-up costs and costs of operation,
should be directed to Martha R. Brinson, Dec. 31, 2017. On April 26, 2018, the
maintenance, and purchase of services
at (202)317–5753, or at Internal Revenue Internal Revenue Service provided
to provide information.
Service, Room 6526, 1111 Constitution transitional guidance delaying any
Approved: August 28, 2018. reporting under IRC 6050Y until final
Avenue NW, Washington, DC 20224, or
Laurie Brimmer, regulations are issued. The transitional
through the internet at
Martha.R.Brinson@irs.gov. Senior Tax Analyst. guidance provides taxpayers additional
SUPPLEMENTARY INFORMATION:
[FR Doc. 2018–19620 Filed 9–10–18; 8:45 am] time to satisfy any reporting obligations
Title: Request for Discharge From BILLING CODE 4830–01–P arising prior to publication of final
Personal Liability Under Internal regulations.
Revenue Code Section 2204 or 6905. Current Actions: The IRS described
OMB Number: 1545–0432. DEPARTMENT OF THE TREASURY the new information reporting
Form Number: 5495. requirements for certain life insurance
Internal Revenue Service contracts under new IRC 6050Y, which
Abstract: Form 5495 provides
guidance under sections 2204 and 6905 were added by the Tax Cuts and Jobs
Proposed Allowance of Information
for executors of estates and fiduciaries Act. The new reporting requirements
Collection Request Submitted for
of decedent’s trusts. The form, filed after apply to reportable death benefits paid
Public Comment; Information
regular filing of an Estate, Gift, or and reportable policy sales made after
Reporting for Certain Life Insurance
Income tax return for a decedent, is Dec. 31, 2017. As part of the guidance,
Contract Transactions
used by the executor or fiduciary to however, the IRS provided transitional
request discharge from personal liability AGENCY: Internal Revenue Service (IRS), guidance delaying any reporting under
for any deficiency for the tax and Treasury. IRC 6050Y until final regulations are
periods shown on the form. ACTION: Notice and request for issued.
Current Actions: There are no changes comments. This submission is being made to seek
being made to Form 5495 at this time. new approval as required in the
SUMMARY: The Internal Revenue Service, Paperwork Reduction Act.
Type of Review: Extension of a
as part of its continuing effort to reduce Type of Review: New collection.
currently approved collection.
Affected Public: Individuals or paperwork and respondent burden, Affected Public: Individuals or
Households. invites the public and other Federal Households, Business or other for profit,
Estimated Number of Responses: agencies to take this opportunity to Not for profit institutions.
25,000. comment on proposed and/or Estimated Number of Respondents:
Estimated Time per Response: 12 continuing information collections, as 6,000.
hours, 16 minutes. required by the Paperwork Reduction Estimated Time per Respondent: 7
Estimated Total Annual Burden Act of 1995. Currently, the IRS is min.
Hours: 306,500. soliciting comments concerning the Estimated Total Annual Burden
The following paragraph applies to all guidance for taxpayers regarding Hours: 720.
of the collections of information covered information reporting for certain life The following paragraph applies to all
by this notice: insurance contract transactions. the collections of information covered
An agency may not conduct or DATES: Written comments should be by this notice:
sponsor, and a person is not required to received on or before November 13, An agency may not conduct or
daltland on DSKBBV9HB2PROD with NOTICES
respond to, a collection of information 2018 to be assured of consideration. sponsor, and a person is not required to
unless the collection of information ADDRESSES: Direct all written comments respond to, a collection of information
displays a valid OMB control number. to Carolyn Brown, Internal Revenue unless the collection of information
Books or records relating to a Service, Room 6236, 1111 Constitution displays a valid OMB control number.
collection of information must be Avenue NW, Washington, DC 20224. Books or records relating to a
retained as long as their contents may Requests for additional information or collection of information must be
become material in the administration copies of the regulations should be retained if their contents may become
VerDate Sep<11>2014 18:49 Sep 10, 2018 Jkt 244001 PO 00000 Frm 00143 Fmt 4703 Sfmt 4703 E:\FR\FM\11SEN1.SGM 11SEN1](https://thefederalregister.org/doc/83_FR_46193/page/1.svg)
![46018 Federal Register / Vol. 83, No. 176 / Tuesday, September 11, 2018 / Notices
material in the administration of any Act of 1995. Currently, the IRS is Estimated Time per Respondent: 7
internal revenue law. Generally, tax soliciting comments concerning min.
returns and tax return information are transitional guidance under sections Estimated Total Annual Burden
confidential, as required by 26 U.S.C. 162(f) and 6050X with respect to certain Hours: 24.
6103. fines, penalties, and other amounts.
Desired Focus of Comments: The DATES: Written comments should be
The following paragraph applies to all
Internal Revenue Service (IRS) is received on or before November 13, the collections of information covered
particularly interested in comments 2018 to be assured of consideration. by this notice:
that: ADDRESSES: Direct all written comments An agency may not conduct or
• Evaluate whether the proposed to Carolyn Brown, Internal Revenue sponsor, and a person is not required to
collection of information is necessary Service, Room 6236, 1111 Constitution respond to, a collection of information
for the proper performance of the Avenue NW, Washington, DC 20224. unless the collection of information
functions of the agency, including Requests for additional information or displays a valid OMB control number.
whether the information will have copies of the regulations should be
practical utility; Books or records relating to a
directed to R. Joseph Durbala, at Internal
• Evaluate the accuracy of the collection of information must be
Revenue Service, Room 6129, 1111 retained if their contents may become
agency’s estimate of the burden of the
Constitution Avenue NW, Washington, material in the administration of any
proposed collection of information,
DC 20224, or through the internet, at internal revenue law. Generally, tax
including the validity of the
RJoseph.Durbala@irs.gov.
methodology and assumptions used; returns and tax return information are
• Enhance the quality, utility, and SUPPLEMENTARY INFORMATION: confidential, as required by 26 U.S.C.
clarity of the information to be Title: Transitional Guidance Under 6103.
collected; and Sections 162(f) and 6050X with Respect
to Certain Fines, Penalties, and Other Desired Focus of Comments: The
• Minimize the burden of the
Amounts. Internal Revenue Service (IRS) is
collection of information on those who
OMB Number: 1545—New. particularly interested in comments
are to respond, including using
appropriate automated, electronic, Regulation Project Number: Notice that:
mechanical, or other technological 2018–23, Form 1098–F. • Evaluate whether the proposed
collection techniques or other forms of Abstract: The collection covers the collection of information is necessary
information technology, e.g., by new information reporting requirements for the proper performance of the
permitting electronic submissions of under IRC 162(f) and new 6050X, which functions of the agency, including
responses. was added by the Tax Cuts and Jobs Act whether the information will have
Comments submitted in response to (TCJA).
practical utility;
this notice will be summarized and/or Section 13306 of ‘‘An Act to provide
for reconciliation pursuant to titles II • Evaluate the accuracy of the
included in the ICR for OMB approval
and V of the concurrent resolution on agency’s estimate of the burden of the
of the extension of the information
collection; they will also become a the budget for fiscal year 2018,’’ Public proposed collection of information,
matter of public record. Law 115–97 (the ‘‘Act’’), which was including the validity of the
signed into law on December 22, 2017, methodology and assumptions used;
Approved: September 4, 2018. amended section 162(f) of the Internal
R. Joseph Durbala,
• Enhance the quality, utility, and
Revenue Code (‘‘Code’’) and added new clarity of the information to be
IRS, Tax Analyst. section 6050X to the Code. The collected; and
[FR Doc. 2018–19619 Filed 9–10–18; 8:45 am] Department of the Treasury (‘‘Treasury
BILLING CODE 4830–01–P Department’’) and the Internal Revenue • Minimize the burden of the
Service (‘‘IRS’’) intend to publish collection of information on those who
proposed regulations under sections are to respond, including using
DEPARTMENT OF THE TREASURY 162(f) and 6050X. appropriate automated, electronic,
Current Actions: The Treasury mechanical, or other technological
Internal Revenue Service Department and the IRS intend to issue collection techniques or other forms of
proposed regulations amending and information technology, e.g., by
Proposed Allowance of Information
adding sections to the Income Tax permitting electronic submissions of
Collection Request Submitted for
Regulations with respect to sections responses.
Public Comment; Transitional
162(f) and 6050X. To assist in the Comments submitted in response to
Guidance Under Sections 162(f) and
development of the proposed this notice will be summarized and/or
6050X With Respect to Certain Fines,
regulations, the IRS has requests
Penalties, and Other Amounts included in the ICR for OMB approval
comments from the public and affected
of the extension of the information
AGENCY: Internal Revenue Service (IRS), governments and nongovernmental
collection; they will also become a
Treasury. entities, on any and all issues related to
the application and implementation of matter of public record.
ACTION: Notice and request for
comments. sections 162(f) and 6050X that the Approved: September 4, 2018.
proposed regulations should address. R. Joseph Durbala,
SUMMARY: The Internal Revenue Service, This submission is being made to seek
daltland on DSKBBV9HB2PROD with NOTICES
IRS, Tax Analyst.
as part of its continuing effort to reduce new approval as required in the [FR Doc. 2018–19621 Filed 9–10–18; 8:45 am]
paperwork and respondent burden, Paperwork Reduction Act.
invites the public and other Federal BILLING CODE 4830–01–P
Type of Review: New collection.
agencies to take this opportunity to Affected Public: Federal government,
comment on proposed and/or State, Local, or Tribal Government.
continuing information collections, as Estimated Number of Respondents:
required by the Paperwork Reduction 200.
VerDate Sep<11>2014 18:49 Sep 10, 2018 Jkt 244001 PO 00000 Frm 00144 Fmt 4703 Sfmt 9990 E:\FR\FM\11SEN1.SGM 11SEN1](https://thefederalregister.org/doc/83_FR_46193/page/2.svg)
Document Created: 2018-09-11 01:03:09
Document Modified: 2018-09-11 01:03:09
| 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 13, 2018 to be assured of consideration. | |
| FR Citation | 83 FR 46017 |
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