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)

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.

[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]


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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.

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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 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 [email protected].

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