83 FR 63967 - Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple IRS Information Collection Requests

DEPARTMENT OF THE TREASURY

Federal Register Volume 83, Issue 238 (December 12, 2018)

Page Range		63967-63968
FR Document		2018-26841

The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests.

Federal Register, Volume 83 Issue 238 (Wednesday, December 12, 2018)

[Federal Register Volume 83, Number 238 (Wednesday, December 12, 2018)]
[Notices]
[Pages 63967-63968]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-26841]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Multiple IRS Information Collection Requests

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on these requests.

DATES: Comments should be received on or before January 11, 2019 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestions for 
reducing the burden, to (1) Office of Information and Regulatory 
Affairs, Office of Management and Budget, Attention: Desk Officer for 
Treasury, New Executive Office Building, Room 10235, Washington, DC 
20503, or email at [email protected] and (2) Treasury PRA 
Clearance Officer, 1750 Pennsylvania Ave. NW, Suite 8100, Washington, 
DC 20220, or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Jennifer Quintana by emailing [email protected], calling 
(202) 622-0489, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 

Internal Revenue Service (IRS)

    1. Title: Return of U.S. Persons With Respect to Certain Foreign 
Partnerships.
    OMB Control Number: 1545-1668.
    Type of Review: Revision of a currently approved collection.
    Description: The Taxpayer Relief Act of 1997 significantly modified 
the information reporting requirements with respect to foreign 
partnerships. The Act made the following three changes (1) expanded 
section 6038B to require U.S. persons transferring property to foreign 
partnerships in certain transactions to report those transfers; (2) 
expanded section 6038 to require certain U.S. Partners of controlled 
foreign partnerships to report information about the partnerships; and 
(3) modified the reporting required under section 6046A with respect to 
acquisitions and dispositions of foreign partnership interests.
    Form 8838-P is used to extend the statute of limitations for U.S. 
persons who transfers appreciated property to partnerships with foreign 
partners related to the transferor. The form is filed when the 
transferor makes a gain recognition agreement. This agreement allows 
the transferor to defer the payment of tax on the transfer. The IRS 
uses Form 8838-P so that it may assess tax against the transferor after 
the expiration of the original statute of limitations.
    Form: 8865 Schedules G, H, K-1, O & P; 8838-P.
    Affected Public: Businesses or other for-profits, Individuals and 
households.
    Estimated Number of Respondents: 34,450.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 34,450.
    Estimated Time per Response: 8.18 hours.
    Estimated Total Annual Burden Hours: 281,974.
    2. Title: Employer Credit for Paid Family and Medical Leave.
    OMB Control Number: 1545-XXXX.
    Type of Review: New collection.
    Description: The law establishes a credit for employers that 
provide paid family and medical leave to employees. This is a general 
business credit employers may claim, based on wages paid to qualifying 
employees while they are on family and medical leave, subject to 
certain conditions. The credit is for wages paid beginning after 
December 31, 2017 and it is not available for wages paid beginning 
after December 31, 2019, Supporting documentation is attached.
    Form: 8994.
    Affected Public: Individuals and households.
    Estimated Number of Respondents: 660,000.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 660,000.
    Estimated Time per Response: 1.94 hours.
    Estimated Total Annual Burden Hours: 1,280,400.
    3. Title: Form 461--Limitation on Business Losses.
    OMB Control Number: 1545-XXXX.
    Type of Review: New collection.
    Description: Form 461 and its separate instructions calculates the 
limitation on business losses, and the excess business losses that will 
be treated as net operating loss (NOL) carried forward to subsequent 
taxable years. In the case of a partnership or S corporation, the 
provision applies at the partner or shareholder level. This form will 
used by noncorporate taxpayers and will attached to a tax return 
(F1040, 1040NR, 1041, 1041-QFT, 1041-N, or 990-T).
    Form: 461.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 2,909,026.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 2,909,026.
    Estimated Time per Response: 23 minutes.
    Estimated Total Annual Burden Hours: 1,105,430.
    4. Title: Information Reporting for Certain Life Insurance Contract 
Transactions.
    OMB Control Number: 1545-XXXX.
    Type of Review: New collection.
    Description: The collection covers the new information reporting 
requirements for certain life insurance contracts under new IRC 6050Y, 
which was 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.
    Form: 1099-SB, 1099-LS.

[[Page 63968]]

    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 6,000.
    Frequency of Response: Annually, On occasion.
    Estimated Total Number of Annual Responses: 6,000.
    Estimated Time per Response: 7 minutes.
    Estimated Total Annual Burden Hours: 720.
    5. Title: Transitional Guidance Under Sections 162(f) and 6050X 
With Respect to Certain Fines, Penalties, and Other Amounts.
    OMB Control Number: 1545-XXXX.
    Type of Review: New collection.
    Description: 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).
    Generally, no deduction is allowed for any amount paid to, or at 
the direction of, a government or specified nongovernmental entity for 
the violation of any law. The general rule does not apply to the 
following exceptions:
     Amounts that constitute restitution (including remediation 
of property);
     Amounts paid to come into compliance with the law;
     Amounts paid or incurred as the result of certain court 
orders in which no government or specified nongovernmental agency is a 
party; and
     Amounts paid or incurred for taxes due.
    To be deductible under an exception, the Taxpayer must establish 
that an amount required to be paid is for restitution, remediation or 
to come into compliance with the law, AND the amount must be 
specifically identified in the settlement agreement or court order as 
restitution, remediation or to come into compliance with the law.
    Any amount paid or incurred as reimbursement to the Government for 
the costs of any investigation or litigation are not deductible under 
one of the exceptions (under prior law, these amounts were often 
considered compensatory and deductible).
    The 2017 Tax Cuts and Jobs Act also enacted IRC section 6050X, 
which requires government agencies or specified nongovernmental 
regulatory entities to file an information return which identifies:
    1. The amount required to be paid as a result of the suit or 
agreement to which IRC section 162(f)(1) applies;
    2. Any amount required to be paid as a result of the suit or 
agreement that constitutes restitution or remediation of property; and
    3. Any amount required to be paid as a result of the suit or 
agreement for the purpose of coming into compliance with any law that 
was violated or involved in the investigation or inquiry.
    This reporting requirement will not be required with respect to 
amounts paid or incurred under a binding court order or agreement 
entered into before the date provided in the future proposed 
regulations, which will be no earlier than January 1, 2019.
    Notice 2018-23 provides information for section 6050X and 
transitional guidance under IRC Sec.  162(f).
    Form: 1098-F.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 200.
    Frequency of Response: Annually, On occasion.
    Estimated Total Number of Annual Responses: 200.
    Estimated Time per Response: 7 minutes.
    Estimated Total Annual Burden Hours: 24.

    Authority:  44 U.S.C. 3501 et seq.

    Dated: December 6, 2018.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2018-26841 Filed 12-11-18; 8:45 am]
 BILLING CODE 4830-01-P

Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices 63967

respondent; 260 total annual burden FOR FURTHER INFORMATION CONTACT: are on family and medical leave, subject
hours. Copies of the submissions may be to certain conditions. The credit is for
Public Comments Invited: You are obtained from Jennifer Quintana by wages paid beginning after December
asked to comment on any aspect of this emailing PRA@treasury.gov, calling 31, 2017 and it is not available for wages
information collection, including: (1) (202) 622–0489, or viewing the entire paid beginning after December 31, 2019,
Whether the proposed collection is information collection request at Supporting documentation is attached.
necessary for the FHWA’s performance; www.reginfo.gov. Form: 8994.
(2) the accuracy of the estimated Affected Public: Individuals and
SUPPLEMENTARY INFORMATION:
burdens; (3) ways for the FHWA to households.
enhance the quality, usefulness, and Internal Revenue Service (IRS) Estimated Number of Respondents:
clarity of the collected information; and 1. Title: Return of U.S. Persons With 660,000.
(4) ways that the burden could be Respect to Certain Foreign Partnerships. Frequency of Response: Annually.
minimized, including the use of Estimated Total Number of Annual
OMB Control Number: 1545–1668.
electronic technology, without reducing Responses: 660,000.
Type of Review: Revision of a
the quality of the collected information. Estimated Time per Response: 1.94
currently approved collection.
The agency will summarize and/or hours.
Description: The Taxpayer Relief Act
include your comments in the request Estimated Total Annual Burden
of 1997 significantly modified the
for OMB’s clearance of this information Hours: 1,280,400.
information reporting requirements with 3. Title: Form 461—Limitation on
collection. respect to foreign partnerships. The Act Business Losses.
Authority: The Paperwork Reduction Act made the following three changes (1) OMB Control Number: 1545–XXXX.
of 1995; 44 U.S.C. Chapter 35, as amended; expanded section 6038B to require U.S. Type of Review: New collection.
and 49 CFR 1.48. persons transferring property to foreign Description: Form 461 and its separate
Issued on: December 6, 2018. partnerships in certain transactions to instructions calculates the limitation on
Michael Howell, report those transfers; (2) expanded business losses, and the excess business
Information Collection Officer. section 6038 to require certain U.S. losses that will be treated as net
Partners of controlled foreign operating loss (NOL) carried forward to
[FR Doc. 2018–26874 Filed 12–11–18; 8:45 am]
partnerships to report information about subsequent taxable years. In the case of
BILLING CODE 4910–22–P
the partnerships; and (3) modified the a partnership or S corporation, the
reporting required under section 6046A provision applies at the partner or
with respect to acquisitions and shareholder level. This form will used
DEPARTMENT OF THE TREASURY dispositions of foreign partnership by noncorporate taxpayers and will
interests. attached to a tax return (F1040, 1040NR,
Agency Information Collection Form 8838–P is used to extend the 1041, 1041–QFT, 1041–N, or 990–T).
Activities; Submission for OMB statute of limitations for U.S. persons Form: 461.
Review; Comment Request; Multiple who transfers appreciated property to Affected Public: Businesses or other
IRS Information Collection Requests partnerships with foreign partners for-profits.
related to the transferor. The form is Estimated Number of Respondents:
AGENCY: Departmental Offices, U.S. filed when the transferor makes a gain
Department of the Treasury. 2,909,026.
recognition agreement. This agreement Frequency of Response: Annually.
ACTION: Notice. allows the transferor to defer the Estimated Total Number of Annual
payment of tax on the transfer. The IRS Responses: 2,909,026.
SUMMARY: The Department of the uses Form 8838–P so that it may assess
Treasury will submit the following Estimated Time per Response: 23
tax against the transferor after the minutes.
information collection requests to the expiration of the original statute of Estimated Total Annual Burden
Office of Management and Budget limitations. Hours: 1,105,430.
(OMB) for review and clearance in Form: 8865 Schedules G, H, K–1, O & 4. Title: Information Reporting for
accordance with the Paperwork P; 8838–P. Certain Life Insurance Contract
Reduction Act of 1995, on or after the Affected Public: Businesses or other Transactions.
date of publication of this notice. The for-profits, Individuals and households. OMB Control Number: 1545–XXXX.
public is invited to submit comments on Estimated Number of Respondents: Type of Review: New collection.
these requests. 34,450. Description: The collection covers the
DATES: Comments should be received on Frequency of Response: Annually. new information reporting requirements
or before January 11, 2019 to be assured Estimated Total Number of Annual for certain life insurance contracts
of consideration. Responses: 34,450. under new IRC 6050Y, which was
ADDRESSES: Send comments regarding Estimated Time per Response: 8.18 added by the Tax Cuts and Jobs Act
the burden estimate, or any other aspect hours. (TCJA). The new reporting requirements
of the information collection, including Estimated Total Annual Burden apply to reportable death benefits paid
suggestions for reducing the burden, to Hours: 281,974. and reportable policy sales made after
(1) Office of Information and Regulatory 2. Title: Employer Credit for Paid Dec. 31, 2017. On April 26, 2018, the
Affairs, Office of Management and Family and Medical Leave. Internal Revenue Service provided
Budget, Attention: Desk Officer for OMB Control Number: 1545–XXXX. transitional guidance delaying any
amozie on DSK3GDR082PROD with NOTICES1

Treasury, New Executive Office Type of Review: New collection. reporting under IRC 6050Y until final
Building, Room 10235, Washington, DC Description: The law establishes a regulations are issued. The transitional
20503, or email at OIRA_Submission@ credit for employers that provide paid guidance provides taxpayers additional
OMB.EOP.gov and (2) Treasury PRA family and medical leave to employees. time to satisfy any reporting obligations
Clearance Officer, 1750 Pennsylvania This is a general business credit arising prior to publication of final
Ave. NW, Suite 8100, Washington, DC employers may claim, based on wages regulations.
20220, or email at PRA@treasury.gov. paid to qualifying employees while they Form: 1099–SB, 1099–LS.

VerDate Sep<11>2014 18:39 Dec 11, 2018 Jkt 247001 PO 00000 Frm 00143 Fmt 4703 Sfmt 4703 E:\FR\FM\12DEN1.SGM 12DEN1

$63968 Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices Affected Public: Businesses or other no government or specified purpose of coming into compliance with for-profits. nongovernmental agency is a party; and any law that was violated or involved in Estimated Number of Respondents: • Amounts paid or incurred for taxes the investigation or inquiry. 6,000. due. This reporting requirement will not be Frequency of Response: Annually, On To be deductible under an exception, required with respect to amounts paid occasion. the Taxpayer must establish that an or incurred under a binding court order Estimated Total Number of Annual amount required to be paid is for or agreement entered into before the Responses: 6,000. restitution, remediation or to come into date provided in the future proposed Estimated Time per Response: 7 compliance with the law, AND the regulations, which will be no earlier minutes. amount must be specifically identified than January 1, 2019. Estimated Total Annual Burden in the settlement agreement or court Hours: 720. Notice 2018–23 provides information order as restitution, remediation or to 5. Title: Transitional Guidance Under for section 6050X and transitional come into compliance with the law. Sections 162(f) and 6050X With Respect Any amount paid or incurred as guidance under IRC § 162(f). to Certain Fines, Penalties, and Other reimbursement to the Government for Form: 1098–F. Amounts. the costs of any investigation or Affected Public: Businesses or other OMB Control Number: 1545–XXXX. litigation are not deductible under one for-profits. Type of Review: New collection. of the exceptions (under prior law, these Estimated Number of Respondents: Description: The collection covers the amounts were often considered 200. new information reporting requirements compensatory and deductible). Frequency of Response: Annually, On under IRC 162(f) and new 6050X, which The 2017 Tax Cuts and Jobs Act also occasion. was added by the Tax Cuts and Jobs Act enacted IRC section 6050X, which Estimated Total Number of Annual (TCJA). requires government agencies or Generally, no deduction is allowed for Responses: 200. specified nongovernmental regulatory any amount paid to, or at the direction entities to file an information return Estimated Time per Response: 7 of, a government or specified which identifies: minutes. nongovernmental entity for the violation 1. The amount required to be paid as Estimated Total Annual Burden of any law. The general rule does not a result of the suit or agreement to Hours: 24. apply to the following exceptions: which IRC section 162(f)(1) applies; Authority: 44 U.S.C. 3501 et seq. • Amounts that constitute restitution 2. Any amount required to be paid as Dated: December 6, 2018. (including remediation of property); a result of the suit or agreement that • Amounts paid to come into constitutes restitution or remediation of Spencer W. Clark, compliance with the law; property; and Treasury PRA Clearance Officer. • Amounts paid or incurred as the 3. Any amount required to be paid as [FR Doc. 2018–26841 Filed 12–11–18; 8:45 am] result of certain court orders in which a result of the suit or agreement for the BILLING CODE 4830–01–P amozie on DSK3GDR082PROD with NOTICES1 VerDate Sep<11>2014 18:39 Dec 11, 2018 Jkt 247001 PO 00000 Frm 00144 Fmt 4703 Sfmt 9990 E:\FR\FM\12DEN1.SGM 12DEN1$

Document Created: 2018-12-12 01:39:21
Document Modified: 2018-12-12 01:39:21

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.
Dates		Comments should be received on or before January 11, 2019 to be assured of consideration.
Contact		Copies of the submissions may be obtained from Jennifer Quintana by emailing [email protected], calling (202) 622-0489, or viewing the entire information collection request at www.reginfo.gov.
FR Citation		83 FR 63967