83 FR 7552 - Proposed Information Collection; Comment Request

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 35 (February 21, 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 continuing information collections, as required by the Paperwork Reduction Act of 1995.

[Federal Register Volume 83, Number 35 (Wednesday, February 21, 2018)]
[Notices]
[Pages 7552-7553]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-03487]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Information Collection; Comment Request

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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995.

DATES: Written comments should be received on or before April 23, 2018 
to be assured of consideration.

ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue 
Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224. 
Please send separate comments for each specific information collection 
listed below. You must reference the information collection's title, 
form number, reporting or record-keeping requirement number, and OMB 
number (if any) in your comment.

FOR FURTHER INFORMATION CONTACT: Requests for additional information, 
or copies of the information collection and instructions, or copies of 
any comments received, contact Elaine Christophe, at (202) 317-5745, or 
at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, 
Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    1. Title: Procedural Rules for Excise Taxes Currently Reportable on 
Form 720.
    OMB Number: 1545-1296.
    Regulation Project Number: PS-27-91 and PS-8-96 (Final (T.D. 
8442)).
    Abstract: Internal Revenue Code section 6302(c) authorizes the use 
of Government depositaries for the receipt of taxes imposed under the 
internal revenue laws. These final regulations provide reporting and 
recordkeeping requirements related to return, payments, and deposits of 
tax for excise taxes currently reportable on Form 720. including 
special rules for use of Government depositaries under chapter 33 of 
the Internal Revenue Code. Existing procedural regulations under 26 CFR 
parts 43, 46, 48, 49, and 52 are amended and consolidated in a new part 
40. These regulations also reflect changes to the law made by the 
Omnibus Budget Reconciliation Acts of 1989 and 1990. The regulations 
affect persons required to report liability for excise taxes currently 
reportable on Form 720.
    Current Actions: There are no changes being made to these existing 
regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 10,500.
    Estimated Time per Respondent: 23 hours, 5 minutes.
    Estimated Total Annual Burden: 242,350.
    2. Title: Limitation on Passive Activity Losses and Credits-
Treatment of Self-Charged Items of Income and Expense.
    OMB Number: 1545-1244.
    Regulation Project Number: (T.D. 9013)
    Abstract: Section 1.469-7(f)(1) of this regulation permits entities 
to elect to avoid application of the regulation in the event the pass-
through entity chooses to not have the income from leading transactions 
with owners of interests in the entity re-characterized as passive 
activity gross income. The IRS will use this information to determine 
whether the entity has made a proper timely election and to determine 
that taxpayers are complying with the election in the taxable year of 
the election and subsequent taxable years.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Individuals and business or other for-profit 
organizations.
    Estimated Number of Respondents: 1,000.
    Estimated Time per Respondent: 6 minutes.
    Estimated Total Annual Burden Hours: 100.
    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 our request for Office of 
Management and Budget (OMB) approval of the relevant information 
collection. All comments will become a matter of public record. Please 
do not include any confidential or inappropriate material in your 
comments.
    We invite comments on: (a) Whether the collection of information is 
necessary for the proper performance of the agency's functions, 
including whether the information has 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 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 the 
requested information.
    The IRS is seeking comments concerning the following forms, and 
reporting and record-keeping requirements:


[[Page 7553]]


     Approved: February 14, 2018.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-03487 Filed 2-20-18; 8:45 am]
 BILLING CODE 4830-01-P