[Federal Register Volume 61, Number 135 (Friday, July 12, 1996)]
[Notices]
[Pages 36781-36783]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-17693]
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DEPARTMENT OF THE TREASURY
Submission to OMB for Review; Comment Request
July 1, 1996.
The Department of the Treasury has submitted the following public
information collection requirement(s) to OMB for review and clearance
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of
the submission(s) may be obtained by calling the Treasury Bureau
Clearance Officer listed. Comments regarding this information
collection should be addressed to the OMB reviewer listed and to the
Treasury Department Clearance Officer, Department of the Treasury, Room
2110, 1425 New York Avenue NW., Washington, DC 20220.
Internal Revenue Service (IRS)
OMB Number: 1545-0065.
Form Number: IRS Forms 4070, 4070A, 4070PR, and 4070A-PR.
Type of Review: Revision.
Title: Employee's Report of Tips to Employer (4070A); Employee's
Daily Record of Tips (4070A); Informe al Patrono de Propinas Recibidas
por el Employeado (4070PR); and Registro Diario de Propinas del
Empleado (4070A-PR).
Description: Employees who receive at least $20 per month in tips
must report the tips to their employers monthly for purposes of
withholding of employment taxes. Forms 4070 and 4070PR (Puerto Rico
only) are used for this purpose. Employees must keep a daily record of
tips they receive. Forms 4070A and 4070A-PR are used for this purpose.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 540,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
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4070 4070A 4070PR 4070A-PR
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Recordkeeping...................... 7 min...................... 3 hr., 23 min................. 0 min..................... 0 min.
Learning about the law or the form. 2 min...................... 2 min......................... 2 min..................... 2 min.
Preparing the form................. 13 min..................... 55 min........................ 0 min..................... 0 min.
[[Page 36782]]
Copying and providing.............. 10 min..................... 28 min........................ 0 min..................... 0 min.
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Frequency of Response: Monthly.
Estimated Total Reporting/Recordkeeping Burden: 34,415,520 hours.
OMB Number: 1545-0067.
Form Number: IRS Form 2555.
Type of Review: Extension.
Title: Foreign Earned Income.
Description: This form is used by U.S. citizens and resident aliens
to qualify for the foreign earned income exclusion and/or the foreign
housing exclusion or deduction. This information is used by the Service
to determine if a taxpayer qualifies for exclusion(s) or deduction.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 181,626.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--2 hr., 11 min.
Learning about the law or the form--27 min.
Preparing the form--1 hr., 40 min.
Copying, assembling, and sending the form to the IRS--49 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 926,293 hours.
OMB Number: 1545-0203.
Form Number: IRS Form 5329.
Type of Review: Extension.
Title: Additional Taxes Attributable to Qualified Retirement Plans
(including IRAs), Annuities, and Modified Endowment Contracts.
Description: This form is used to compute and collect taxes related
to distributions from individual retirement arrangements (IRAs) and
other qualified plans. These taxes are for excess contributions to an
IRA, premature distributions from an IRA and other qualified retirement
plans, excess accumulations in an IRA and excess accumulations in an
IRA and excess distributions from qualified retirement plans. The data
is used to help verify that the correct amount of tax has been paid.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 1,000,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--2 hr., 24 min.
Learning about the law or the form--33 min.
Preparing the form--1 hr., 19 min.
Copying, assembling, and send the form to the IRS--35 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 4,840,000 hours.
OMB Number: 1545-0227.
Form Number: IRS Form 6251.
Type of Review: Extension.
Title: Alternative Minimum Tax--Individuals.
Description: Form 6251 is used by individuals with adjustments, tax
preference items, taxable income above certain exemption amounts, or
certain credits. Form 6251 computes the alternative minimum tax which
is added to regular tax. The information is needed to ensure the
taxpayer is complying with the law.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 273,396
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--2 hr., 17 min.
Learning about the law or the form--1hr., 12 min.
Preparing the form--1 hr., 47 min.
Copying, assembling, and sending the form to the IRS--20 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 1,533,752 hours.
OMB Number: 1545-1032.
Form Number: IRS Form 8689.
Type of Review: Extension.
Title: Allocation of Individual Income Tax to the Virgin Islands.
Description: Form 8689 is used by U.S. citizens or residents as an
attachment to form 1040 when they have Virgin Island source income. The
data is used by IRS to verify the amount claimed on Form 1040 for taxes
paid to the Virgin Islands.
Respondents: Individuals or households, Business or other for-
profit.
Estimated Number of Respondents/Recordkeepers: 800.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--33 min.
Learning about the law or the form--18 min.
Preparing the form--59 min.
Copying, assembling, and sending the form to the IRS--20 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 1,744 hours.
OMB Number: 1545-1079.
Form Number: IRS Form 9041.
Type of Review: Revision.
Title: Application for Electronic/Magnetic Media Filing of Business
and Employee Benefit Plan Returns.
Description: Form 9041 is filed by fiduciaries, partnerships, and
plan sponsors/administrators as an application to file their returns
electronically or on magnetic media; and by software firms, service
bureaus, and electronic transmitters to develop auxiliary services.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 3,000.
Estimated Burden Hours Per Respondent/Recordkeeper: 18 minutes.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 900 hours.
OMB Number: 1545-1128.
Form Number: IRS Form 8814.
Type of Review: Extension.
Title: Parents' Election to Report Child's Interest and Dividends.
Description: Form 8814 is used by parents who elect to report the
interest and dividend income of their child under age 14 on their own
tax return. If this election is made, the child is not required to file
a return.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 1,100,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--20 min.
Learning about the law or the form--10 min.
Preparing the form--16 min.
Copying, assembling, and sending the form to the IRS--35 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 1,463,000 hours.
OMB Number: 1545-1139.
Regulation ID Number: PS-264-82 Final.
Type of Review: Extension.
Title: Adjustments to Basis of Stock and Indebtedness to
Shareholders of S Corporations and Treatment of Distributions by S
Corporations to Shareholders.
Description: The regulations provide the procedures and the
statements to be filed by S corporations for making the election
provided under section 1368, and by shareholders who choose to reorder
items that decrease their basis. Statements required to be filed will
be used to verify that taxpayers are complying with the requirements
imposed by Congress.
Respondents: Business or other for-profit, Individuals or
households.
[[Page 36783]]
Estimated Number of Respondents: 2,000.
Estimated Burden Hours Per Respondent: 6 minutes.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 200 hours.
Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue
Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC
20224.
OMB Reviewer: Milo Sunderhauf (202) 395-7340, Office of Management
and Budget, Room 10226, New Executive Office Building, Washington, DC
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 96-17693 Filed 7-11-96; 8:45 am]
BILLING CODE 4830-01-M