[Federal Register Volume 62, Number 126 (Tuesday, July 1, 1997)]
[Notices]
[Page 35544]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-17222]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 2220

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, 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 proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Pub. Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 2220, Underpayment of Estimated Tax by Corporations.

DATES: Written comments should be received on or before September 2, 
1997 to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: Underpayment of Estimated Tax by Corporations.
    OMB Number: 1545-0142.
    Form Number: 2220.
    Abstract: Form 2220 is used by corporations to determine whether 
they are subject to the penalty for underpayment of estimated tax and, 
if so, the amount of the penalty. The IRS uses the information on Form 
2220 to determine if the corporation had an underpayment of tax to 
which the estimated tax penalty applies and, if so, whether the amount 
of the penalty was computed correctly.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 702,000.
    Estimated Time Per Respondent: 30 hr., 34 min.
    Estimated Total Annual Burden Hours: 21,463,187.
    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 Comment:

    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval. All comments will 
become a matter of public record. Comments are invited on: (a) Whether 
the collection of information is necessary for the proper performance 
of the functions of the agency, including whether the information shall 
have 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 through 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 information.

    Approved: June 23, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-17222 Filed 6-30-97; 8:45 am]
BILLING CODE 4830-01-P