[Federal Register Volume 62, Number 140 (Tuesday, July 22, 1997)]
[Notices]
[Page 39304]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19228]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Forms 1042 and 1042-S

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. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 1042, nnual Withholding Tax Return for U.S. Source Income of 
Foreign Persons, and Form 1042-S, Foreign Person's U.S. Source Income. 
Subject to Withholding.

DATES: Written comments should be received on or before September 22, 
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: Annual Withholding Tax Return for U.S. Source Income of 
Foreign Persons (Form 1042) and Foreign Person's U.S. Source Income 
Subject to Withholding (Form 1042-S).
    OMB Number: 1545-0096.
    Form Number: 1042 and 1042-S.
    Abstract: Form 1042 is used by withholding agents to report tax 
withheld at source on payment of certain income paid to nonresident 
alien individuals, foreign partnerships, or foreign corporations. The 
IRS uses this information to verify that the correct amount of tax has 
been withheld and paid to the United States. Form 1042-S is used to 
report certain income and tax withheld information to nonresident alien 
payees and beneficial owners.

Current Actions

Changes to Form 1042

    1. A new checkbox has been added at the top of the form to allow 
filers to indicate that only the new Part II transmittal is being used.
    2. The three-column ``Record of Federal Tax Liability'' has been 
redesignated Part I to accommodate the new Part II transmittal.
    3. A new line 61b has been added to allow regulated investment 
companies subject to Internal Revenue Code section 852(b)(7) and real 
estate investment trusts making the election under Code section 858(a) 
to indicate an adjustment amount for 3 income deemed paid and reported 
to payees in 1996 for which taxes withheld were not deposited until 
January 1997.
    4. The ``Total'' line, formerly line 61, has been redesignated line 
61c.
    5. A new Part II replaces an interim procedure previously explained 
in the instructions, designed to allow Form 1042 to be used as a 
transmittal document for paper Forms 1042-S.
    There are no changes to Form 1042-S at this time.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals or households.
    Estimated Number of Responses: 1,622,000.
    Estimated Time Per Response: 13 hr., 36 min.
    Estimated Total Annual Burden Hours: 22,063,680.
    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 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: July 10, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-19228 Filed 7-21-97; 8:45 am]
BILLING CODE 4830-01-P