[Federal Register Volume 63, Number 143 (Monday, July 27, 1998)]
[Notices]
[Page 40153]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-20025]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[IA-33-92]


Proposed Collection; Comment Request for Regulation Project

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, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an 
existing final regulation, IA-33-92 (TD 8507), Information Reporting 
for Reimbursements of Interest on Qualified Mortgages (Sec. 1.6050H-2).

DATES: Written comments should be received on or before September 25, 
1998 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 regulation should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5569, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Information Reporting for Reimbursements of Interest on 
Qualified Mortgages.
    OMB Number: 1545-1339.
    Regulation Project Number: IA-33-92.
    Abstract: Section 6050H of the Internal Revenue Code relates to the 
information reporting requirements for reimbursements of interest paid 
in connection with a qualified mortgage. This information is required 
by the Internal Revenue Service to encourage compliance with the tax 
laws relating to the deductibility of payments of mortgage interest. 
The information is used to determine whether mortgage interest 
reimbursements have been correctly reported on the tax return of the 
taxpayer who receives the reimbursement.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    The burden for the collection of information is reflected in the 
burden for Form 1098, Mortgage Interest Statement.
    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 20, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-20025 Filed 7-24-98; 8:45 am]
BILLING CODE 4830-01-P