[Federal Register Volume 64, Number 13 (Thursday, January 21, 1999)]
[Notices]
[Page 3337]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-1287]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 2553

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 
Form 2553, Election by a Small Business Corporation.

DATES: Written comments should be received on or before March 22, 1999 
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 Faye Bruce, 
(202) 622-6665, Internal Revenue Service, room 5577, 1111 Constitution 
Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Election by a Small Business Corporation.
    OMB Number: 1545-0146.
    Form Number: 2553.
    Abstract: Form 2553 is filed by a qualifying corporation to elect 
to be an ``S'' Corporation as defined in Internal Revenue Code section 
1361. The information obtained is necessary to determine if the 
election should be accepted by the IRS. When the election is accepted, 
the qualifying corporation is classified as an ``S'' Corporation and 
the corporation's income is taxed to the shareholders of the 
corporation.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of OMB approval.
    Affected Public: Businesses and Farms.
    Estimated Number of Respondents: 500,000.
    Estimated Time Per Respondent: 14 hrs., 5 mins.
    Estimated Total Annual Burden Hours: 7,040,000.
    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: January 7, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-1287 Filed 1-20-99; 8:45 am]
BILLING CODE 4830-01-U