[Federal Register Volume 64, Number 165 (Thursday, August 26, 1999)]
[Notices]
[Page 46748]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-22248]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request For Third-Party Disclosure 
Requirements in IRS Regulations

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 
existing regulations, Third-Party Disclosure Requirements in IRS 
Regulations.

DATES: Written comments should be received on or before October 25, 
1999 to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Carol Savage, (202) 
622-3945, Internal Revenue Service, room 5242, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Third-Party Disclosure Requirements in IRS Regulations.
    OMB Number: 1545-1466.
    Abstract: These existing regulations contain third-party disclosure 
requirements that are subject to the Paperwork Reduction Act of 1995.
    Current Actions: Changes to the third-party disclosure requirements 
include the following:
    1. Proposed regulation section 1.131-1 was withdrawn. Therefore, 
the burden is reduced by 125,000 responses and 20,833 hours.
    2. Regulation section 1.468B-5(b)(2) no longer has any effect 
because the required election statement had to be given to transferors 
on or before March 15, 1993. Therefore, the burden is reduced by 2,500 
responses and 208 hours.
    3. Regulation sections 1.1494-1(b)(1), 48.4041-11, and 48.4041-14 
were eliminated because of changes in the underlying statutes. 
Therefore, the burden is reduced by a total of 1,020 responses and 111 
hours.
    4. Regulation sections 48.4041-15 and 48.4041-17 were affected by 
changes in the underlying statute regarding aviation gasoline. 
Therefore, the burden is reduced by a total of 2,000 responses and 200 
hours.
    5. Regulation section 1.6041-4(a)--As of January 2000, the rules of 
this regulation will be replaced with a new section that does not have 
any third-party disclosure requirements. Therefore, the burden is 
reduced by 1,000 responses and 2,000 hours.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations, and not-for-profit institutions.
    Estimated Number of Respondents: 245,825,890.
    Estimated Time Per Respondent: Varies.
    Estimated Total Annual Burden Hours: 69,927,805.
    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: August 16, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-22248 Filed 8-25-99; 8:45 am]
BILLING CODE 4830-01-P