[Federal Register Volume 65, Number 82 (Thursday, April 27, 2000)]
[Notices]
[Pages 24727-24729]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-10461]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

April 18, 2000.
    The Department of the Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of 
the submission(s) may be obtained by calling the Treasury Bureau 
Clearance Officer listed. Comments regarding this information 
collection should be addressed to the OMB reviewer listed and to the 
Treasury Department Clearance Officer, Department of the Treasury, Room 
2110, 1425 New York Avenue, NW., Washington, DC 20220.

DATES: Written comments should be received on or before May 30, 2000 to 
be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0066.
    Form Number: IRS Form 2688.
    Type of Review: Extension.
    Title: Application for Additional Extension of Time To File Income 
Tax Return.
    Description: Internal Revenue Code (IRC) section 6081 permits the 
Secretary to grant a reasonable extension of time for filing any 
return, declaration, statement, or other document. This form is used by 
individuals to ask for an additional extension of time to file U.S. 
income tax returns after filing for the automatic extension, but still 
needing more time.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 1,453,000.
    Estimated Burden Hours Per Respondent:

 
 
 
Learning about the law or the form...  13 min.
Preparing the form...................  16 min.
Copying, assembling, and sending the   17 min.
 form to the IRS.
 

    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 1,104,280 hours.
    OMB Number: 1545-0177.
    Form Number: IRS Form 4684.
    Type of Review: Extension.
    Title: Casualties and Thefts.
    Description: Form 4684 is sued by taxpayers to compute their gain 
or loss from casualties or thefts, and to summarize such gains and 
losses. The data is used to verify that the correct gain or loss has 
been computed.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 300,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

 
 
 
Recordkeeping........................  1 hr., 58 min.
Learning about the law or the form...  26 min.
Preparing the form...................  1 hr., 5 min.
Copying, assembling, and sending the   35 min.
 form to the IRS.
 

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,221,000 hours.

    OMB Number: 1545-0441.
    Form Number: IRS Forms 6559 and 6559-A.
    Type of Review: Extension.
    Title: Transmitter Report and Summary of Magnetic Media (6559); and 
Continuation Sheet for Form 6559 (6559-A).
    Description: Forms 6559 and 6559-A are used by filers of Form W-2 
wage and tax data to transmit on magnetic media, SSA and IRS need 
signed and summary data for processing purposes. The forms are used 
primarily by large employers and tax filing services (service bureaus).
    Respondents: Business or other for-profit, not-for-profit 
institutions, farms, Federal Government, State, Local or Tribal 
Government.
    Estimated Number of Respondents: 90,000.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 27,000 hours.
    OMB Number: 1545-0619.
    Form Number: IRS Form 6765.
    Type of Review: Revision.
    Title: Credit for Increasing Research Activities.
    Description: Internal Revenue Code (IRC) section 38 allows a credit 
against income tax (Determined under IRC section 41) for an increase in 
research activities in a trade or business. Form 6765 is used by 
businesses and individuals engaged in a trade or business to figure and 
report to the credit. The data is used to verify that the credit 
claimed is correct.

[[Page 24728]]

    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 23,947.
    Estimated Burden Hours Per Respondent/Recordkeeper:

 
 
 
Recordkeeping.............................  18 hr., 39 min.
Learning about the law or the form........  1 hr. 47 min.
Preparing and sending the form to the IRS.  2 hr., 10 min.
 

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 541,442 hours.

    OMB Number: 1545-1131.
    Regulation Project Number: INTL-485-89 Final.
    Type of Review: Extension.
    Title: Taxation of Gain or Loss from Certain Nonfunctional Currency 
Transactions (Section 988 Transactions).
    Description: Sections 988(c)(1)(D) and (E) require taxpayers to 
make elections which determine whether section 988 applies. In addition 
sections 988(a)(1)(B) and 988(d) require taxpayers to identify 
transactions which generate capital gain or loss or which are hedges of 
other transactions.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 40 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 3,333 hours.

    OMB Number: 1545-1240.
    Regulation Project Number: INTL-116-90 NPRM.
    Type of Review: Extension.
    Title: Allocation of Charitable Contributions.
    Description: The recordkeeping requirement affects businesses or 
other for-profit institutions. This information is required by the IRS 
to ensure the proper application of section 1.861-8(e)(iv) of the 
regulations. This information will be used to verify the U.S. source 
allocation of certain charitable contributions.
    Respondents: Business or other for-profit.
    Estimated Number of Recordkeepers: 500.
    Estimated Burden Hours Per Recordkeeper: 1 hour.
    Estimated Total Recordkeeping Burden: 500 hours.

    OMB Number: 1545-1502.
    Form Number: IRS Forms 5304-SIMPLE and 5305-SIMPLE and Notice 98-4 
(Formerly Notice 97-6).
    Type of Review: Extension.
    Title: Form 5304-SIMPLE--Savings Incentive Match Plan for Employees 
of Small Employers (SIMPLE) (Not Subject to the Designated Financial 
Institution Rules); Form 5305-SIMPLE--Savings Incentive Match Plan for 
Employees of Small Employers (SIMPLE) (For Use With a Designated 
Financial Institution); and Notice 98-4--Simple IRA Plan Guidance.
    Description: Forms 5304-SIMPLE and 5305-SIMPLE are used by an 
employer to permit employees to make salary reduction contributions to 
a savings incentive match plan (SIMPLE IRA) described in Code section 
408(p). These forms are not to be filed with IRS, but to be retained in 
the employers' records as proof of establishing such a plan, thereby 
justifying a deduction for contributions made to this SIMPLE IRA. The 
data is used to verify the deduction. Notice 98-4--provides guidance 
for employers and trustees regarding how they can comply with the 
requirements of Code section 408(p) in establishing and maintaining a 
SIMPLE Plan, including information regarding the notification and 
reporting requirements under Code section 408.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 600,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

--------------------------------------------------------------------------------------------------------------------------------------------------------
             Form/Notice                            Recordkeeping                    Learning about the law or the form          Preparing the form
--------------------------------------------------------------------------------------------------------------------------------------------------------
5304-SIMPLE.........................  3 hr., 38 min............................  2 hr., 26 min............................  47 min.
5305-SIMPLE.........................  3 hr., 38 min............................  2 hr., 26 min............................  47 min.
Notice 98-4.........................  15 min...................................                                             ............................
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 2,127,000 hours.

    OMB Number: 1545-1531.
    Notice Number: Notice 97-19 and Notice 98-34.
    Type of Review: Extension.
    Title: Guidance for Expatriates Under Sections 877, 2501, 2107, and 
6039F.
    Description: Notice 97-19 and Notice 98-34 provide guidance for 
individuals affected by amendments to Code sections 877, 2107, and 
2501, as amended by the Health Insurance Portability and Accountability 
Act. These notices also provide guidance on Code section 6039F.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 12,350.
    Estimated Burden Hours Per Respondent: 32 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 6,525 hours.

    OMB Number: 1545-1533.
    Revenue Procedure Number: Revenue Procedure 97-22.
    Type of Review: Extension.
    Title: 26 CFR 601.105 Examination of Returns and Claims for Refund, 
Credits, or Abatement, Determination of Correct Tax Liability.
    Description: The information requested in Revenue Procedure 97-22 
under sections 4 and 5 is required to ensure that records maintained in 
an electronic storage system will constitute records within the meaning 
of section 6001.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms, Federal Government, 
State, Local or Tribal Government.
    Estimated Number of Recordkeepers: 50,000.
    Estimated Burden Hours Per Recordkeeper: 20 hours, 1 minute.
    Estimated Total Recordkeeping Burden: 1,000,400 hours.

    OMB Number: 1545-1539.
    Regulation Project Number: REG-208172-91 Final.
    Type of Review: Extension.
    Title: Basis Reduction Due to Discharge of Indebtedness.
    Description: The IRS will use the information provided by taxpayers 
owning interests in partnerships and owning section 1221(l) real 
property to verify compliance with sections 1017(b)(3)(C), 
1017(b)(3)(E), 1017(b)(F), and 1017(b)(4)(X).
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 2,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 1,000.

[[Page 24729]]

    Estimated Total Recordkeeping Burden: 10,000 hours.

    OMB Number: 1545-1540.
    Regulation Project Number: REG-209813-96 NPRM.
    Type of Review: Extension.
    Title: Reporting Requirements for Widely Held Fixed Investment 
Trusts.
    Description: The regulations clarify the reporting requirements of 
trustees and middlemen involved with widely held fixed investment 
trusts.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 1,200.
    Estimated Burden Hours Per Respondent: 2 hours.
    Estimated Total Recordkeeping Burden: 2,400 hours.
    Clearance Officer: Garrick Shear, Internal Revenue Service, Room 
5244, 1111 Constitution Avenue, NW, Washington, DC 20224.
    OMB Reviewer: Alexander T. Hunt (202) 395-7860, Office of 
Management and Budget, Room 10202, New Executive Office Building, 
Washington, DC 20503.

Lois K. Holland,
Departmental Reports, Management Officer.
[FR Doc. 00-10461 Filed 4-26-00; 8:45 am]
BILLING CODE 4830-01-P