[Federal Register Volume 66, Number 79 (Tuesday, April 24, 2001)]
[Notices]
[Pages 20718-20719]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-10161]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2000-
12

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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[[Page 20719]]

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 
Revenue Procedure 2000-12, Application Procedures for Qualified 
Intermediary Status Under Section 1441; Final Qualified Intermediary 
Withholding Agreement.

DATES: Written comments should be received on or before June 25, 2001 
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 revenue procedure should be directed to Carol Savage, 
(202) 622-3945, Internal Revenue Service, room 5242, 1111 Constitution 
Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Application Procedures for Qualified Intermediary Status 
Under Section 1441; Final Qualified Intermediary Withholding Agreement.
    OMB Number: 1545-1597.
    Revenue Procedure Number: Revenue Procedure 2000-12.
    Abstract: This revenue procedure gives guidance for entering into a 
withholding agreement with the IRS to be treated as a Qualified 
Intermediary (QI) under regulation section 1.1441-1(e)(5). It describes 
the application procedures for becoming a QI and the terms that the IRS 
will ordinarily require in a QI withholding agreement. The objective of 
a QI withholding agreement is to simplify withholding and reporting 
obligations with respect to payments of income made to an account 
holder through one or more foreign intermediaries.
    Current Actions: There are no changes being made to Revenue 
Procedure 2000-12 at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents/Recordkeepers: 88,504.
    Estimated Time for QI Account Holder: 30 minutes.
    Estimated Time for a QI: 2,093 hours.
    Estimated Total Annual Reporting/Recordkeeping Hours: 301,018.
    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: April 16, 2001.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 01-10161 Filed 4-23-01; 8:45 am]
BILLING CODE 4830-01-P