[Federal Register Volume 66, Number 131 (Monday, July 9, 2001)]
[Notices]
[Page 35832]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-17081]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

June 26, 2001.
    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 August 8, 2001 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0199.
    Form Number: IRS Form 5306-A (formerly Form 5306-SEP).
    Type of Review: Revision.
    Title: Applications for Approval of Prototype Simplified Employee 
Pension or Savings Incentive Match Plan for Employees of Small 
Employers.
    Description: This form is used by banks, credit unions, insurance 
companies, and trade or professional associations to apply for approval 
of a Simplified Employee Pension Plan or Savings Incentive Match Plan 
to be used by more than one employer. The data collected is used to 
determine if the prototype plan submitted is an approved plan.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping: 15 hr., 46 min.
Learning about the law or the form: 1 hr., 17 min.
Preparing, copying, assembling, and sending the form to the IRS: 1 hr., 
36 min.

    Frequency of Response: On occasion.
    Estimated Total Reporting./Recordkeeping Burden: 93,400 hours.
    OMB Number: 1545-0806.
    Regulation Project Number: EE-12-78 Final.
    Type of Review: Extension.
    Title: Nonbank Trustees.
    Description: Internal Revenue Code (IRC) section 408(a)(2) permits 
an institution other than a bank to be the trustee of an individual 
retirement account (IRA). To do so, an application needs to be filed 
and various qualifications need to be met. IRS uses the information to 
determine whether an institution qualifies to be a non-bank trustee.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 23.
    Estimated Burden Hours Per Respondent/Recordkeeper: 34 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting./Recordkeeping Burden: 13 hours.
    OMB Number: 1545-1155.
    Regulation Project Number: PS-74-89 Final.
    Type of Review: Extension.
    Title: Election of Reduced Research Credit.
    Description: These regulations prescribe the procedure for making 
the election described in section 280C(c)(3) of the Internal Revenue 
Code. Taxpayers making this election must reduce their section 41(a) 
research credit, but are not required to reduce their deductions for 
qualified research expenses, as required in paragraphs (1) and (2) of 
section 280C(c).
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 200.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 50 hours.
    OMB Number: 1545-1597.
    Revenue Procedure Number: Revenue Procedure 2000-12.
    Type of Review: Extension.
    Title: Application Procedures for a Qualified Intermediary Status 
Under Section 1441; Final Qualified Intermediary Withholding Agreement.
    Description: Revenue Procedure 2000-12 describes application 
procedures for becoming a qualified intermediary (QI) and the requisite 
agreement that a qualified intermediary must execute with the IRS.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 88,504.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Estimated Time for QI Account Holder: 30 minutes.
Estimated Time for a QI: 2,093 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting./Recordkeeping Burden: 301,018 hours.
    OMB Number: 1545-1616.
    Regulation Project Number: REG-115393-98 Final.
    Type of Review: Extension.
    Title: Roth IRAs.
    Description: The regulations provide guidance on establishing Roth 
IRAs, contributions to Roth IRAs, converting amounts to Roth IRAs, 
recharacterizing IRA contributions, Roth IRA distributions, and Roth 
IRA reporting requirements.
    Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 3,150,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

For designating an IRA as a Roth IRA: 1 minute.
For recharacterizing and IRA contribution: 30 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting./Recordkeeping Burden: 125,000 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. 01-17081 Filed 7-6-01; 8:45 am]
BILLING CODE 4830-01-P