[Federal Register Volume 66, Number 237 (Monday, December 10, 2001)]
[Notices]
[Page 63745]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-30466]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 98-55

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, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Revenue Procedure 98-55, Extension of Relief for Late S Elections.

DATES: Written comments should be received on or before February 8, 
2002, to be assured of consideration.

ADDRESSES: Direct all written comments to George Freeland, Internal 
Revenue Service, room 5575, 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 Allan Hopkins, 
(202) 622-6665, Internal Revenue Service, room 5244, 1111 Constitution 
Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Extension of Relief for Late S Elections.
    OMB Number: 1545-1548.
    Revenue Procedure Number: Revenue Procedure 98-55.
    Abstract: Revenue Procedure 98-55 updates the Service's 
instructions for requesting relief for a late S corporation election 
and other late elections that must be filed by or for an S corporation. 
Revenue Procedure 98-55 provides that a corporation will have 12 months 
from the original due date for the S election (but not later than the 
due date for the tax return for the first year it intended to be an S 
corporation) to request relief for a late S election by filing Form 
2553, Election by a Small Business Corporation, and attaching a 
statement explaining the reason for the failure to file a timely S 
corporation election.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 25,000.
    Estimated Time Per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 25,000.
    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: November 27, 2001.
George Freeland,
IRS Reports Clearance Officer.
[FR Doc. 01-30466 Filed 12-7-01; 8:45 am]
BILLING CODE 4830-01-P