[Federal Register Volume 67, Number 180 (Tuesday, September 17, 2002)]
[Notices]
[Page 58677]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-23613]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[IA-38-90]


Proposed Collection; Comment Request for Regulation Project

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 an 
existing final regulation, IA-38-90 (TD 8382), Penalty on Income Tax 
Return Preparers Who Understate Taxpayer's Liability on a Federal 
Income Tax Return or a Claim for Refund (Sec. Sec.  1.6694-2(c) and 
1.6694-3(e)).

DATES: Written comments should be received on or before November 18, 
2002 to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, room 6411, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this regulation should be directed to Allan Hopkins, (202) 
622-6665, or through the Internet ([email protected]), Internal 
Revenue Service, room 6407, 1111 Constitution Avenue NW., Washington, 
DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Penalty on Income Tax Return Preparers Who Understate 
Taxpayer's Liability on a Federal Income Tax Return or Claim for 
Refund.
    OMB Number: 1545-1231.
    Regulation Project Number: IA-38-90 (Final).
    Abstract: These regulations set forth rules under section 6694 of 
the Internal Revenue Code regarding the penalty for understatement of a 
taxpayer's liability on a Federal income tax return or claim for 
refund. In certain circumstances, the preparer may avoid the penalty by 
disclosing on a Form 8275 or by advising the taxpayer or another 
preparer that disclosure is necessary.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals or households.
    Estimated Number of Respondents: 100,000.
    Estimated Time Per Respondent: 30 min.
    Estimated Total Annual Burden Hours: 50,000 hours.
    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: September 6, 2002.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 02-23613 Filed 9-16-02; 8:45 am]
BILLING CODE 4830-01-P