[Federal Register Volume 67, Number 233 (Wednesday, December 4, 2002)]
[Notices]
[Pages 72271-72272]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-30750]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

November 22, 2002.
    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 
11000, 1750 Pennsylvania Avenue, NW., Washington, DC 20220.
    Dates: Written comments should be received on or before January 3, 
2003, to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1231.
    Regulation Project Number: IA-38-90 Final (T.D. 8382).
    Type of Review: Extension.
    Title: Penalty on Income Tax Return Preparers Who Understate 
Taxpayer's Liability on a Federal Income Tax Return or a Claim for 
Refund.
    Description: 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 of 
disclosing on a form 8275 or by advising the taxpayer or another 
preparer that disclosure is necessary.
    Respondents: Business or other for-profit, individuals or 
households.
    Estimated Number of Respondents: 100,000.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: On occasion, annually.
    Estimated Total Reporting Burden: 50,000 hours.
    OMB Number: 1545-1509.
    Form Number: IRS form 941 TeleFile.
    Type of Review: Revision.
    Title: Employer's Quarterly Federal Tax Return.
    Description: Form 941 TeleFile is used by employers to report by 
phone payments made to employees subject to income and social security 
and Medicare taxes and the amounts of these taxes.
    Respondents: Business or other for-profit, not-for-profit 
institutions, State, local or tribal government.
    Estimated Number of Respondents/Recordkeepers: 230,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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             Form 941
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Recordkeeping....................  12 hr., 24 min.

[[Page 72272]]

 
Learning about the law or the      40 min.
 form.
Preparing the form...............  1 hr., 49 min.
Copying, assembling, and sending   16 min.
 the form to the IRS.
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        Form 941 TeleFile
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Recordkeeping....................  5 hr., 30 min.
Learning about the law or the Tax  18 min.
 Record.
Preparing the Tax Record.........  24 min.
TeleFile phone call..............  11 min.
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    Frequency of Response: Quarterly.
    Estimated Total Reporting/Recordkeeping Burden: 5,740,000 hours.
    OMB Number: 1545-1660.
    Notice Number: Notice 99-43.
    Type of Review: Extension.
    Title: Nonrecognition Exchanges under Section 897.
    Description: This notice announces a modification of the current 
rules under Temporary Regulation Sec.  1.897-6T(a)(1) regarding 
transfers, exchanges, and other dispositions of U.S. real property 
interests in nonrecognition transactions occurring after June 18, 1980. 
The new rule will be included in regulations finalizing the temporary 
regulations.
    Respondents: Business or other for-profit, individuals or 
households.
    Estimated Number of Respondents: 100.
    Estimated Burden Hours Per Respondent: 2 hours.
    Frequency of Response: 200 hours.
    Clearance Officer: Glenn Kirkland, (202) 622-3428, Internal Revenue 
Service, Room 6411-03, 1111 Constitution Avenue, NW., Washington, DC 
20224.
    OMB Reviewer: Joseph F. Lackey, Jr., (202) 395-7316, Office of 
Management and Budget, Room 10235, New Executive Office Building, 
Washington, DC 20503.

Mary A. Able,
Departmental PRA Clearance Officer.
[FR Doc. 02-30750 Filed 12-3-02; 8:45 am]
BILLING CODE 4830-01-P