[Federal Register Volume 68, Number 65 (Friday, April 4, 2003)]
[Notices]
[Pages 16597-16599]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-8162]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

March 25, 2003.
    The Department of 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 May 5, 2003, to 
be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0064.
    Form Number: IRS Form 4029.
    Type of Review: Extension.
    Title: Application for Exemption From Social Security and Medicare 
Taxes and Waiver of Benefits.
    Description: Form 4029 is used by members of recognized religious 
groups to apply for exemption from Social Security and Medicare taxes 
under IRC sections 1402(g) and 3127. The information is used to approve 
or deny exemption from social security and Medicare taxes.
    Respondents: Individual or household.
    Estimated Number of Respondents/Recordkeepers: 3,754.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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------------------------------------------------------------------------
Recordkeeping...............................  6 min.
Learning about the law or the form..........  11 min.
Preparing the form..........................  11 min.
Copying, assembling, and sending the form to  34 min.
 the SSA.
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    Frequency of Response: Other (one time).
    Estimated Total Reporting/Recordkeeping Burden: 4,017 hours.

    OMB Number: 1545-0132.
    Form Number: IRS Form 1120X.
    Type of Review: Extension.
    Title: Amended U.S. Corporation Income Tax Return.
    Description: Domestic corporations use Form 1120X to correct a 
previously filed Form 1120 or 1120A. The data is used to determine if 
the correct tax liability has been reported.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 16,699.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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Recordkeeping...............................  13 hr., 9 min.
Learning about the law or the form..........  1 hr., 14 min.
Preparing the form..........................  3 hr., 22 min.
Copying, assembling, and sending the form to  32 min.
 the IRS.
------------------------------------------------------------------------

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 305,425 hours.

    OMB Number: 1545-0202.

[[Page 16598]]

    Form Number: IRS Forms 5310 and 6088.
    Type of Review: Revision.
    Title: IRS Form 5310: Application for Determination for Terminating 
Plan; and IRS Form 6088: Distributable Benefits from Employee Pension 
Benefit Plan.
    Description: Employers who have qualified deferred compensation 
plans can take an income tax deduction for contributions to their 
plans. IRS uses the data on Forms 5310 and 6088 to determine whether a 
plan still qualifies and whether there is any discrimination in 
benefits.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 30,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

------------------------------------------------------------------------
                                       Form 5310           Form 6088
------------------------------------------------------------------------
Recordkeeping...................  64 hr., 19 min....  6 hr., .27 min.
Learning about the law or the     21, 35 min........  1hr., 12 min.
 form.
Preparing, Copying, assembling,   25 hr., 59 min....  1 hr., 21 min.
 and sending the form to the IRS.
------------------------------------------------------------------------

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 1,813,650 hours.

    OMB Number: 1545-0387.
    Form Number: IRS Form 4419.
    Type of Review: Extension.
    Title: Application for Filing Information Returns Magnetically/
Electronically.
    Description: Under section 6011(e)(2)(a) of the Internal Revenue 
Code, any person, including corporations, partnerships, individuals, 
estates and trusts, who is required to file 250 or more information 
returns must file such returns magnetically/electronically. Payers 
required to file on magnetic media or electronically must complete Form 
4419 to receive authorization to file.
    Respondents: State, local or tribal government, business or other 
for-profit, not-for-profit institutions, Federal government.
    Estimated Number of Respondents: 15,000.
    Estimated Burden Hours Per Respondent: 26 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 6,500 hours.

    OMB Number: 1545-0957.
    Form Number: IRS Form 8508.
    Type of Review: Revision.
    Title: Request for Waiver From Filing Information Returns 
Magnetically (Forms W-2, W-2G, 1042-S, 1098, 1099 Series, 5498-MSA, and 
8027).
    Description: Certain filers of information returns are required by 
law to file on magnetic media. In some instances, waivers from this 
requirement are necessary and justified. Form 8508 is submitted by the 
filer and provides information on which IRS will base its waiver 
determination.
    Respondents: Business or other for-profit, not-for-profit 
institutions, farms, Federal government, state, local or tribal 
government.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Per Respondent: 45 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 750 hours.
    OMB Number: 1545-1225.
    Form Number: IRS Form 5310-A.
    Type of Review: Revision.
    Title: Notice of Plan Merger or Consolidation, Spinoff, or Transfer 
of Plan Assets or Liabilities; Notice of Qualified Separate Lines of 
Business.
    Description: Plan administrators are required to notify IRS of any 
plan mergers, consolidations, spinoffs, or transfer of plan assets or 
liabilities to another plan. Employers are required to notify IRS of 
separate lines of business for their deferred compensation plans. Form 
5310-A is used to make these notifications.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 15,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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                                                                                          Preparing, copying,
                                      Recordkeeping         Learning about the law or    assembling,and sending
                                                                    the form              the form to the IRS
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Form 5310-A, Part I..........  2 hr., 9 min..............  1 hr., 3 min..............  2 hr., 20 min.
Form 5310-A, Part II.........  3 hr., 21 min.............  35 min....................  40 min.
Form 5310-A, Part III........  4 hr., 32 min.............  35 min....................  42 min.
----------------------------------------------------------------------------------------------------------------

    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 158,800 hours.

    OMB Number: 1545-1347.
    Regulation Project Number: FI-1-94 and FI-36-92 Final.
    Type of Review: Extension.
    Title: Arbitrage Restrictions on Tax-Exempt Bonds.
    Description: The Code limits the ability of state and local 
government issuers of tax-exempt bonds to earn and/or keep arbitrage 
profits earned with bond proceeds. This regulation requires 
recordkeeping of certain interest rate hedges so that the hedges are 
taken into account in determining those profits.
    Respondents: State, local or tribal government.
    Estimated Number of Respondents/Recordkeepers: 3,100.
    Estimated Burden Hours Per Respondent/Recordkeeper: 14 hours, 34 
minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 42,050 hours.

    OMB Number: 1545-1510.
    Revenue Procedure Number: Revenue Procedure 96-60.
    Type of Review: Extension.
    Title: Procedure for Filing Forms W-2 in Certain Acquisitions.
    Description: Information is required by the Internal Revenue 
Service to assist predecessor and successor employers in complying with 
the reporting requirements under Code sections 6051 and 6011 for Forms 
W-2 and 941.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 553,500.
    Estimated Burden Hours Per Respondent: 12 minutes.
    Estimated Total Reporting Burden: 110,700 hours.

    OMB Number: 1545-1528.
    Revenue Procedure Number: Revenue Procedure 97-15.
    Type of Review: Extension.
    Title: Section 103--Remedial Payment Closing Agreement Program.
    Description: This information is required by the Internal Revenue 
Service to verify compliance with sections 57, 103, 141, 142, 144, 145 
and 147 of the Internal Revenue Code of 1986, as applicable (including 
any corresponding provision, if any, of the Internal Revenue Code of 
1954). This information will be used by the Service

[[Page 16599]]

to enter into a closing agreement with the issuer of certain state or 
local bonds and to establish the closing agreement amount.
    Respondents: Not-for-profit institutions, State, local or tribal 
government.
    Estimated Number of Respondents/Recordkeepers: 50.
    Estimated Burden Hours Per Respondent/Recordkeeper: 1 hour, 30 
minutes.
    Estimated Total Reporting/Recordkeeping Burden: 75 hours.

    OMB Number: 1545-1667.
    Revenue Procedure Number: Revenue Procedure 99-50.
    Type of Review: Extension.
    Title: Combined Information Reporting.
    Description: The revenue procedure permits combined information 
reporting by a successor ``business entity'' (i.e., a corporation, 
partnership, or sole proprietorship) in certain situations following a 
merger or an acquisition. The successor must file a statement with the 
Internal Revenue Service indicating what forms are being filed on a 
combined basis.
    Respondents: Business or other for-profit, not-for-profit 
institutions, farms.
    Estimated Number of Respondents: 6,000.
    Estimated Burden Hours Per Respondent: 5 minutes.
    Estimated Total Reporting Burden: 500 hours.

    OMB Number: 1545-1669.
    Notice Number: Notice 2000-3.
    Type of Review: Extension.
    Title: Guidance on Cash or Deferred Arrangements.
    Description: This notice provides guidance to employers 
maintaining, or who are contemplating establishing, cash or deferred 
arrangements (CODAs) for their employees. It permits some degree of 
flexibility in using the safe harbor methods, described in sections 
401(k)(12) and 401(m)(11) of the Code, to satisfy the nondiscrimination 
tests normally applicable to CODAs. As indicated in section III, Q&As 1 
and 2, of the notice to take advantage of this flexibility, employers 
must amend their CODAs accordingly and provide employees written 
notices of the benefits available to them under the CODA.
    Respondents: Business or other for-profit, not-for-profit 
institutions.
    Estimated Number of Respondents: 6,000.
    Estimated Burden Hours Per Respondent: 1 hour, 20 minutes.
    Estimated Total Reporting Burden: 8,000 hours.

    OMB Number: 1545-1671.
    Regulation Project Number: REG-209709-94 Final.
    Type of Review: Extension.
    Title: Amortization of Intangible Property.
    Description: The information is required by the IRS to aid it in 
administering the law and to implement the election provided by section 
197(f)(9)(B) of the Internal Revenue Code. The information will be used 
to verify that a taxpayer is properly reporting its amortization and 
income taxes.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 500.
    Estimated Burden Hours Per Respondent: 3 hours.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 1,500 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.

Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 03-8162 Filed 4-3-03; 8:45 am]
BILLING CODE 4830-01-P