[Federal Register Volume 68, Number 191 (Thursday, October 2, 2003)]
[Notices]
[Pages 56870-56871]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-25028]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8816

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 
Form 8816, Special Loss Discount Account and Special Estimated Tax 
Payments for Insurance Companies.

DATES: Written comments should be received on or before December 1, 
2003, 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 the form and instructions should be directed to Larnice Mack 
at Internal Revenue Service, room 6407, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-3179, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Special Loss Discount Account and Special Estimated Tax 
Payments for Insurance Companies.
    OMB Number: 1545-1130.
    Form Number: 8816.
    Abstract: Form 8816 is used by insurance companies claiming an 
additional deduction under Internal Revenue Code section 847 to 
reconcile estimated tax payments and to determine their tax benefit 
associated with the deduction. The information is needed by the IRS to 
determine that the proper additional deduction was claimed and to 
insure the proper amount of special estimated tax was computed and 
deposited.
    Current Actions: The following changes are being made to Form 8816: 
The line items in Part I are being separated into two parts. Part I 
will be Unpaid Losses--Undiscounted and Discounted, and Part II will be 
Special Loss Discount Account. Part III will be Special Estimated Tax 
Payments (previously Part II). The old Part III, Tax Benefit Associated 
with the Additional Deduction under Section 847, is being eliminated 
because it is no longer needed. Also, a new line is being added to Part 
III to request information on prior section 847 payments transferred to 
the current year. This will enable both taxpayers and the Service 
Centers to properly identify payments that are transferred between 
accident years.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 3,000.
    Estimated Time Per Respondent: 6 hr., 24 minutes.
    Estimated Total Annual Burden Hours: 19,200.

[[Page 56871]]

    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 23, 2003.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 03-25028 Filed 10-1-03; 8:45 am]
BILLING CODE 4830-01-P