[Federal Register Volume 68, Number 217 (Monday, November 10, 2003)]
[Notices]
[Pages 63847-63848]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-28205]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Forms 8275 and 8275-R

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 8275, Disclosure Statement, and Form 8275-R, Regulation Disclosure 
Statement.

DATES: Written comments should be received on or before January 9, 2004 
to be assured of consideration.

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

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the forms and instructions should be directed to Carol Savage 
at Internal Revenue Service, room 6407, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-3945, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Disclosure Statement (Form 8275) and Regulation Disclosure 
Statement (Form 8275-R).
    OMB Number: 1545-0889.
    Form Number: Forms 8275 and 8275-R.
    Abstract: Internal Revenue Code section 6662 imposes accuracy-
related penalties on taxpayers for substantial

[[Page 63848]]

understatement of tax liability or negligence or disregard of rules and 
regulations. Code section 6694 imposes similar penalties on return 
preparers. Regulations sections 1.662-4(e) and (f) provide for 
reduction of these penalties if adequate disclosure of the tax 
treatment is made on Form 8275 or, if the position is contrary to a 
regulation, on Form 8275-R.
    Current Actions: There are no changes being made to the forms at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit organizations, 
individuals, not-for-profit institutions, and farms.
    Estimated Number of Responses: 1,000,000.
    Estimated Time Per Response: 5 hr., 35 min.
    Estimated Total Annual Burden Hours: 5,575,000.
    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 3, 2003.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 03-28205 Filed 11-7-03; 8:45 am]
BILLING CODE 4830-01-P