[Federal Register Volume 69, Number 237 (Friday, December 10, 2004)]
[Notices]
[Page 71875]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-27165]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2003-
45 and Revenue Procedure 2004-48

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, Pub. L. 104-13(44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Revenue Procedure 2003-45, Late Election Relief for S Corporations, and 
Revenue Procedure 2004-48, Deemed Corporate Election for Late Electing 
S Corporations.

DATES: Written comments should be received on or before February 8, 
2005, to be assured of consideration.

ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal 
Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the revenue procedures should be directed to Carol Savage at 
Internal Revenue Service, room 6516, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 622-3945, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Revenue Procedure 2003-45, Late Election Relief for S 
Corporations, and Revenue Procedure 2004-48, Deemed Corporate Election 
for Late Electing S Corporations.
    OMB Number: 1545-1548.
    Revenue Procedure Number: Revenue Procedure 2003-45 and Revenue 
Procedure 2004-48.
    Abstract: Revenue Procedure 2003-45 provides a simplified method 
for taxpayers to request relief for late S corporation elections, 
Electing Small Business Trust (ESBT) elections, Qualified Subchapter S 
Subsidiary (QSub) elections. Generally, this revenue procedure provides 
that certain eligible entities may be granted relief for failing to 
file these elections in a timely manner if the request for relief is 
filed with 24 months of the due date of the election. Revenue Procedure 
2004-48 provides a simplified method for taxpayers to request relief 
for a late S corporation election and a late corporate classification 
election which was intended to be effective on the same date that the S 
corporation election was intended to be effective.
    Current Actions: There are no changes being made to these revenue 
procedures at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 50,000.
    Estimated Average Time Per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 50,000.
    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: December 6, 2004.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 04-27165 Filed 12-9-04; 8:45 am]
BILLING CODE 4830-01-P