[Federal Register Volume 70, Number 69 (Tuesday, April 12, 2005)]
[Notices]
[Pages 19147-19148]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-1706]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[EE-14-81]


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 an 
existing notice of proposed rulemaking, EE-14-81, Deductions and 
Reductions In Earnings and Profits (or Accumulated Profits) With 
Respect to Certain Foreign Deferred Compensation Plans Maintained by 
Certain Foreign Corporations or by Foreign Branches of Domestic 
Corporations (Sec. Sec.  1.404A-5, 1.404A-6 and 1.404A-7).

DATES: Written comments should be received on or before June 13, 2005 
to be assured of consideration.

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

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this regulation should be directed to Allan Hopkins, at (202) 
622-6665, or at Internal Revenue Service, room 6515, 1111 Constitution 
Avenue NW., Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Deductions and Reductions In Earnings and Profits (or 
Accumulated Profits) With Respect to Certain Foreign Deferred 
Compensation Plans Maintained by Certain Foreign Corporations or by 
Foreign Branches of Domestic Corporations.
    OMB Number: 1545-1393.
    Regulation Project Number: EE-14-81.
    Abstract: The regulation provides guidance regarding the 
limitations on deductions and adjustments to earnings and profits (or 
accumulated profits) for certain foreign deferred compensation plans. 
The information required by the regulation will be used by the IRS to 
administer section 404A of the Internal Revenue Code and to accurately 
determine the correct deductions and reductions in earnings and profits 
attributable to deferred compensation plans maintained by foreign 
subsidiaries and foreign branches of domestic corporations.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,250.
    Estimated Time Per Respondent: 508 hours.
    Estimated Total Annual Burden Hours: 634,450.
    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

[[Page 19148]]

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: April 4, 2005.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-1706 Filed 4-11-05; 8:45 am]
BILLING CODE 4830-01-P