[Federal Register Volume 70, Number 89 (Tuesday, May 10, 2005)]
[Notices]
[Pages 24673-24675]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-9288]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

May 3, 2005.
    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, Pub. L. 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 June 9, 
2005 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0065.
    Form Numbers: IRS Forms 4070, 4070A, 4070PR, 4070A-PR.

[[Page 24674]]

    Type of Review: Revision.
    Title: Form 4070: Employee's report of Tips to Employer; Form 
4070A: Employee's Daily Record of Tips; Forma 4070PR: Informe al 
Patrono de Propinas Recibidas por el Empleado; and Forma 4070A-PR: 
Registro Diario de Propinas del Empleado.
    Description: Employees who receive at least $20 per month in tips 
must report the tips to their employers monthly for purposes of 
withholding of employment taxes. Forms 4070 and 4070PR (Puerto Rico 
only) are used for this purpose. Employees must keep a daily record of 
tips they receive. Forms 4070A and 4070A-PR are used for this purpose.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 615,000.
    Estimated Burden Hours Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                                      Learning about the                          Copying and
              Form                  Recordkeeping       law or the form   Preparing the form   proving the form
----------------------------------------------------------------------------------------------------------------
4070...........................  6 min..............  2 min.............  16 min............  10 min.
4070A..........................  3 hr., 23 min......  21 min............  54 min............  27 min.
4070PR.........................  6 min..............  3 min.............  12 min............  10 min.
4070A-PR.......................  3 hr., 23 min......  2 min.............  54 min............  27 min.
----------------------------------------------------------------------------------------------------------------

    Frequency of response: Monthly.
    Estimated Total Reporting/Recordkeeping Burden: 39,769,200 hours.
    OMB Number: 1545-0863.
    Regulation Project Number: LR-218-78 Final.
    Type of Review: Extension.
    Title: Product Liability Losses and Accumulations for Product 
Liability Losses.
    Description: Generally, a taxpayer who sustains a product liability 
loss must carry the loss back 10 years. However, a taxpayer may elect 
to have such loss treated as a regular net operating loss under section 
172. If desired, such election is made by attaching a statement to the 
tax return. This statement will enable the IRS to monitor compliance 
with the statutory requirements.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 5,000.
    Estimated Burden Hours Respondent: 30 minutes.
    Frequency of response: On occasion.
    Estimated Total Reporting Burden: 2,500 hours.
    OMB Number: 1545-0987.
    Regulation Project Number: IA-62-91 Final and Temporary.
    Type of Review: Extension.
    Title: Capitalization and Inclusion in Inventory of Certain Costs.
    Description: The paperwork requirements are necessary to determine 
whether taxpayers comply with the cost allocation rules of section 263A 
and with the requirements for changing their methods of accounting. The 
information will be used to verify taxpayers' changes in methods of 
accounting.
    Respondents: Business or other for-profit, Farms.
    Estimated Number of Respondents/Recordkeepers: 20,000.
    Estimated Burden Hours Respondent/Recordkeeper: 5 hours.
    Frequency of response: Other (in the year of change).
    Estimated Total Reporting/Recordkeeping Burden: 100,000 hours.
    OMB Number: 1545-1244.
    Regulation Project Number: PS-39-89 Final.
    Type of Review: Extension.
    Title: Limitation on Passive Activity Losses and Credits--Treatment 
of Self-Charged Items of Income and Expense.
    Description: The IRS will use this information to determine whether 
the entity has made a proper timely election and to determine that 
taxpayers are complying with the election in the taxable year of the 
election and subsequent taxable years.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Respondent: 6 minutes.
    Frequency of response: Other (first taxable year that entity seeks 
to make election).
    Estimated Total Reporting Burden: 150 hours.
    OMB Number: 1545-1647.
    Revenue Procedure Number: Revenue Procedure 2001-21.
    Type of Review: Extension.
    Title: Debt Roll-Ups.
    Description: This revenue procedure provides for an election that 
will facilitate the consolidation of two or more outstanding debt 
instruments into a single debt instrument. Under the election, 
taxpayers can treat certain exchanges of debt instruments as 
realization events for federal income tax purposes even through the 
exchanges do not result in significant modifications under Sec.  
1.1001-3 of the Income Tax Regulations.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 100.
    Estimated Burden Hours Respondent/Recordkeeper: 45 minutes.
    Frequency of response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 75 hours.
    OMB Number: 1545-1650.
    Regulation Project Number: REG-208156-91 Final.
    Type of Review: Extension.
    Title: Accounting for Long-Term Contracts.
    Description: The information collected is required to notify the 
Commissioner of a taxpayer's decision to sever to aggregate one or more 
long-term contracts under the regulations. The statement is needed so 
the Commissioner can determine whether taxpayer properly severed or 
aggregated its contract(s). The regulations affect any taxpayer that 
manufactures or constructs property under long-term contracts.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 50,000.
    Estimated Burden Hours Respondent: 15 minutes.
    Frequency of response: On occasion.
    Estimated Total Reporting Burden: 12,500 hours.
    OMB Number: 1545-1771.
    Revenue Procedure Number: Revenue Procedure 2002-15.
    Type of Review: Extension.
    Title: Automatic Relief for Late Initial Entity Classification 
Elections-Check the Box.
    Description: 26 CFR 301.9100-1 and 301-9100-3 provides the Internal 
Revenue Service with authority to grant relief for late entity 
classification elections. This revenue procedure provides that, in 
certain circumstances, taxpayers whose initial entity classification 
election was filed late can obtain relief by filing Form 8832 and 
attaching a statement explaining that the requirements of the revenue 
procedure have been met.

[[Page 24675]]

    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 100.
    Estimated Burden Hours Respondent: 1 hour.
    Frequency of response: Other (once).
    Estimated Total Reporting Burden: 100 hours.
    Clearance Officer: Glenn P. Kirkland, (202) 622-3428, Internal 
Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.
    OMB Reviewer: Alexander T. Hunt, (202) 395-7316, Office of 
Management and Budget, Room 10235, New Executive Office Building, 
Washington, DC 20503.

Lois K. Holland,
Treasury PRA Clearance Officer.
[FR Doc. 05-9288 Filed 5-9-05; 8:45 am]
BILLING CODE 4830-01-P