[Federal Register Volume 70, Number 205 (Tuesday, October 25, 2005)]
[Notices]
[Pages 61693-61694]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-5871]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Announcement 2005-XX

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 
Announcement 2005-XX, Management S Corporation/ESOP Settlement 
Initiative.

DATES: Written comments should be received on or before December 27, 
2005 to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, room 6512, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Larnice Mack at 
Internal Revenue Service, room 6512, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 622-3179, or through the internet at 
([email protected]).

SUPPLEMENTARY INFORMATION:
    Title: Management S Corporation/ESOP Settlement Initiative.
    OMB Number: 1545-1958. Notice Number: Announcement 2005-XX.
    Abstract: This announcement is an enforcement initiative to resolve 
certain cases where taxpayers have attempted to use an S corporation 
and an arrangement purported to be an ESOP to improperly exclude the 
income of a related business from taxable income.
    Current Actions: There are no changes being made to the 
announcement at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations.
    Estimated Number of Respondents: 100.
    Estimated Time Per Respondent: 20 hours.
    Estimated Total Annual Burden Hours: 2000.
    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

[[Page 61694]]

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: October 18, 2005.
Allan Hopkins,
IRS Reports Clearance Officer.
 [FR Doc. E5-5871 Filed 10-24-05; 8:45am]
BILLING CODE 4830-01-P