[Federal Register Volume 72, Number 59 (Wednesday, March 28, 2007)]
[Notices]
[Pages 14646-14647]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-5606]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2000-
12

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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[[Page 14647]]

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 
Revenue Procedure 2000-12, Application Procedures for Qualified 
Intermediary Status Under Section 1441; Final Qualified Intermediary 
Withholding Agreement.

DATES: Written comments should be received on or before May 29, 2007 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, 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 procedure should be directed to Allan Hopkins at 
Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-6665, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Application Procedures for Qualified Intermediary Status 
Under Section 1441; Final Qualified Intermediary Withholding Agreement.
    OMB Number: 1545-1597.
    Revenue Procedure Number: Revenue Procedure 2000-12.
    Abstract: This revenue procedure gives guidance for entering into a 
withholding agreement with the IRS to be treated as a Qualified 
Intermediary (QI) under regulation section 1.1441-1(e)(5). It describes 
the application procedures for becoming a QI and the terms that the IRS 
will ordinarily require in a QI withholding agreement. The objective of 
a QI withholding agreement is to simplify withholding and reporting 
obligations with respect to payments of income made to an account 
holder through one or more foreign intermediaries.
    Current Actions: There are no changes being made to Revenue 
Procedure 2000-12 at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents/Recordkeepers: 88,504.
    Estimated Time for QI Account Holder: 30 minutes.
    Estimated Time for a QI: 2,093 hours.
    Estimated Total Annual Reporting/Recordkeeping Hours: 301,018.
    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: March 21, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7-5606 Filed 3-27-07; 8:45 am]
BILLING CODE 4830-01-P