[Federal Register Volume 74, Number 222 (Thursday, November 19, 2009)]
[Notices]
[Pages 60033-60034]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-27762]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8275 and 8275-R

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 
Form 8275, Disclosure Statement, and Form 8275-R, Regulation Disclosure 
Statement.

DATES: Written comments should be received on or before January 19, 
2010 to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland Internal 
Revenue Service, room 6242, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to R. Joseph 
Durbala at Internal Revenue Service, room 6129, 1111 Constitution 
Avenue, NW., Washington, DC 20224, or at (202) 622-3634, or through the 
Internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Disclosure Statement (Form 8275) and Regulation Disclosure 
Statement (Form 8275-R).
    OMB Number: 1545-0889.
    Form Number: Forms 8275 and 8275-R.
    Abstract: Internal Revenue Code section 6662 imposes accuracy-
related penalties on taxpayers for substantial understatement of tax 
liability or negligence or disregard of rules and regulations. Code 
section 6694 imposes similar penalties on return preparers. Regulations 
sections 1.662-4(e) and (f) provide for reduction of these penalties if 
adequate disclosure of the tax treatment is made on Form 8275 or, if 
the position is contrary to regulation on Form 8275-R.
    Current Actions: There are no changes to the form at this time. 
However, due to inconsistencies with information currently on file with 
OMB, we requesting the OMB records be decreased by 80,298 responses and 
447,661 hours.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals, not-for-profit institutions, and farms.
    Estimated Number of Responses: 666,666.
    Estimated Time per Response: 5 hours, 34 minutes.
    Estimated Total Annual Burden Hours: 3,716,664.
    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

[[Page 60034]]

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: November 12, 2009.
R. Joseph Durbala,
IRS Supervisory Tax Analyst.
[FR Doc. E9-27762 Filed 11-18-09; 8:45 am]
BILLING CODE 4830-01-P