[Federal Register Volume 76, Number 164 (Wednesday, August 24, 2011)]
[Notices]
[Pages 53025-53027]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-21593]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 18, 2011.
    The Department of the Treasury will submit the following public 
information collection requirements to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13 on or 
after the date of publication of this notice. A copy of the submissions 
may be obtained by calling the Treasury Bureau Clearance Officer 
listed. Comments regarding these information collections should be 
addressed to the OMB reviewer listed and to the Treasury PRA Clearance 
Officer, Department of the Treasury, 1750 Pennsylvania Avenue, NW., 
Suite 11010, Washington, DC 20220.

DATES: Written comments should be received on or before September 23, 
2011 to be assured consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0146.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Election by a Small Business Corporation.
    Form: 2553.
    Abstract: Form 2553 is filed by a qualifying corporation to elect 
to be an S corporation as defined in Code section 1361. The information 
obtained is necessary to determine if the election should be accepted 
by the IRS. When the election is accepted, the qualifying corporation 
is classified as an S corporation and the corporation's income is taxed 
to the shareholders of the corporation.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 8,190,000.

    OMB Number: 1545-0731.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8600 Definition of an S Corporation.
    Abstract: The regulations provide the procedures and the statements 
to be filed by certain individuals for making the election under 
section 1361(d)(2), the refusal to consent to that election, or the 
revocation of that election. The statements required to be filed would 
be used to verify that taxpayers are complying with requirements 
imposed by Congress under subchapter S.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1,005.

    OMB Number: 1545-0988.
    Type of Review: Revision of a currently approved collection.
    Title: Form 8609, Low-Income Housing Credit Allocation 
Certification; Form 8609-A, Annual Statement for Low-Income Housing 
Credit.
    Forms: 8609, 8609-A.
    Abstract: Owners of residential low-income rental buildings may 
claim a low-income housing credit for each qualified building over a 
10-year credit period. Form 8609 can be used to obtain a housing credit 
allocation from the housing credit agency. The form, along with 
Schedule A, is used by the owner to certify necessary information 
required by the law.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 4,090,332.

    OMB Number: 1545-1374.
    Type of Review: Revision of a currently approved collection.
    Title: Qualified Electric Vehicle Credit.
    Form: 8834.
    Abstract: Form 8834 is used to compute an allowable credit for 
qualified electric vehicles placed in service after June 30, 1993. 
Section 1913(b) under Public Law 102-1018 created new section 30.
    Respondents: Private Sector: Businesses or other for-profits.

[[Page 53026]]

    Estimated Total Burden Hours: 5,025.

    OMB Number: 1545-1570.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8905--Preparer Due Diligence Requirements for 
Determining Earned Income Credit Eligibility.
    Abstract: This document contains final regulations relating to the 
due diligence requirements under section 6695(g) of the Internal 
Revenue Code for paid preparers of Federal income tax returns or claims 
for refund involving the earned income credit (EIC). These regulations 
reflect changes to the law made by the Taxpayer Relief Act of 1997. The 
regulations provide guidance to paid preparers who prepare Federal 
income tax returns or claims for refund claiming the earned income 
credit.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 507,136.

    OMB Number: 1545-1672.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D 9047--Certain Transfers of Property to Regulated 
Investment Companies (RICs) and Real Estate Investment Trusts (REITs).
    Abstract: This document contains final regulations that apply to 
certain transactions or events that result in a Regulated Investment 
Company [RIC] or a Real Estate Investment Trust [REIT] owning property 
that has a basis determined by reference to a C corporation's basis in 
the property. These regulations affect RICs, REITs, and C corporations 
and clarify the tax treatment of transfers of C corporation property to 
a RIC or REIT.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 70.

    OMB Number: 1545-1780.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 9472--Notice Requirements for Certain Pension Plan 
Amendments Significantly Reducing the Rate of Future Benefit Accrual.
    Abstract: This document contains final regulations providing 
guidance relating to the application of the section 204(h) notice 
requirements to a pension plan amendment that is permitted to reduce 
benefits accrued before the plan amendment's applicable amendment date. 
These regulations also reflect certain amendments made to the section 
204(h) notice requirements by the Pension Protection Act of 2006. These 
final regulations generally affect sponsors, administrators, 
participants, and beneficiaries of pension plans.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 40,000.

    OMB Number: 1545-1914.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Low Sulfur Diesel Fuel Production Credit.
    Form: 8896.
    Abstract: IRC section 45H allows small business refiners a 5 cent/
gallon credit for the production of low sulfur diesel fuel.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 313.

    OMB Number: 1545-2086.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Notice 2008-113; Relief and Guidance on Corrections of 
Certain Failures of a Nonqualified Deferred Compensation Plan to Comply 
with Sec.  409A(a) in Operation.
    Abstract: This Notice sets forth the procedures to be followed by 
service recipients and service provides in order to correct certain 
operational failures of a nonqualified deferred compensation plan to 
comply with Sec.  409A(a). It also describes the types of operational 
failures that can be corrected under the Notice.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 5,000.

    OMB Number: 1545-2089.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Report of Employer-Owned Life Insurance Contracts.
    Form: 8925.
    Abstract: IRC 6039I requires every policyholder of employer-owned 
life insurance contracts to file a return showing the number of 
contracts owned, the total number of employees at the end of the year, 
the number of such employees insured, and that the policyholder has a 
valid consent for each insured employee. Form 8925 will be used to 
report this information.
    Respondents: Private Sector: Businesses or other for-profits, 
Farms, Not-for-profit institutions.
    Estimated Total Burden Hours: 71,360.

    OMB Number: 1545-2205.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Merchant Card and Third Party Payments.
    Form: 1099-K.
    Abstract: This form is in response to section 3091(a) of Public Law 
110-289, the Housing Assistance Tax Act of 2008 (Div. C of the Housing 
and Economic Recovery Act of 2010). The form reflects payments made in 
settlement of merchant card and third party network transactions for 
purchases of goods and/or services made with merchant cards and through 
third party networks.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 620.

    OMB Number: 1545-2206.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Notice 2011-44--Application for Reinstatement and 
Retroactive Reinstatement for Reasonable Cause under IRC Sec.  6033(j); 
Notice 2011-43--Transitional Relief under IRC Sec.  6033(j) for Small 
Organizations.
    Abstract: Notice 2011-44 provides guidance with respect to applying 
for reinstatement of tax-exempt status and requesting retroactive 
reinstatement under sections 6033(j)(2) and (3) of the Internal Revenue 
Code for an organization that has had its tax-exempt status 
automatically revoked under section 6033(j)(1) of the Code. The 
Treasury Department and the Internal Revenue Service intend to issue 
regulations under section 6033(j) that will prescribe rules relating to 
the application for reinstatement of tax-exempt status under section 
6033(j)(2) and the request for retroactive reinstatement under section 
6033(j)(3).
    Notice 2011-43 provides transitional relief for certain small 
organizations that have lost their tax-exempt status because they 
failed to file a required annual electronic notice (Form 990-N e-
Postcard) for taxable years beginning in 2007, 2008 and 2009. A small 
organization--that is, one that normally has annual gross receipts of 
not more than $50,000 in its most recently completed taxable year--that 
qualifies for the transitional relief under this notice and applies for 
reinstatement of tax-exempt status by December 31, 2012, will be 
treated by the Internal Revenue Service as having established 
reasonable cause for its filing failures and its tax-exempt status will 
be reinstated retroactive to the date it was automatically revoked.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 2,917.
    Bureau Clearance Officer: Yvette Lawrence, Internal Revenue 
Service, 1111 Constitution Avenue, NW., Washington, DC 20224; (202) 
927-4374.

[[Page 53027]]

    OMB Reviewer: Shagufta Ahmed, Office of Management and Budget, New 
Executive Office Building, Room 10235, Washington, DC 20503; (202) 395-
7873.

Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2011-21593 Filed 8-23-11; 8:45 am]
BILLING CODE 4830-01-P