[Federal Register Volume 76, Number 249 (Wednesday, December 28, 2011)]
[Notices]
[Pages 81557-81559]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-33274]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

December 22, 2011.
    The Department of the Treasury will submit the following 
information collection request to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, Public Law 104-13, on or after the date of 
publication of this notice.

DATES: Comments should be received on or before January 27, 2012 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestion for reducing 
the burden, to (1) Office of Information and Regulatory Affairs, Office 
of Management and Budget, Attention: Desk Officer for Treasury, New 
Executive Office Building, Room 10235, Washington, DC 20503, or email 
at [email protected] and (2) Treasury PRA Clearance Officer, 
1750 Pennsylvania Ave. NW., Suite 11020, Washington, DC 20220, or on-
line at www.PRAComment.gov.

FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be 
obtained by calling (202) 927-5331, email at [email protected], or the 
entire information collection request maybe found at www.reginfo.gov.

Internal Revenue Service (IRS)

    OMB Number: 1545-0295.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Notice 210 Preparation Instruction for Media Labels.
    Abstract: Notice 210, Preparation Instructions for Media Labels, 
instructs the filers on how to prepare their own pressure sensitive 
label. This label must be attached to each and every piece of magnetic 
media to identify specific items needed so that the media can be 
processed by the Internal Revenue Service.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 12,765.

    OMB Number: 1545-1002.
    Type of Review: Revision of a currently approved collection.
    Title: Return by a Shareholder of a Passive Foreign Investment 
Company or Qualified Electing Fund.
    Form: 8621.
    Abstract: Form 8621 is filed by a U.S. shareholder who owns stock 
in a foreign investment company. The form is used to report income, 
make an election to extend the time for payment of tax, and to pay an 
additional tax and interest amount. The IRS uses Form 8621 to determine 
if these shareholders have correctly reported amounts of income, made 
the election correctly, and have correctly computed the additional tax 
and interest amount.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 62,172.

    OMB Number: 1545-1031.
    Type of Review: Revision of a currently approved collection.
    Title: Internet Computation Under the Look-Back Method for 
Completed Long-Term Contracts.
    Form: 8697.
    Abstract: Taxpayers required to account for all or part of any 
long-term contract entered into after February 28, 1986, under the 
percentage of completion method must use Form 8697 to compute and 
report interest due or to be refunded under IRC section 460(b)(3). The 
IRS uses Form 8697 to determine if the interest has been figured 
correctly. Taxpayers may compute interest using the actual method (Part 
I) or the Simplified Marginal Impact Method (Part II).
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 72,578.

    OMB Number: 1545-1150.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Short Form Return of Organization Exempt From Income Tax.
    Forms: 990-EZ and schedules.
    Abstract: Form 990-EZ is needed to determine that IRS section 
501(a) tax- exempt organizations fulfill the operating conditions 
within the limitations of their tax exemption. IRS uses the information 
from this form to determine if the filers are operating within the 
rules of their exemption.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 43,656,636.

    OMB Number: 1545-1418.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-154000-04 Diesel Fuel and Kerosene Excise Tax; Dye 
Injection (NPRM).
    Abstract: The regulations relate to the diesel fuel and kerosene 
excise tax and reflect changes made by the American Jobs Creation Act 
of 2004 (Act) regarding mechanical dye injection systems. Under the 
Act, diesel fuel and kerosene that are to be used in a nontaxable use 
must be indelibly dyed by use of a mechanical dye injection system that 
satisfies the requirements set forth in the regulations.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1,400.

    OMB Number: 1545-1500.
    Type of Review: Revision of a currently approved collection.
    Title: Pre-Screening Notice and Certification Request for the Work 
Opportunity and Welfare-to-Work Credits.
    Form: 8850.
    Abstract: A job applicant completes and signs, under penalties of 
perjury, the top portion of the form to indicate that he or she is a 
member of a targeted group. If the employer has a belief that the 
applicant is a member of a targeted group, the employer signs the other 
portion of the form under penalties of perjury and submits it to their 
state workforce agency (SWA) as part of a written request for 
certification.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 3,941,600.

    OMB Number: 1545-1661.
    Type of Review: Extension without change of a currently approved 
collection.

[[Page 81558]]

    Title: REG-106010-98 (Final) Qualified Lessee Construction 
Allowance for Short-Term Leases.
    Abstract: The regulations provide guidance with respect to Sec. 
110, which provides a safe harbor whereby it will be assumed that a 
construction allowance provided by a lessor to a lessee is used to 
construct or improve lessor property when long-term property is 
constructed or improved and used pursuant to a short-term lease. The 
regulations also provide a reporting requirement that ensures that both 
the lessee and lessor consistently treat the property subject to the 
construction allowance as nonresidential real property owned by the 
lessor.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 10,000.

    OMB Number: 1545-1686.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Material Advisors of Reportable Transactions Must Keep Lists 
of Advisee's, etc.; Requirement to Maintain Lists of Potentially 
Abusive Tax Shelters (T.D. 9352).
    Form: 13976.
    Abstract: The regulations provide guidance on the requirement under 
section 6112 to maintain a list of investors in potentially abusive tax 
shelters. Per section 301.6112-1(b)(1), the form provides material 
advisors a format for preparing and maintaining the itemized statement 
component of the list with respect to a reportable transaction. This 
form contains space for all of the elements required by regulations 
section 301.6112-1(b)(3)(i). Material advisors may use this form as a 
template for creating a similar form on a software program used by the 
material advisor. If a material advisor is required to maintain a list 
under a prior version of the regulations, this form may be modified or 
a similar form containing all the information required under the prior 
version of the regulations may be created and used.
    Affected Pubic: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 50,000.

    OMB Number: 1545-1791.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Tax Check Waiver.
    Forms: 12339, 12339-B, 12339-C, 13775.
    Abstract: The tax check waiver is necessary for the purpose of 
ensuring that all panel members are tax compliant. Information provided 
will be used to qualify or disqualify individuals to serve as panel 
members. The information will be used as appropriate by the Taxpayer 
Advocate service staff, and other appropriate IRS personnel.
    Affected Public: Private Sector: Businesses or other for-profits; 
Individuals and Households.
    Estimated Total Burden Hours: 492.

    OMB Number: 1545-1910.
    Type of Review: Revision of a currently approved collection.
    Title: Information Return of U.S. Persons With Respect To Foreign 
Disregarded Entities (Form 8858); and Transactions Between Foreign 
Disregarded Entity of a Foreign Tax Owner and the Filer on Other 
Related Entities (Schedule M--Form 8858).
    Abstract: Form 8858 and Schedule M (Form 8858) are used by certain 
U.S. persons that own a foreign disregarded entity (FDE) directly or, 
in certain circumstances, indirectly or constructively.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1,832,500.

    OMB Number: 1545-1941.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Consumer Cooperative Exemption Application.
    Form: 3491.
    Abstract: A cooperative uses Form 3491 to apply for exemption from 
filing information returns (Forms 1099-PATR) on patronage distributions 
of $10 or more to any person during the calendar year.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 148.

    OMB Number: 1545-2103.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-146895-05--Election to Expense Certain Refineries 
(Final).
    Abstract: The regulations provide guidance with respect to section 
179C, which provides a taxpayer can elect to treat 50% of the cost of 
``qualified refiner property'' as a deductible expense not chargeable 
to capital account. The taxpayer may not claim a deduction under 
section 179C for any taxable year unless the taxpayer files a report 
with the Secretary containing information with respect to the operation 
of the taxpayer's refinery. The report must specify (i) The name and 
address of the refinery; (ii) which production capacity requirement 
under section 179C(e) the taxpayer's qualified refinery qualifies 
under; (iii) whether the production capacity requirements of section 
179C(e)(1) or 179C(e)(2) have been met. The regulations also provide 
that if the taxpayer is a cooperative described in section 1381, and 
one or more persons directly holding an ownership interest in the 
taxpayer are organizations described in section 1381, the taxpayer/
cooperative can elect to allocate all or a portion of the deduction 
allowable under section 179C to those persons. If the taxpayer 
cooperative makes such an election, it must provide written notice of 
the amount of the allocation to any owner receiving an allocation by 
written notice on Form 1099-PAT ``Taxable Distributions Received from 
Cooperatives.'' The collection of information in the regulations 
involves a written notice.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 120.

    OMB Number: 1545-2212.
    Type of Review: Revision of a currently approved collection.
    Title: IRS Taxpayer Burden Survey.
    Abstract: The data collected from this survey of individual 
taxpayers will be used as an input to a micro-simulation model that 
estimates taxpayer burden. The IRS will also publish the relevant 
updated burden estimates in tax form instructions to inform taxpayers. 
Three types of questions will be asked: questions framing the 
activities to be measured, burden measurement questions, and questions 
to better inform taxpayer needs related to their compliance burden. The 
information collected via the IRS Burden Surveys will be used by IRS to 
support or achieve several important goals: (1) Fulfill its mission to 
provide top quality service to taxpayers; (2) Better understand 
taxpayer time and out-of-pocket burden; (3) Improve the accuracy and 
comparability of the information collection budget estimates it 
provides under the Paperwork Reduction Act (44 U.S.C. 3501 et seq.); 
(4) Provide data to be used in micro-simulation models to allow 
estimation of the impact of proposed legislation on taxpayer burden 
before the legislation is enacted; (5) Support ongoing analysis of the 
role of compliance costs in influencing taxpayer behavior and 
identifying taxpayer needs; (6) Provide information to the Executives 
and Operating Divisions for assessing the impact of programs on 
taxpayer burden; (7) Support tax analysis in the Treasury Department 
Offices, and (8) Assist the IRS in evaluating the effectiveness and 
associated impact on taxpayer costs and behavior.

[[Page 81559]]

    Affected Public: Private Sector: Businesses or other for-profits; 
Not-for-profit institutions, Individuals and Households.
    Estimated Total Burden Hours: 16,824.

Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2011-33274 Filed 12-27-11; 8:45 am]
BILLING CODE 4830-01-P