[Federal Register Volume 77, Number 96 (Thursday, May 17, 2012)]
[Notices]
[Pages 29457-29458]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-11935]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

May 14, 2012.
    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 June 18, 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 8140, 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: 1545-0430.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Request for Prompt Assessment Under Internal Revenue Code 
Section 6501(d).
    Form: 4810.
    Abstract: Form 4810 is used to request a prompt assessment under 
IRC Section 6501(d). IRS uses this form to locate the return to 
expedite processing of the taxpayer's request.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 24,800.

    OMB Number: 1545-1018.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: TD 8366 (Temporary and Final) Real Estate Mortgage 
Investment Conduits; Reporting Requirements and Other Administrative 
Matters; TD 8431 (Final) Allocation of Allocable Investment Expense; 
Original Issue Discount Reporting Requirements.
    Abstract: The regulations prescribe the manner in which an entity 
elects to be taxed as a real estate mortgage investment conduit (REMIC) 
and the filing requirements for REMICs and certain brokers.
    Affected Public: Private Sector: Not-for-profits institutions.
    Estimated Total Burden Hours: 978.

    OMB Number: 1545-1231.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: TD 9436--Tax Return Preparer Penalties Under Section 6694 
and 6695 (Final Regulations); TD 8382--Penalty on Income Tax Return 
Preparers Who Understate Taxpayer's Liability on a Federal Income Tax 
Return or a Claim for Refund.
    Abstract: This information is necessary to make the record of the 
name, taxpayer identification number, and principal place of work of 
each tax return preparer, make each return or claim for refund prepared 
available for inspection by the Commissioner of Internal Revenue, and 
to document that the tax return preparer advised the taxpayer of the 
penalty standards applicable to the taxpayer in order for the tax 
return preparer to avoid penalties under section 6694. These 
regulations implements amendments to the tax return preparer penalties 
under sections 6694 and 6695 of the Internal Revenue Code and related 
provisions under sections 6060, 6107, 6109, 6696, and 7701(a)(36) 
reflecting amendments to the Code made by section 8246 of the Small 
Business and Work Opportunity Tax Act of 2007 and section 506 of the 
Tax Extenders and Alternative Minimum Tax Relief Act of 2008. The final 
regulation affects tax return preparers and provides guidance regarding 
the amended provisions.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 10,679,320.

    OMB Number: 1545-1290.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: TD 8513--Bad Debt Reserves of Banks.
    Abstract: Section 585(c) of the Internal Revenue Code requires 
large banks to change from the reserve method of accounting to the 
specific

[[Page 29458]]

charge off method of accounting for bad debts. The information required 
by Sec.  1.585-8 of the regulations identifies any election made or 
revoked by the taxpayer in accordance with Sec.  585(c).
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 625.
    OMB Number: 1545-1514.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-209040-88 (NPRM), Qualified Electing Fund Elections.
    Abstract: The regulations permit certain shareholders to make a 
special section 1295 election with respect to certain preferred shares 
of a PFIC. Taxpayers must indicate the election on a Form 8621 and 
attach a statement containing certain information and representations. 
Form 8621 must be filed annually. The shareholder also must obtain, and 
retain a copy of, a statement from the corporation as to its status as 
a PFIC.
    Affected Public: Individuals or Households.
    Estimated Total Burden Hours: 600.

    OMB Number: 1545-1954.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Health Coverage Tax Credit Registration Update Form.
    Form: 13704.
    Abstract: Internal Revenue Code Sections 35 and 7527 enacted by 
public law 107-210 require the Internal Revenue Service to provide 
payments of the HCTC to eligible individuals beginning August 1, 2003. 
The IRS will use the Registration Update Form to ensure, that the 
processes and communications for delivering these payments help 
taxpayers determine if they are eligible for the credit and understand 
what they need to do to continue to receive it.
    Affected Public: Individuals or Households.
    Estimated Total Burden Hours: 1,100.

Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2012-11935 Filed 5-16-12; 8:45 am]
BILLING CODE 4830-01-P