[Federal Register Volume 77, Number 114 (Wednesday, June 13, 2012)]
[Notices]
[Page 35479]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-14333]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

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 information 
reporting for qualified tuition and related expenses, magnetic media 
filing requirements for information returns, information reporting for 
payments of interest on qualified education loans, and magnetic media 
filing requirements for information.

DATES: Written comments should be received on or before August 13, 2012 
to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette Lawrence, Internal 
Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of regulations should be directed to Allan Hopkins, at (202) 
622-6665, or at Internal Revenue Service, room 6129, 1111 Constitution 
Avenue NW., Washington, DC 20224, or through the Internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: REG-161424-01 (Final), Information Reporting for Qualified 
Tuition and Related Expenses; Magnetic Media Filing Requirements for 
Information Returns, and REG-105316-98 (Final), Information Reporting 
for Payments of Interest on Qualified Education Loans; Magnetic Media 
Filing Requirements for Information.
    OMB Number: 1545-1678.
    Regulation Project Numbers: REG-105316-98 and REG-161424-01.
    Abstract: These regulations relate to the information reporting 
requirements in section 6050S of the Internal Revenue Code for payments 
of qualified tuition and related expenses and interest on qualified 
education loans. These regulations provide guidance to eligible 
education institutions, insurers, and payees required to file 
information returns and to furnish information statements under section 
6050S.
    Current Actions: There is no change to this existing regulation.
    Type of review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations, and 
not-for-profit institutions.
    The burden is reflected in the burdens for Form 1098-T and Form 
1098-E.
    Estimated total annual reporting burden for Form 1098-T: 4,848,090 
hours.
    Estimated average annual burden hours per response for Form 1098-T: 
13 minutes.
    Estimated number of responses for Form 1098-T: 21,078,651.
    Estimated total annual reporting burden for Form 1098-E: 1,051,357 
hours.
    Estimated average annual burden hours per response for Form 1098-E: 
7 minutes.
    Estimated number of responses for Form 1098-E: 8,761,303.
    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: June 7, 2012.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2012-14333 Filed 6-12-12; 8:45 am]
BILLING CODE 4830-01-P