[Federal Register Volume 77, Number 200 (Tuesday, October 16, 2012)]
[Notices]
[Pages 63422-63423]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-25305]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Information Collection 
Tools

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 
REG-109481-99 (TD 9076--final), Special Rules Under Section 417(a)(7) 
for Written Explanation Provided by Qualified Retirement Plan After 
Annuity Starting Dates (Sec.  1.417(e)-1); REG-105946-00 (TD 8995--
final), Mid-Contract Change in Taxpayer (Sec.  1.460-6); Form 972, 
Consent of Shareholder To Include Specific Amount in Gross Income; Form 
6118, Claim of Income Tax Return Preparer Penalties; Form 5500-EZ, 
Annual Return of One-Participant (Owners and Their Spouses) Retirement 
Plan; and T.D. 8418, Arbitrage Restrictions on Tax-exempt Bonds 
(Sec. Sec.  1.148-1, 1.148-2, 1.148-3, 1.148-4, 1.148-5, 1.148-6, 
1.148-7, 1.148-8, and 1.148-11).

DATES: Written comments should be received on or before December 17, 
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. Please send separate comments for each specific information 
collection listed below. You must reference the information 
collection's title, form number, reporting or recordkeeping requirement 
number, and OMB number (if any) in your comment.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the collection tools should be directed to R. Joseph Durbala, 
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: Currently, the IRS is seeking comments 
concerning the following information collection tools, reporting, and 
recordkeeping requirements:
    (1) Title: Special Rules Under Section 417(a)(7) for Written 
Explanation Provided by Qualified Retirement Plan After Annuity 
Starting Dates.
    OMB Number: 1545-1724.
    Form Number: REG-109481-99.
    Abstract: The collection of information requirement in section 
1.417(e)-1(b)(3)(iv)(B) and 1.417(e)-1(b)(3)(v)(A) is required to 
ensure that a participant and the participant's spouse consent to a 
form of distribution from a qualified plan that may result in reduced 
periodic payments.
    Type of Review: Extension of currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations, and not-for-profit institutions.
    Estimated Number of Respondents: 50,000.
    Estimated Time per Respondent: 15 minutes.
    Estimated Total Annual Burden Hours: 12,500.
    (2) Title: Mid-Contract Change in Taxpayer.
    OMB Number: 1545-1732.
    Form Number: REG-105946-00.
    Abstract: The information is needed by taxpayers who assume the 
obligation to account for the income from long-term contracts as the 
result of certain nontaxable transactions.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 2 hrs.
    Estimated Total Annual Reporting Burden Hours: 10,000.
    (3) Title: Consent of Shareholder To Include Specific Amount in 
Gross Income.
    OMB Number: 1545-0043.
    Form Number: 972.
    Abstract: Form 972 is filed by shareholders of corporations who 
agree to include a consent dividend in gross income as a taxable 
dividend. The IRS uses Form 972 as a check to see if an amended return 
is filed by the shareholder to include the amount in income and to 
determine if the corporation claimed the correct amount as a deduction 
on its tax return.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 100.
    Estimated Time per Respondent: 3 hrs, 51 min.
    Estimated Total Annual Burden Hours: 385.
    (4) Title: Claim of Income Tax Return Preparer Penalties.
    OMB Number: 1545-0240.
    Form Number: 6118.
    Abstract: Form 6118 is used by tax return preparers to file for a 
refund of penalties incorrectly charged. The information enables the 
IRS to process the claim and have the refund issued to the tax return 
preparer.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals or households.
    Estimated Number of Respondents: 10,000.
    Estimated Time per Respondent: 1 hrs., 8 min.
    Estimated Total Annual Burden Hours: 11,400.
    (5) Title: Annual Return of One-Participant (Owners and Their 
Spouses) Retirement Plan.
    OMB Number: 1545-0956.
    Form Number: 5500-EZ.
    Abstract: Form 5500-EZ is an annual return filed by a one-
participant or one-

[[Page 63423]]

participant and spouse pension plan. The IRS uses this data to 
determine if the plan appears to be operating properly as required 
under the Internal Revenue Code or whether the plan should be audited.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
farms.
    Estimated Number of Respondents: 250,000.
    Estimated Time per Respondent: 27 hrs., 5 min.
    Estimated Total Annual Burden Hours: 6,770,000.
    (6) Title: Arbitrage Restrictions on tax-exempt Bonds.
    OMB Number: 1545-1098.
    Form Number: T.D. 8418.
    Abstract: This regulation requires state and local governmental 
issuers of tax-exempt bonds to rebate arbitrage profits earned on 
nonpurpose investments acquired with the bond proceeds. Issuers are 
required to submit a form with the rebate. The regulations provide for 
several elections, all of which must be in writing.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: State, local, or tribal governments, and not-for-
profit institutions.
    Estimated Number of Respondents: 3,100.
    Estimated Time per Respondent: 2 hrs., 45 min.
    Estimated Total Annual Burden Hours: 8,550.
    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: October 10, 2012.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2012-25305 Filed 10-15-12; 8:45 am]
BILLING CODE 4830-01-P