[Federal Register Volume 79, Number 21 (Friday, January 31, 2014)]
[Notices]
[Pages 5525-5526]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-01892]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

January 27, 2014.
    The Department of the Treasury will submit the following 
information collection requests 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 March 3, 2014 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestions 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 8141, Washington, 
DC 20220, or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be 
obtained by calling (202) 622-1295, emailing [email protected], or the 
entire information collection request may be found at www.reginfo.gov.

Internal Revenue Service (IRS)

    OMB Number: 1545-0140.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Form 2210, Underpayment of Estimated Tax by Individuals, 
Estate, and Trusts; Form 2210-F, Underpayment of Estimated Tax by 
Farmers and Fishermen.
    Form: Form 2210, Form 2210-F.
    Abstract: Internal Revenue Code section 6654 imposes a penalty for 
failure to pay estimated tax. These forms are used by taxpayers to 
determine whether they are subject to the penalty and to compute the 
penalty if it applies. The IRS uses this information to determine 
whether the taxpayer is subject to the penalty and to verify the 
penalty amount.
    Affected Public: Individuals or households; businesses or other 
for-profits; and farms.
    Estimated Annual Burden Hours: 2,405,663.

    OMB Number: 1545-0531.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Form 706-NA, United States Estate (and Generation-Skipping 
Transfer) Tax Return, Estate of nonresident not a citizen of the United 
States.
    Form: Form 706-NA.
    Abstract: Under section 6018, executors must file estate tax 
returns for nonresident non-citizens that had property in the U.S. 
Executors use Form 706-NA for this purpose. IRS uses the information to 
determine correct tax and credits.
    Affected Public: Individuals or households.
    Estimated Annual Burden Hours: 3,584.

    OMB Number: 1545-0807.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: (TD 7533) Final, DISC Rules on Procedure and Administration; 
Rules on Export Trade Corporations, and (TD 7896) Final, Income from 
Trade Shows.
    Abstract: Section 1.6071-1(b) requires that when a taxpayer files a 
late return for a short period, proof of unusual circumstances for late 
filing must be given to the District Director. Sections 
1.6072(b),(c),(d), and (e) of the IRC deal with the filing dates of 
certain corporate returns. Regulation section 1.6072-2 provides 
additional information concerning these filing dates. The information 
is used to ensure timely filing of corporate income tax returns.
    Affected Public: Individuals or households; Businesses or other 
for-profits; not-for-profit institutions; farms; and State, local, or 
tribal governments.
    Estimated Annual Burden Hours: 3,104.

    OMB Number: 1545-1056.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-209020-86 (formerly INTL-61-86) NPRM & Temporary Foreign 
Tax Credit; Notification and Adjustment Due to Foreign Tax 
Redeterminations.
    Abstract: Section 905(c) requires that a taxpayer notify the 
Internal Revenue Service of a change in the taxpayer's foreign income 
tax liability that may affect its foreign tax credit. New 1.905-4T 
provides rules concerning the time, manner, and contents of such 
notification. Should the taxpayer fail to notify the IRS, penalties 
under section 6689 may be imposed. Respondents are U.S. taxpayers that 
claim a foreign tax credit under sections 901, 902, or 960.
    Affected Public: Individuals or households; businesses or other 
for-profits.
    Estimated Annual Burden Hours: 54,000.

    OMB Number: 1545-1058.
    Type of Review: Revision of a currently approved collection.
    Title: Form 8655-Reporting Agent Authorization; Revenue Procedure 
2012-32.
    Form: Form 8655.
    Abstract: Revenue Procedure 2007-38 tells the clients of reporting 
agents how to monitor the tax deposits agents make for them. It 
obligates reporting agents to remind their clients regularly of this 
retained tax obligation. The Service may on occasion seek the notices 
to monitor reporting agent compliance with the notice rules and to 
document that clients have been informed of the clients' retained tax 
obligations. Revenue Procedure 2012-32 modifies and supersedes Rev. 
Proc. 2007-38 and provides the requirements for completing and 
submitting Form 8655, Reporting Agent Authorization (Authorization). An 
Authorization allows a taxpayer to designate a Reporting Agent to 
perform certain acts on behalf of a taxpayer.
    Form 8655: Allows a taxpayer to designate a reporting agent to file 
certain employment tax returns electronically, and to submit Federal 
tax deposits. This form allows IRS to disclose tax account information 
and to provide duplicate copies of taxpayer correspondence to 
authorized agents. Reporting agents are persons or organizations 
preparing and filing electronically the federal tax returns and/or 
submitting federal tax deposits.
    Affected Public: Private sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 819,050.

    OMB Number: 1545-1596.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Request for Innocent Spouse Relief.
    Form: Form 8857, Form 8857(SP).
    Abstract: Section 6103(e) of the Internal revenue code allows 
taxpayers to request, and IRS to grant, ``innocent spouse'' relief 
when: taxpayer filed a

[[Page 5526]]

joint return with tax substantially understated; taxpayer establishes 
no knowledge of or benefit from, the understatement; and it would be 
inequitable to hold the taxpayer liable. GAO Report GAO/GGD-97-34 
recommended that IRS develop a form to make relief easier for the 
public to request.
    Affected Public: Individuals or households.
    Estimated Annual Burden Hours: 240,500.

    OMB Number: 1545-1622.
    Type of Review: Revision of a currently approved collection.
    Title: Form 8866--Interest Computation Under the Look-Back Method 
for Property Depreciated Under the Income Forecast Method.
    Form: Form 8866.
    Abstract: Taxpayers depreciating property under the income forecast 
method and placed in service after September 13, 1995, must use Form 
8866 to compute and report interest due or to be refunded under IRC 
167(g)(2). The IRS uses Form 8866 to determine if the interest has been 
figured correctly.
    Affected Public: Individuals or households; businesses or other 
for-profits.
    Estimated Annual Burden Hours: 45,738.

    OMB Number: 1545-1886.
    Type of Review: Revision of a currently approved collection.
    Title: Revenue Procedure 2004-35, Late Spousal S Corp Consents in 
Community Property States.
    Abstract: This revenue procedure requires the collection of certain 
information in order for the taxpayer to gain relief for late 
shareholder consents for Subchapter S elections. The information is 
designed to make sure that applications for relief meet the 
requirements set out in the revenue procedure.
    Affected Public: Businesses or other for-profits.
    Estimated Annual Burden Hours: 200.

    OMB Number: 1545-1892.
    Type of Review: Revision of a currently approved collection.
    Title: REG-153841-02 (TD 9208) (Final), Election Out of GST Deemed 
Allocations.
    Abstract: The information collected will be used by the IRS to 
identify the trusts to which the election or termination of election 
will apply. The collection of information in this proposed regulation 
is in sections 26.2632-1(b)(2)(ii), 26.2632-1(b)(2)(iii), and 26.2632-
1(b)(2). This information is required by the IRS for taxpayers who 
elect to have the automatic allocation rules not apply to the current 
transfer and/or to future transfers to the trust or to terminate such 
election. This information is also required by the IRS for taxpayers 
who elect to treat trusts described in section 2632(c)(3)(B)(i) through 
(vi) as generation-skipping transfer (GST) trusts or to terminate such 
election.
    Affected Public: Individuals or households.
    Estimated Annual Burden Hours: 12,500.

    OMB Number: 1545-1902.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Qualified Severance of a Trust for Generation-Skipping 
Transfer (GST) Tax Purposes (TD 9348--Final).
    Abstract: This regulation requires taxpayers to report a qualified 
severance by filing a Form 706-GS(T), or such other form that may be 
published by the Internal Revenue Service in the future that is 
specifically designated to be utilized to report qualified severances. 
Where Form 706-GS(T) is used, the filer should attach a Notice of 
Qualified Severance to the return that clearly identifies the trust 
that is being severed and the new trusts created as a result of the 
severance. The Notice must also provide the inclusion ratio of the 
trust that was severed and the inclusion ratios of the new trusts 
resulting from the severance. The information collected will be used by 
the IRS to identify the trusts being severed and the new trusts created 
upon severance. The collection of information is required in order to 
have a qualified severance. If there were no reporting requirement, the 
IRS would be unable to achieve its objectives.
    Affected Public: Individuals or households.
    Estimated Annual Burden Hours: 12,500.

    OMB Number: 1545-2066.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Notice of Recapture Event for New Markets Credit.
    Form: Form 8874-B.
    Abstract: Form 8874-B, Notice of Recapture Event for New Markets 
Credit, was developed because qualified community development entities 
(CDEs) must provide taxpayers holding a qualified equity investment 
with a completed Form 8874-B when a recapture event occurs. Regulations 
section 1.45D-1(g)(2)(i)(B).
    Affected Public: Individuals or households; businesses or other 
for-profits.
    Estimated Annual Burden Hours: 2,755.

    OMB Number: 1545-2070.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Rev. Proc. 2007-48 Rotable Spare Parts Safe Harbor Method.
    Abstract: The information for which the agency is requesting to 
collect will support a taxpayer's claim for eligibility to use the safe 
harbor method of accounting for rotable spare parts provided in the 
proposed revenue procedures. The information will be submitted as a 
supporting schedule for the Form 3115, Application for Change in 
Accounting Method.
    Affected Public: Businesses or other for-profits.
    Estimated Annual Burden Hours: 75.

Brenda Simms,
Treasury PRA Clearance Officer.
[FR Doc. 2014-01892 Filed 1-30-14; 8:45 am]
BILLING CODE 4830-01-P