[Federal Register Volume 79, Number 138 (Friday, July 18, 2014)]
[Notices]
[Pages 42074-42075]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-16946]


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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)). The IRS is soliciting comments concerning information 
collection requirements related to deductions and reductions in 
earnings and profits (or accumulated profits) with respect to certain 
foreign deferred compensation plans maintained by certain foreign 
corporations or by foreign branches of domestic corporations.

DATES:  Written comments should be received on or before September 16, 
2014 to be assured of consideration.

ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal 
Revenue

[[Page 42075]]

Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this regulation should be directed to Sara Covington, at 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the Internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Deductions and Reductions In Earnings and Profits (or 
Accumulated Profits) With Respect to Certain Foreign Deferred 
Compensation Plans Maintained by Certain Foreign Corporations or by 
Foreign Branches of Domestic Corporations.
    OMB Number: 1545-1393.
    Regulation Project Number: EE-14-81.
    Abstract: The regulation provides guidance regarding the 
limitations on deductions and adjustments to earnings and profits (or 
accumulated profits) for certain foreign deferred compensation plans. 
The information required by the regulation will be used by the IRS to 
administer section 404A of the Internal Revenue Code and to accurately 
determine the correct deductions and reductions in earnings and profits 
attributable to deferred compensation plans maintained by foreign 
subsidiaries and foreign branches of domestic corporations.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,250.
    Estimated Time per Respondent: 508 hours.
    Estimated Total Annual Burden Hours: 634,450.
    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: July 14, 2014.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2014-16946 Filed 7-17-14; 8:45 am]
BILLING CODE 4830-01-P