[Federal Register Volume 83, Number 200 (Tuesday, October 16, 2018)]
[Notices]
[Pages 52301-52302]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-22515]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Section 6708 Failure To Maintain List of Advisees 
With Respect to Reportable Transactions

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the 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. Currently, the IRS is soliciting comments 
concerning guidance under section 6708, failure to maintain list of 
advisees with respect to reportable transactions.

DATES: Written comments should be received on or before December 17, 
2018 to be assured of consideration.

ADDRESSES: Direct all written comments to Carolyn Brown, Internal 
Revenue Service, Room 6236, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be

[[Page 52302]]

directed to R. Joseph Durbala, at Internal Revenue Service, Room 6129, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Section 6708 Failure to Maintain List of Advisees with 
Respect to Reportable Transactions.
    OMB Number: 1545-2245.
    Regulation Project Number: TD 9764.
    Abstract: This document contains final regulations relating to the 
penalty under section 6708 of the Internal Revenue Code for failing to 
make available lists of advisees with respect to reportable 
transactions. Section 6708 imposes a penalty upon material advisors for 
failing to make available to the Secretary, upon written request, the 
list required to be maintained by section 6112 of the Internal Revenue 
Code within 20 business days after the date of such request. The final 
regulations primarily affect individuals and entities who are material 
advisors, as defined in section 6111 of the Internal Revenue Code.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 25.
    Estimated Time per Respondent: 8 hours.
    Estimated Total Annual Burden Hours: 200.
    The following paragraph applies to all 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 if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: October 10, 2018.
R. Joseph Durbala,
Tax Analyst, IRS.
[FR Doc. 2018-22515 Filed 10-15-18; 8:45 am]
 BILLING CODE 4830-01-P