[Federal Register Volume 84, Number 38 (Tuesday, February 26, 2019)]
[Notices]
[Pages 6198-6199]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-03213]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for TD 8656
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Internal Revenue Service, 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
information collections, as required by the Paperwork Reduction Act of
1995. The IRS is soliciting comments concerning final regulation TD
8656, Imposition of the Accuracy-Related Penalty.
DATES: Written comments should be received on or before April 29, 2019
to be assured of consideration.
ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue
Service, Room 6526, 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, (202)
317-6038, at Internal Revenue Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or through the internet, at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Section 6662--Imposition of the Accuracy-Related Penalty.
OMB Number: 1545-1426.
Regulation Project Number: TD 8656.
Abstract: These regulations provide guidance on the accuracy-
related penalty imposed on underpayments of tax caused by substantial
and gross valuation misstatements as defined in Internal Revenue Code
sections 6662(e) and 6662(h). Under section 1.6662-6(d) of the
regulations, an amount is excluded from the penalty if certain
requirements are met and a taxpayer maintains documentation of how a
transfer price was determined for a transaction subject to Code section
482.
Current Actions: There is no changes 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: 2,500.
Estimated Time per Respondent: 8 hours, 3 minutes.
Estimated Total Annual Burden Hours: 20,125.
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
[[Page 6199]]
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: February 20, 2019.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2019-03213 Filed 2-25-19; 8:45 am]
BILLING CODE 4830-01-P