[Federal Register Volume 84, Number 108 (Wednesday, June 5, 2019)]
[Notices]
[Page 26182]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11767]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request Concerning Information Reporting 
for Form 8870

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 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 information reporting for Form 8870, Information Return for 
Transfers Associated With Certain Personal Benefit Contracts.

DATES: Written comments should be received on or before August 5, 2019 
to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be 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: Information Return for Transfers Associated with Certain 
Personal Benefit Contracts.
    OMB Number: 1545-1702.
    Regulation Project Number: Form 8870.
    Abstract: Section 537 of the Ticket to Work and Work Incentives 
Improvement Act of 1999 added section 170(f)(10) to the Internal 
Revenue Code. Section 170(f)(10)(F) requires an organization to report 
annually: (1) Any premiums paid after February 8, 1999, to which 
section 170(f)(10) applies; (2) the name and taxpayer identification 
number (TIN) of each beneficiary under each contact to which the 
premiums related; and (3) any other information the Secretary of the 
Treasury may require. A charitable organization described in section 
170(c) or a charitable remainder trust described in section 664(d) that 
paid premiums after February 9, 1999, or certain life insurance, 
annuity, and endowment contracts (personal benefit contracts) must 
complete and file Form 8870.
    Current Actions: There is no change to the burden previously 
approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, Business or other for-
profit groups.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 14 Hours 50 minutes.
    Estimated Total Annual Burden Hours: 74,200.
    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: May 30, 2019.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2019-11767 Filed 6-4-19; 8:45 am]
BILLING CODE 4830-01-P