[Federal Register Volume 84, Number 169 (Friday, August 30, 2019)]
[Notices]
[Pages 45834-45835]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-18826]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Allowance of Information Collection Request Submitted 
for Public Comment; Transitional Guidance Under Sections 162(f) and 
6050X With Respect to Certain Fines, Penalties, and Other Amounts

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 transitional guidance under sections 162(f) and 6050X with 
respect to certain fines, penalties, and other amounts.

DATES: Written comments should be received on or before October 29, 
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,

[[Page 45835]]

DC 20224, or through the internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Transitional Guidance Under Sections 162(f) and 6050X with 
Respect To Certain Fines, Penalties, and Other Amounts.
    OMB Number: 1545-2284.
    Regulation Project Number: Notice 2018-23, Form 1098-F.
    Abstract: The collection covers the new information reporting 
requirements under IRC 162(f) and new 6050X, which was added by the Tax 
Cuts and Jobs Act (TCJA).
    Section 13306 of ``An Act to provide for reconciliation pursuant to 
titles II and V of the concurrent resolution on the budget for fiscal 
year 2018,'' Public Law 115-97 (the ``Act''), which was signed into law 
on December 22, 2017, amended section 162(f) of the Internal Revenue 
Code (``Code'') and added new section 6050X to the Code. The Department 
of the Treasury (``Treasury Department'') and the Internal Revenue 
Service (``IRS'') intend to publish proposed regulations under sections 
162(f) and 6050X.
    Current Actions: The Treasury Department and the IRS intend to 
issue proposed regulations amending and adding sections to the Income 
Tax Regulations with respect to sections 162(f) and 6050X. To assist in 
the development of the proposed regulations, the IRS is requesting 
comments from the public and affected governments and nongovernmental 
entities, on any and all issues related to Form 1098-F.
    This submission is being made to extend the current approval as 
required in the Paperwork Reduction Act.
    Type of Review: Extension of currently approved collection.
    Affected Public: Federal government, State, Local, or Tribal 
Government.
    Estimated Number of Respondents: 200.
    Estimated Time per Respondent: 7 min.
    Estimated Total Annual Burden Hours: 24.
    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: August 27, 2019.
R. Joseph Durbala,
IRS, Tax Analyst.
[FR Doc. 2019-18826 Filed 8-29-19; 8:45 am]
 BILLING CODE 4830-01-P