[Federal Register Volume 84, Number 187 (Thursday, September 26, 2019)]
[Notices]
[Pages 50886-50887]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-20877]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Multiple IRS Information Collection Requests

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on these requests.

DATES: Comments should be received on or before October 28, 2019 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestions for 
reducing the burden, to (1) Office of Information and Regulatory 
Affairs, Office of Management and Budget, Attention: Desk Officer for 
Treasury, New Executive Office Building, Room 10235, Washington, DC 
20503, or email at [email protected] and (2) Treasury PRA 
Clearance Officer, 1750 Pennsylvania Ave. NW, Suite 8142, Washington, 
DC 20220, or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Spencer Clark by emailing [email protected], calling (202) 
927-5331, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Internal Revenue Service (IRS)

    Title: Asset Acquisition Statement.
    OMB Control Number: 1545-1021.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: Section 1060 requires reporting to the IRS, as 
prescribed by regulations, by the buyer and seller of the total 
consideration paid for assets in an applicable asset acquisition. The 
information required to be reported includes the amount allocated to 
goodwill or going concern value. TD 8940 contained final regulations 
relating to deemed and actual asset acquisitions under sections 338 and 
1060. Regulations section 1.1060-1 establishes the time for filing and 
the content of Form 8594. Form 8594 is used by the buyer and seller of 
assets to which goodwill or going concern value can attach to report 
the allocation of the purchase price among the transferred assets.
    Form: 8594.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 1,310.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 1,310.
    Estimated Time per Response: 17.49 hours.
    Estimated Total Annual Burden Hours: 22,910.
    Title: Annual Return/Report of Employee Benefit Plan.
    OMB Control Number: 1545-1610.
    Type of Review: Revision of a currently approved collection.
    Description: Form 5500 is an annual information return filed by 
employee benefit plans. The IRS uses this information to determine if 
the plan appears to be operating properly as required under the law or 
whether the plan should be audited.
    Form: Sch C (Form 5500), 5500, Sch MB (Form 5500), Sch I (Form 
5500), Sch H (Form 5500), Sch A (Form 5500), Sch D (Form 5500), Sch R 
(Form 5500), Sch SB (Form 5500), 5500SF, Sch G (Form 5500), 5500-SUP, 
5500-EZ.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 804,500.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 804,500.
    Estimated Time per Response: .41 hours.
    Estimated Total Annual Burden Hours: 330,208.
    Title: Statement of Payments Received.
    OMB Control Number: 1545-2261.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: The IRS is charged with collecting revenue legally 
owed to the federal government. One important category of income comes 
in the form of tips. Previous empirical research has shown income from 
tips to be significantly underreported, limiting the IRS's ability to 
collect the proper amount of tax revenue. The IRS believes a new study 
of consumer tipping practices is needed in order to better understand 
current tip reporting behavior so tax administrators and policy makers 
can make the tax system fairer and more efficient. The main goal for 
this survey effort is to generate statistically valid estimates of 
tipped income in a variety of services for which no such estimates 
exist, in addition to providing information on other correlates of 
tipped income and behavior including, but not limited to, regional or 
seasonal fluctuations in tipped income.
    Form: Tipping Survey.
    Affected Public: Individuals or Households.
    Estimated Number of Respondents: 60,000.
    Frequency of Response: Once.
    Estimated Total Number of Annual Responses: 60,000.
    Estimated Time per Response: .19 hours.
    Estimated Total Annual Burden Hours: 11,144.

    Authority: 44 U.S.C. 3501 et seq.


[[Page 50887]]


    Dated: September 20, 2019.
Jennifer P. Quintana,
Treasury PRA Clearance Officer.
[FR Doc. 2019-20877 Filed 9-25-19; 8:45 am]
BILLING CODE 4830-01-P