[Federal Register Volume 84, Number 190 (Tuesday, October 1, 2019)]
[Notices]
[Pages 52176-52177]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-21307]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8995

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 
proposed and/or continuing information collections, as required by the 
Paperwork Reduction Act of 1995. Currently, the IRS is soliciting 
comments concerning Form 8995 Qualified Business Income Deduction 
Simplified Computation.

DATES: Written comments should be received on or before December 2, 
2019 to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Dionne 
McLeod, at (267) 941-6267, Internal Revenue Service, Room 3256, 600 
Arch Street, Philadelphia, PA 19106. or through the internet at 
[email protected]

SUPPLEMENTARY INFORMATION: 
    Title: Qualified Business Income Deduction Simplified Computation.

[[Page 52177]]

    OMB Number: 1545-xxxx.
    Form Number: 8995.
    Abstract: Form 8995 is used by taxpayers to figure the deduction 
for items of income, gain, deduction, and loss from trades or 
businesses that are effectively connected with the conduct of a trade 
or business in the U.S. Current Actions: On December 20, 2017, Congress 
passed Public Law 115-97(the ``2017 tax act''), titled ``An act to 
provide for reconciliation pursuant to titles II and V of the 
concurrent resolution on the budget for fiscal year 2018,'' but 
colloquially known as the ``Tax Cuts and Jobs Act.''
    In the legislative history of the 2017 tax act, Congress noted that 
the reduction in the corporate tax rate did not mitigate the high rates 
of tax imposed on businesses conducted by noncorporate taxpayers in 
passthrough form or through sole proprietorships. In order to lower 
rates, Congress introduced new 199A of the Internal Revenue Code, which 
provides an income tax benefit to investors in non-corporate 
businesses, i.e., sole proprietorships, partnerships, and S 
corporations. Individuals, trusts, and estates who invest in such 
businesses may be eligible to claim a deduction of up to 20% of the 
``qualified business income'' earned by such non-corporate businesses.
    The IRS created new Form 8995 to allow eligible taxpayers to claim 
the deduction.
    Type of Review: New Information Collection.
    Affected Public: Estates and Trusts.
    Estimated Number of Respondents: 10,000.
    Estimated Time per Respondent: 3 hours.
    Estimated Total Annual Burden Hours: 30,000.
    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 
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: September 26, 2019.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2019-21307 Filed 9-30-19; 8:45 am]
 BILLING CODE 4830-01-P