[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