[Federal Register Volume 86, Number 92 (Friday, May 14, 2021)]
[Notices]
[Pages 26603-26604]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-10156]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request on Burden Related to Information 
Reporting for Certain Life Insurance Contract Transactions

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 the burden related to the information reporting for certain 
life insurance contract transactions.

DATES: Written comments should be received on or before July 13, 2021 
to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, Internal 
Revenue Service, Room 6529, 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 Reporting for Certain Life Insurance Contract 
Transactions.
    OMB Number: 1545-2281.
    Regulation Project/Form Number: Forms 1099-LS and 1099-SB.
    Abstract: The collection covers the information reporting 
requirements for certain life insurance contracts under IRC 6050Y, 
which was added by the Tax Cuts and Jobs Act (TCJA). Form 1099-LS is 
used by the acquirer of any interest in a life insurance contract (also 
known as a life insurance policy) in a reportable policy sale to report 
the acquisition. Form 1099-SB is used by the issuer of a life insurance 
contract (also known as a life insurance policy) to report the seller's 
investment in the contract and surrender amount with respect to an 
interest in a life insurance contract transferred in a ``reportable 
policy sale'' or transferred to a foreign person.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Responses: 6,000.
    Estimated Time per Respondent: 7 min.
    Estimated Total Annual Burden Hours: 720.
    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

[[Page 26604]]

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 10, 2021.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2021-10156 Filed 5-13-21; 8:45 am]
BILLING CODE 4830-01-P