[Federal Register Volume 86, Number 103 (Tuesday, June 1, 2021)]
[Notices]
[Page 29360]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-11445]



[[Page 29360]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Requesting Comments on Form 8995 and Form 
8995-A

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. The IRS is soliciting comments 
concerning Form 8995, Qualified Business Income Deduction Simplified 
Computation, and Form 8995-A, Qualified Business Income Deduction.

DATES: Written comments should be received on or before August 2, 2021 
to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224. You must reference the information collection's title, form 
number, reporting or record-keeping requirement number, and OMB number 
in your comment.

FOR FURTHER INFORMATION CONTACT:  Requests for additional information 
or copies of the form and instructions should be directed to Jon 
Callahan, (737) 800-7639, at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    Title: Qualified Business Income Deduction.
    OMB Number: 1545-2294.
    Form Number: Form 8995, Form 8995-A, Schedules A, B, C, and D.
    Abstract: The Tax Cuts and Jobs Act section 11011 added new IRC 
section 199A, which allows eligible taxpayers to deduct a percentage of 
qualified business income (QBI) earned by non-corporate businesses. 
Taxpayers use Form 8995 and Form 8995-A to figure and report the QBI 
deduction.
    Current Actions: There are changes to the existing collection: (1) 
Form 8995-A and Schedules A, B, C, and D were added to calculate and 
report the deduction, (2) the estimated number of responses were 
updated, and (3) the burden for Form 8995 was revised.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals or Households, Business or other for-
profit organizations.
    Estimated Number of Responses: 41,426,000.
    Estimated Time per Respondent: 8 hours, 12 minutes.
    Estimated Total Annual Burden Hours: 336,379,120.
    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: May 24, 2021.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2021-11445 Filed 5-28-21; 8:45 am]
BILLING CODE 4830-01-P