[Federal Register Volume 87, Number 50 (Tuesday, March 15, 2022)]
[Notices]
[Page 14618]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-05404]



[[Page 14618]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1041

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 
information collections, as required by the Paperwork Reduction Act of 
1995. The IRS is soliciting comments concerning Form 1041, U.S. Income 
Tax Return for Estates and Trusts, and related Schedules D, I, J, K-1, 
Form 1041-V, and Frequently Asked Questions (FAQs) relating to the 
elections of deferred foreign income.

DATES: Written comments should be received on or before May 16, 2022 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224 or by email to [email protected]. Please include the ``OMB Number 
1545-0092'' in the Subject line. Written and electronic comments 
concerning Proposed Sec.  1.958-1(e)(2) and Proposed Sec.  1.964-
1(c)(3) can be addressed to the information contact under 87 FR 3890.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Sara 
Covington at Internal Revenue Service, Room 6526, 1111 Constitution 
Avenue NW, Washington, DC 20224, or at (202) 317-4542 or through the 
internet, at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: U.S. Income Tax Return for Estates and Trusts.
    OMB Number: 1545-0092.
    Form Number: Form 1041.
    Abstract: IRC section 6012 requires that an annual income tax 
return be filed for estates and trusts. The data is used by the IRS to 
determine that the estates, trusts, and beneficiaries filed the proper 
returns and paid the correct tax. Public Law 115-97, section 14103 has 
a retroactive effective date of 2017. In order for taxpayers to fulfill 
their filing obligations and report the correct amount of tax under 
Section 14103, the IRS developed FAQs to alert taxpayers how and where 
to report this income on their tax return. A critical part of this 
effort includes alerting taxpayers of their filing obligations and 
educating them on how and where this would be reported. The data will 
be utilized by the IRS to ensure that the correct amount of tax is 
paid. In general, the collections of information in proposed Sec.  
1.958-1(e) and proposed Sec.  1.964-1(c)(3) impose a burden on certain 
domestic trusts and estates to attach statements to their tax returns, 
or notify certain prescribed persons, of elections permitted by those 
regulations' sections.
    Current Actions: There were changes and updates made to the form 
since last renewal.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 10,067,925.
    Estimated Time per Respondent: 32 hours, 38 minutes.
    Estimated Total Annual Burden Hours: 331,507,546.
    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: March 8, 2022.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2022-05404 Filed 3-14-22; 8:45 am]
BILLING CODE 4830-01-P