[Federal Register Volume 87, Number 75 (Tuesday, April 19, 2022)]
[Notices]
[Pages 23321-23322]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-08327]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Requesting Comments on Form 5304-SIMPLE, 
Form 5305-SIMPLE, and Notice 98-4

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 5304-SIMPLE, Savings Incentive Match Plan for 
Employees of Small Employers (SIMPLE)--Not for Use With a Designated 
Financial Institution; Form 5305-SIMPLE, Savings Incentive Match Plan 
for Employees of Small Employers (SIMPLE)--for Use With a Designated 
Financial Institution; Notice 98-4, Simple IRA Plan Guidance.

DATES: Written comments should be received on or before June 21, 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]. Include 1545-1502 Form 5304-
SIMPLE; Form 5305-SIMPLE; Notice 98-4,in the subject line of the 
message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection should be directed to LaNita Van Dyke, 202-
317-6009, at Internal Revenue Service, Room 6526, 1111 Constitution 
Avenue NW, Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: Title: Form 5304-SIMPLE, Savings Incentive 
Match Plan for Employees of Small Employers (SIMPLE)--Not for Use With 
a Designated Financial Institution, Form 5305-SIMPLE; Savings Incentive 
Match Plan for Employees of Small Employers (SIMPLE)--for Use With a 
Designated Financial Institution; SIMPLE IRA Plan Guidance (Notice 98-
4).

[[Page 23322]]

    OMB Number: 1545-1502.
    Form Number: Form 5304-SIMPLE, Form 5305-SIMPLE, and Notice 98-4.
    Abstract: Form 5304-SIMPLE is a model SIMPLE IRA agreement that was 
created to be used by an employer to permit employees who are not using 
a designated financial institution to make salary reduction 
contributions to a SIMPLE IRA described in Internal Revenue Code 
section 408(p). Form 5305-SIMPLE is also a model SIMPLE IRA agreement, 
but it is for use with a designated financial institution. Notice 98-4 
provides guidance for employers and trustees regarding how they can 
comply with the requirements of Code section 408(p) in establishing and 
maintaining a SIMPLE IRA, including information regarding the 
notification and reporting requirements under Code section 408.
    Current Actions: There are no changes to the forms at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations not-
for-profit institutions, and individuals. Estimated Number of 
Respondents: 600,000.
    Estimated Time per Respondent: 3 hours, 31 minutes.
    Estimated Total Annual Burden Hours: 2,113,000.
    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: April 14, 2022.
Andres Garcia Leon,
Supervisory Tax Analyst.
[FR Doc. 2022-08327 Filed 4-18-22; 8:45 am]
BILLING CODE 4830-01-P