[Federal Register Volume 87, Number 82 (Thursday, April 28, 2022)]
[Notices]
[Pages 25357-25358]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-09129]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Multiple Internal Revenue Service Information 
Collection Requests

AGENCY: Departmental Offices, Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on these requests.

DATES: Comments must be received on or before May 31, 2022.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Molly Stasko by emailing [email protected], calling (202) 
622-8922, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Internal Revenue Service (IRS)

    1. Title: Application for Determination for Terminating Plan, and 
Distributable Benefits from Employee Pension Benefit Plans.
    OMB Control Number: 1545-0202.
    Type of Review: Extension of a currently approved collection.
    Description: Employers who have qualified deferred compensation 
plans can take an income tax deduction for contributions to their 
plans. Form 5310 is used to request an IRS determination letter about 
the plan's qualification status (qualified or non-qualified) under 
Internal Revenue Code sections 401(a) or 403(a) of a pension. Form 6088 
is used by the IRS to analyst an application for a determination letter 
on the qualification of the plan upon termination.
    Form Number: IRS Forms 5310 and 6088.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,244.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 1,244.
    Estimated Time per Response: 66 hours 6 minutes.
    Estimated Total Annual Burden Hours: 82,231.
    2. Title: Request for Discharge from Personal Liability Under 
Internal Revenue Code Section 2204 or 6905.
    OMB Control Number: 1545-0432.
    Type of Review: Extension of a currently approved collection.
    Description: Form 5495 provides guidance under sections 2204 and 
6905 for executors of estates and fiduciaries of decedent's trusts. The 
form, filed after regular filing of an Estate, Gift, or Income tax 
return for a decedent, is used by the executor or fiduciary to request 
discharge from personal liability for any deficiency for the tax and 
periods shown on the form.
    Form Number: IRS Form 5495.
    Affected Public: Individuals or Households.
    Estimated Number of Respondents: 25,000.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 25,000.
    Estimated Time per Response: 12 hours 16 minutes.
    Estimated Total Annual Burden Hours: 306,500 hours.
    3. Title: Low-Income Housing Credit Disposition Bond.
    OMB Control Number: 1545-1029.
    Type of Review: Revision of a currently approved collection.
    Description: Form 8693 is needed per IRC section 42(j)(6) to post 
bond or establish a Treasury Direct Account and waive the recapture 
requirements under section 42(j) for certain disposition of a building 
on which the low-income housing credit was claimed. Internal Revenue 
regulations section 301.7101-1 requires that the posting of a bond must 
be done on the appropriate form as determined by the Internal Revenue 
Service.
    Form Number: IRS Form 8693.
    Affected Public: Businesses or other for-profit; and Individuals or 
Households.
    Estimated Number of Respondents: 667.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 667.
    Estimated Time per Response: 2 hours 36 minutes.
    Estimated Total Annual Burden Hours: 1,728.
    4. Title: Clear Reflection of Income in the Case of Hedging 
Transactions.
    OMB Control Number: 1545-1412.
    Type of Review: Extension of a currently approved collection.
    Description: This regulation provides guidance to taxpayers 
regarding when gain or loss from common business hedging transactions 
is recognized for tax purposes and requires that the books and records 
maintained by a taxpayer disclose the method or methods used to account 
for different types of hedging transactions.
    Regulation Project Number: TD 8554.
    Affected Public: Business or other-for-profit organizations.
    Estimated Number of Respondents: 100,000.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 100,000.
    Estimated Time per Response: 12 minutes.
    Estimated Total Annual Burden Hours: 20,000.
    5. Title: Reporting Requirements for Widely Held Fixed Investment 
Trusts.
    OMB Control Number: 1545-1540.
    Type of Review: Extension of a currently approved collection.
    Description: Under regulation section 1.671-5, the trustee or the 
middleman who holds an interest in a widely held fixed investment trust 
for an investor will be required to provide a Form 1099 to the IRS and 
a tax information statement to the investor. The trust is also required 
to provide more detailed tax information to middlemen and certain other 
persons, upon request.
    Regulation Project Number: TD 9308.
    Affected Public: Business or other for-profit organizations.

[[Page 25358]]

    Estimated Number of Respondents: 1,200.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 1,200.
    Estimated Time per Response: 2 hours.
    Estimated Total Annual Burden Hours: 2,400 hours.
    6. Title: Credit for Employer-Provided Child Care Facilities and 
Services.
    OMB Control Number: 1545-1809.
    Type of Review: Extension of a currently approved collection.
    Description: Employers use Form 8882 to claim the credit for 
qualified childcare facility and resource and referral expenditures. It 
is part of the general business credit.
    Form Number: IRS Form 8882.
    Affected Public: Business or other for-profits; and Individuals or 
Households.
    Estimated Number of Respondents: 286.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 286.
    Estimated Time per Response: 3 hours 41 minutes.
    Estimated Total Annual Burden Hours: 1,053.
    7. Title: Coverdell ESA Contribution Information.
    OMB Control Number: 1545-1815.
    Type of Review: Extension of a currently approved collection.
    Description: Form 5498-ESA is used by trustees or issuers of 
Coverdell Education Savings accounts to report contributions and 
rollovers to these accounts to beneficiaries.
    Form Number: 5498-ESA.
    Affected Public: Business or other for-profit institutions.
    Estimated Number of Respondents: 196,600.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 196,600.
    Estimated Time per Response: 7 minutes.
    Estimated Total Annual Burden Hours: 23,592 hours.
    8. Title: Notice of Expatriation and Waiver of Treaty Benefits.
    OMB Control Number: 1545-2138.
    Type of Review: Extension of a currently approved collection.
    Description: Information used by taxpayers to notify payer of 
expatriation so that proper tax treatments is applied by payer. The 
taxpayer is required to file this form to obtain any benefit accorded 
by the status.
    Form Number: W-8CE.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 500.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 500.
    Estimated Time per Response: 5 hours 41 minutes.
    Estimated Total Annual Burden Hours: 2,840.
    9. Title: Section 6708, Failure to Maintain List of Advisees with 
Respect to Reportable Transactions.
    OMB Control Number: 1545-2245.
    Type of Review: Extension of a currently approved collection.
    Description: This document contains final regulations relating to 
the penalty under Internal Revenue Code (IRC) section 6708 for failing 
to make available lists of advisees with respect to reportable 
transactions. IRC section 6708 imposes a penalty upon material advisors 
for failing to make available to the Secretary, upon written request, 
the list required to be maintained by IRC section 6112 within 20 
business days after the date of such request. Treasury Regulations 
section 301.6708-1(c)(3)(ii) requires a material advisor requesting an 
extension of the 20-business-day period to provide certain information 
to the IRS to grant the extension. The final regulations primarily 
affect individuals and entities who are material advisors, as defined 
in IRC section 6111.
    Regulation Project Number: TD 9764.
    Affected Public: Individuals or Households.
    Estimated Number of Respondents: 5.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 5.
    Estimated Time per Response: 8 hours.
    Estimated Total Annual Burden Hours: 40.
    10. Title: Funding relief for multiemployer defined benefit pension 
plans under the American Rescue Plan Act of 2021.
    OMB Control Number: 1545-2300.
    Type of Review: Extension of a currently approved collection.
    Description: The American Rescue Plan Act of 2021 (ARP), Public Law 
117-2, sections 9701, 9702, and 9703 provide elective funding relief 
for multiemployer defined benefit pension plans to address the 
continued impact of COVID-19. This notice provides guidance for 
sponsors of multiemployer defined benefit pension plans on the 
elections under sections 9701 and 9702 of the ARP Act, and the relief 
provided under section 9703 of the ARP Act, relating to Internal 
Revenue Code (IRC) sections 431 and 432.
    Notice Number: 2021-57.
    Affected Public: Business or other for-profit organizations; and 
Not-for-profit organizations.
    Estimated Number of Respondents: 937.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 937.
    Estimated Time per Response: 58 minutes.
    Estimated Total Annual Burden Hours: 896.
    Authority: 44 U.S.C. 3501 et seq.

Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2022-09129 Filed 4-27-22; 8:45 am]
BILLING CODE 4810-01-P