[Federal Register Volume 87, Number 168 (Wednesday, August 31, 2022)]
[Notices]
[Pages 53551-53553]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-18748]


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DEPARTMENT OF THE TREASURY


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

AGENCY: Departmental Offices, U.S. 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 should be received on or before September 30, 2022 to 
be assured of consideration.

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 Melody Braswell by emailing [email protected], calling 
(202) 622-1035, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Internal Revenue Service (IRS)

    1. Title: Recapture of Investment Credit.
    OMB Number: 1545-0166.

[[Page 53552]]

    Form Number: 4255.
    Abstract: Internal Revenue Code section 50(a) requires that a 
taxpayer's income tax be increased by the investment credit recapture 
tax if the taxpayer disposes of investment credit property before the 
close of the recapture period used in figuring the original investment 
credit. Form 4255 provides for the computation of the recapture tax.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals, and farms.
    Estimated Number of Respondents: 1,320.
    Estimated Time per Respondent: 9 hours, 49 minutes.
    Estimated Total Annual Burden Hours: 12,949 hours.
    2. Title: Tax on Accumulation Distribution of Trusts.
    OMB Number: 1545-0192.
    Form Number: Form 4970.
    Abstract: Internal Revenue Code 667 requires a tax to be paid by a 
beneficiary of domestic or foreign trust on accumulation distributions. 
Form 4970 is used to compute the tax adjustment attributable to an 
accumulation distribution and to verify whether the correct tax has 
been paid on the accumulation distribution.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 30,000.
    Estimated Time per Respondent: 1 hr., 25 min.
    Estimated Total Annual Burden Hours: 42,900.
    3. Title: Low-Income Housing Credit.
    OMB Number: 1545-0984.
    Form Number: 8586.
    Abstract: Internal Revenue Code section 42 permits owners of 
residential rental projects providing low-income housing to claim a tax 
credit for part of the cost of constructing or rehabilitating such low-
income housing. Form 8586 is used by taxpayers to compute the credit 
and by the IRS to verify that the correct credit has been claimed.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, and businesses, or 
other for-profit organizations.
    Estimated Number of Respondents: 779.
    Estimated Time per Respondent: 8 hrs., 48 min.
    Estimated Total Annual Burden Hours: 6,855.
    4. Title: Change of Address or Change of Address or Responsible 
Party--Business.
    OMB Number: 1545-1163.
    Form Numbers: 8822 and 8822-B.
    Abstract: Form 8822 is used by taxpayers to notify the Internal 
Revenue Service that they have changed their home or business address 
or business location. Form 8822-B is used to notify the Internal 
Revenue Service of a change in a business mailing address, business 
location, or the identity of a responsible party.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations, not-for-profit institutions, farms, and Federal, 
state, local or tribal governments.
    Estimated Number of Respondents: 1,000,000.
    Estimated Time per Respondent: 13 minutes.
    Estimated Total Annual Burden Hours: 222,942 hours.
    5. Title: Commercial Revitalization Deduction.
    OMB Number: 1545-1818.
    Form Number: 2003-38.
    Abstract: Pursuant to Sec.  1400I of the Internal Revenue Code, 
Revenue Procedure 2003-38 provides the time and manner for states to 
make allocations of commercial revitalization expenditures to a new or 
substantially rehabilitated building that is placed in service in a 
renewal community.
    Type of Review: Extension of a currently approved collection.
    Affected Public: State, local and tribal governments, and business 
or other for-profit organizations.
    Estimated Number of Respondents: 80.
    Estimated Time per Respondent: 2 hours, 30 minutes.
    Estimated Total Annual Burden Hours: 200.
    6. Title: Return by a Shareholder Making Certain Late Elections To 
End Treatment as a Passive Foreign Investment Company.
    OMB Number: 1545-1950.
    Form Number: 8621-A.
    Abstract: Form 8621-A is necessary for certain taxpayers/
shareholders who are investors in passive foreign investment companies 
(PFIC's) to request late deemed sale or late deemed dividend elections 
(late purging elections) under Reg. 1.1298-3(e). The form provides a 
taxpayer/shareholder the opportunity to fulfill the requirements of the 
regulation in making the election by asserting the following: (i) The 
election is being made before an IRS agent has raised on audit the PFIC 
status of the foreign corporation for any taxable year of the taxpayer/
shareholder; (ii) the taxpayer/shareholder is agreeing (by submitting 
Form 8621-A) to eliminate any prejudice to the interests of the U.S. 
government on account of the taxpayer/shareholder's inability to make 
timely purging elections; and (iii) the taxpayer/shareholder shows as a 
balance due on Form 8621-A an amount reflecting tax plus interest as 
determined under Reg. 1.1298(e)(3).
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals and households, businesses and other 
for-profit organizations.
    Estimated Number of Respondents: 1.
    Estimated Time per Respondent: 78 hours, 30 minutes.
    Estimated Total Annual Burden Hours: 79 hours.
    7. Title: Contributions of Motor Vehicles, Boats, and Airplanes.
    OMB Number: 1545-1959.
    Form Number: Form 1098-C.
    Abstract: Section 884 of the American Jobs Creation Act of 2004 
(Pub. L. 108-357) added paragraph 12 to section 170(f) for 
contributions of used motor vehicles, boats, and airplanes. Section 
170(f)(12) requires that a donee organization provide an 
acknowledgement to the donor of this type of property and is required 
to file the same information to the Internal Revenue Service.
    Form 1098-C is used to report charitable contributions of motor 
vehicles, boats, and airplanes after December 31, 2004.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Businesses or other for-profits, Individuals or 
households, Farms, or Not-for-profit institutions.
    Estimated Number of Respondents: 110,400.
    Estimated Time per Respondent: 18 min.
    Estimated Total Annual Burden Hours: 34,224.
    8. Title: Profit or Loss From Farming.
    OMB Number: 1545-1975.
    Form Number: Schedule F (Form 1040).
    Abstract: Schedule F, (Form 1040) is used by individuals, estate or 
trust to report their farm income or loss and expenses. The data is 
used to verify that the items reported on the form are correct and also 
for general statistical use.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations, 
Farming.
    Estimated Number of Respondents: 26,546.

[[Page 53553]]

    Estimated Time per Respondent: 19 hours.
    Estimated Total Annual Burden Hours: 504,374.
    9. Title: Form 14039, Identity Theft Affidavit, Form 14039 (SP), 
Declaracion Jurada sobre el Robo de Identidad, Form 14039-B, Business 
Identity Theft Affidavit and Form 14039-B (SP), Declaracion Jurada 
sobre el Robo de Identidad de un Negocio.
    OMB Number: 1545-2139.
    Form Numbers: 14039, 14039 (SP), 14039-B and 14039-B (SP).
    Abstract: The primary purpose of these forms is to provide a method 
of reporting identity theft issues to the IRS so that the IRS may 
document situations where individuals or businesses are or may be 
victims of identity theft. Additional purposes include the use in the 
determination of proper tax liability and to relieve taxpayer burden. 
The information may be disclosed only as provided by 26 U.S.C. 6103.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations and not-for-profit institutions. Forms 14039 and 
14039 (SP).
    Estimated Number of Respondents: 382,433.
    Estimated Time per Respondent: 1 hour 20 minutes.
    Estimated Total Annual Burden Hours: 508,636. Forms 14039-B and 
14039-B (SP).
    Estimated Number of Respondents: 20,000.
    Estimated Time per Respondent: 18 minutes.
    Estimated Total Annual Burden Hours: 6,200.
    Title: Notice of Medical Necessity Criteria under the Mental Health 
Parity and Addiction Equity Act of 2008.
    10. OMB Number: 1545-2165.
    Abstract: This document contains previously approved final rules 
implementing the Paul Wellstone and Pete Domenici Mental Health Parity 
and Addiction Equity Act (MHPAEA) of 2008, which requires parity 
between mental health or substance use disorder benefits and medical/
surgical benefits with respect to financial requirements and treatment 
limitations under group health plans and group and individual health 
insurance coverage.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals or households, and not for profit institutions.
    Estimated Number of Respondents: 1,413,420.
    Estimated Time per Response: 2.1557.
    Estimated Total Annual Burden Hours: 3,046,961.
    11. Title: Request for Annual Registration Statement Identifying 
Separated Participants with Deferred Vested Benefits.
    OMB Number: 1545-2187.
    Form Number: 8955-SSA.
    Abstract: Form 8955-SSA, the designated successor to Schedule SSA 
(Form 5500), is used to satisfy the reporting requirements of Internal 
Revenue Code section 6057(a). Plan administrators of employee benefit 
plans subject to the vesting standards of ERISA section 203 use the 
form to report information about separated participants with deferred 
vested benefits under the plan. The information is generally given to 
the Social Security Administration (SSA), which provides the reported 
information to separated participants when they file for social 
security benefits.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations.
    Estimated Number of Respondents: 200,000.
    Estimated Time per Respondent: 50 minutes.
    Estimated Total Annual Burden Hours: 166,000 hours.
    12. Title: Guidance Regarding the Transition Tax Under Section 965 
and Related Provisions.
    OMB Number: 1545-2280.
    Form Number: TD 9846.
    Abstract: The Tax Cuts and Jobs Act, Section 14103 (Pub. L. 115-
97), provide for reconciliation pursuant to titles II and V of the 
concurrent resolution on the budget for fiscal year 2018, amended 
section 965 of the Internal Revenue Code. Because of the amendment, 
certain taxpayers are required to include in income an amount based on 
the accumulated post-1986 deferred foreign income of certain 
corporations that they own either directly or indirectly through other 
entities. This collection covers the guidance regarding the transition 
tax under section 965. The regulations affect United States persons 
with direct or indirect ownership interests in certain foreign 
corporations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
Individuals, or households.
    Estimated Number of Respondents: 100,000.
    Estimated Time per Respondent: 5 hrs.
    Estimated Total Annual Burden Hours: 500,000.

(Authority: 44 U.S.C. 3501 et seq.)

Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2022-18748 Filed 8-30-22; 8:45 am]
BILLING CODE 4830-01-P