[Federal Register Volume 87, Number 226 (Friday, November 25, 2022)]
[Notices]
[Pages 72590-72592]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25705]


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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 December 27, 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.
    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: Quarterly Federal Excise Tax Return.
    OMB Number: 1545-0023.
    Form Number: Form 720, Form 720-X, and Form 6627.
    Abstract: Excise taxes are taxes paid when purchases are made on a 
specific good, such as gasoline. 26 U.S.C. 4081 imposes tax for 
miscellaneous excise taxes, manufacturers excise taxes, automotive and 
related items, petroleum products and motor and aviation fuel. Form 
720, Quarterly Federal Excise Tax Return, is used to report liability 
by IRS number and to pay the excise taxes listed on the form. Form 720-
X is used to make adjustments to liability reported on Form 720 filed 
in previous quarters. Form 6627 is used to figure the environmental tax 
on petroleum, ODCs, imported products that used ODCs as materials in 
the manufacture or production of the product, and the floor stocks tax 
on ODCs. Form 6627 is filed with Form 720.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB. These forms are being submitted for renewal 
purposes only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals, not-for-profit institutions, farms, and Federal, State, 
local or Tribal governments.
    Estimated Number of Respondents: 205,400.
    Estimated Time per Respondent: 11 hrs., 38 min.
    Estimated Total Annual Burden Hours: 2,391,400.
    2. Title: TD 9584, TD 9734, Form 1042, Schedule Q (Form 1042), Form 
1042-S, and Form 1042-T.
    OMB Number: 1545-0096.
    Form Number: 1042, Schedule Q (Form 1042), 1042-S, and 1042-T.
    Abstract: TD 9584 contains final regulations that provide guidance 
on the reporting requirements for interest on deposits maintained at 
the U.S. office of certain financial institutions and paid to 
nonresident alien individuals. These regulations affect persons making 
payments of interest with respect to such a deposit. TD 9734 contains 
regulations pertain to Internal Revenue Code (IRC) section 871(m) 
regarding dividend equivalent payments that are treated as U.S. source 
income. These regulations provide guidance regarding when payments made 
pursuant to certain financial instruments will be treated as U.S. 
source income and subject to U.S. withholding tax.
    Form 1042 is used by withholding agents to report tax withheld at 
source on certain income paid to nonresident alien individuals, foreign 
partnerships, and foreign corporations to the IRS. Schedule Q (Form 
1042) is used withholding agents to report the tax liability of a 
qualified derivatives dealer (QDD). Form 1042-S is used by withholding 
agents to report income and tax withheld to payees. A copy of each 
1042-S is filed electronically or with Form 1042 for information 
reporting purposes. The IRS uses this information to verify that the 
correct amount of tax has been withheld and paid to the United States. 
Form 1042-T is used by withholding agents to transmit paper Forms 1042-
S to the IRS.

[[Page 72591]]

    Current Actions: There is are changes to the existing collection: 
(1) Schedule Q (Form 1042) was created to replace the previous 
requirement to attach a statement to the Form 1042 to provide 
information regarding a QDD's tax liability; (2) the burden for TD 
9584, previously reported under OMB control number 1545-1725, is being 
incorporated in this collection for clarity and continuity; (3) the 
burden for Form 1042 was recalculated for better estimates; and (4) the 
number of respondents and responses for all forms were updated with 
better estimates.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals, business or other for-profit 
organizations, estates, trusts, tax-exempt organizations, and 
government entities.
    Estimated Number of Respondents: 138,150.
    Estimated Number of Responses: 8,560,200.
    Estimated Time per Respondent: 15 minutes for TD 9584, 8 hours for 
TD 9734, 29 hours and 28 minutes for Form 1042, 5 hours and 44 minutes 
for Schedule Q (Form 1042), 34 minutes for Form 1042-S, and 12 minutes 
for Form 1042-T.
    Estimated Total Annual Burden Hours: 6,704,749.
    3. Title: U.S. Withholding Tax Return for Certain Dispositions by 
Foreign Persons and Statement of Withholding on Certain Dispositions by 
Foreign Persons.
    OMB Number: 1545-0902.
    Form Numbers: 8288, 8288-A and 8288-C.
    Abstract: Internal Revenue Code section 1445 requires transferees 
to withhold tax on the amount realized from sales or other dispositions 
by foreign persons. Form 8288 is used to report and transmit the amount 
withheld to the IRS. Form 8288-A is used by the IRS to validate the 
withholding, and a copy is returned to the transferor for his or her 
use in filing a tax return. Form 8288-C is used as evidence of the 
amount of your section 1.446(f)(1) liability that you satisfied.
    Current Actions: The following changes have been made to the forms.
    Changes to Form 8288:
    (1) The form title has been changed to ``U.S. Withholding Tax 
Return for Certain Dispositions by Foreign Persons''.
    (2) The ``entity'' information (Withholding Agent Information) was 
separated into Parts I and II to its own sections, to avoid processing 
and repetition issues.
    (3) New Line 4 (Withholding Agent Information) was added to the 
entity section.
    (4) We added 10(b) to allow the large trust to identify that the 
withholding being reported is a result of the large trust election 
previously made.
    (5) New Parts II, IV, and V were added for reporting witholding 
under section 1446(f)(1) and 1446(f)(4), due to the final regulation in 
TD 9226, which has an effective date of 1/1/23, per Notice 2021-51.
    Changes to Form 8288-A:
    (1) The form title has been changed to ``Statement of Withholding 
on Certain Dispositions by Foreign Persons''.
    (2) New box 5 was added to (identify the withholding under the 
specific section).
    (3) A new checkbox was added to box 6 for ``Partnerships''.
    The burden estimates below do not include estimates for business or 
individual filers. These estimates are for all other filers only as 
business estimates are reported under 1545-0123 and individual 
estimates are reported under 1545-0074.
    Type of Review: Revisions of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals or households.
    Form 8288:
    Estimated Number of Respondents: 80,000.
    Estimated Time per Respondent: 17 hr., 24 min.
    Estimated Total Annual Burden Hours: 1,399,200.
    Form 8288-A:
    Estimated Number of Respondents: 87,500.
    Estimated Time per Respondent: 3 hr., 59 min.
    Estimated Total Annual Burden Hours: 343,875.
    Form 8288-C:
    Estimated Number of Respondents: 70,000.
    Estimated Time per Respondent: 25 min.
    Estimated Total Annual Burden Hours: 17,500.
    4. Title: Debt Instruments with Original Discount; Imputed Interest 
on Deferred Payment Sales or Exchanges of Property; Property Traded on 
an Established Market.
    OMB Number: 1545-1353.
    Treasury Decision Numbers: 8517; 9599.
    Abstract: These regulations provide definitions, reporting 
requirements, elections, and general rules relating to the tax 
treatment of debt instruments with original issue discount and the 
imputation of, and accounting for, interest on certain sales or 
exchanges of property. Current Actions: IRS is updating the burden 
estimates for TD 9599, due to an inadvertent overstatement in the 
previous OMB submissions. This results in a decrease in the burden 
estimates by 180,000 responses (from 200,000 to 20,000) and a decrease 
of 90,000 hours (from 100,000 to 10,000).
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals or households.
    Estimated Number of Respondents: 525,000.
    Estimated Time per Response: 0.35.
    Estimated Total Annual Burden Hours: 185,500.
    Treasury Decision 9599:
    Estimated Number of Respondents: 20,000.
    Estimated Time per Response: 0.5.
    Estimated Total Annual Burden Hours: 10,000.
    5. Title: Highly Compensated Employee Definition.
    OMB Number: 1545-1550.
    Notice Number: Notice 97-45.
    Abstract: Notice 97-45 provides guidance on the definition of 
highly compensated employee (HCE) within the meaning of section 414(q) 
of the Internal Revenue Code, as simplified by section 1431 of the 
Small Business Job Protection Act of 1996, including an employer's 
option to make a top-paid group election under section 
414(q)(1)(B)(ii). The notice requires qualified retirement plans that 
contain a definition of HCE to be amended to reflect the statutory 
changes to section 414(q).
    Current Actions: There are no changes being made to the notice at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit organizations, and 
not-for-profit institutions.
    Estimated Number of Respondents: 218,683.
    Estimated Time per Response: 18 minutes.
    Estimated Total Annual Burden Hours: 65,605.
    6. Title: Agent for Consolidated Group.
    OMB Number: 1545-1699.
    Form Number: TD 9715
    Abstract: The information is needed in order for a terminating 
common parent of a consolidated group to designate a substitute agent 
for the group and receive approval of the Commissioner, or for a 
default substitute agent to notify the Commissioner that it is the 
default

[[Page 72592]]

substitute agent, pursuant to Treas. Reg. Sec.  1.1502-77. The 
Commissioner will use the information to determine whether to approve 
the designation of the substitute agent (if approval is required) and 
to change the IRS's records to reflect the information about the 
substitute agent.
    Current Actions: There are no changes to the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Responses: 200.
    Estimated Time per Response: 2 hours.
    Estimated Total Annual Burden Hours: 400.
    7. Title: Golden Parachute Payments.
    OMB Number: 1545-1851.
    Form Number: T.D. 9083.
    Abstract: These regulations deny a deduction for excess parachute 
payments. A parachute payment is payment compensation to a disqualified 
individual that is contingent on a change in ownership or control of a 
corporation. Certain payments, including payments from a small 
corporation, are exempt from the definition of parachute payment if 
certain requirements are met (such as shareholder approval and 
disclosure requirements).
    Current Actions: There is no change to the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 800.
    Estimated Time per Respondent: 15 hours.
    Estimated Total Annual Burden Hours: 12,000 hours.
    8. Title: Timely Mailing Treated as Timely Filing.
    OMB Number: 1545-1899.
    Form Number: T.D. 9543 and Revenue Procedure 97-19.
    Abstract: This information collection contains regulations that 
provide guidance as to the only ways to establish prima facie evidence 
of delivery of documents that have a filing deadline prescribed by the 
internal revenue laws, absent direct proof of actual delivery. The 
regulations are necessary to provide greater certainty on this issue 
and to provide specific guidance. The regulations affect taxpayers who 
mail Federal tax documents to the Internal Revenue Service or the 
United States Tax Court. Revenue Procedure 97-19 provides the criteria 
that will be used by the IRS to determine whether a private delivery 
service qualifies as a designated Private Delivery Service under 
section 7502 of the Internal Revenue Code.
    Current Actions: There is no change to the paperwork burden 
previously approved by OMB.
    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, Federal 
Government, and State, local, or Tribal government.
    The estimated burden related to Revenue Procedure 97-19:
    Estimated Number of Responses: 14.
    Estimated Time per Response: 60 hours, 54 minutes.
    Estimated Total Annual Burden Hours: 853.
    The estimated related to T.D. 9543:
    Estimated Number of Responses: 10,847,647.
    Estimated Time per Response: 6 minutes.
    Estimated Total Annual Burden Hours: 1,084,765.
    Total Estimated Number of Respondents: 10,847,661.
    Total Estimated Total Annual Burden Hours: 1,085,618 hours.
    Authority: 44 U.S.C. 3501 et seq.

Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2022-25705 Filed 11-23-22; 8:45 am]
BILLING CODE 4830-01-P