[Federal Register Volume 88, Number 20 (Tuesday, January 31, 2023)]
[Notices]
[Page 6372]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-01869]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request Concerning Information Reporting 
for Form 7208

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 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 new Form 7208, Excise Tax on Repurchase of Corporate Stock.

DATES: Written comments should be received on or before April 3, 2023 
to be assured of consideration.

ADDRESSES: Direct all written comments to Andr[eacute]s Garcia, 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, 
Washington, DC 20224, or by email to [email protected]. Please 
include, ``OMB Number: 1545-New, Form 7208--Public Comment Request 
Notice'' in the Subject line.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Ronald J. 
Durbala, at (202) 317-5746, at Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Excise Tax on Repurchase of Corporate Stock.
    OMB Number: 1545-New.
    Form Project Number: Form 7208.
    Abstract: Section 4501 was added to a new chapter 37 of the Code by 
the enactment of Public Law 117-169, 136 Stat. 1818 (August 16, 2022), 
commonly referred to as the Inflation Reduction Act of 2022 (IRA). Form 
7208 is used to figure the excise tax on stock repurchases. If more 
lines for any part of the form are needed, taxpayers are to prepare a 
continuation sheet using the same format as the form. Form 7208 and any 
continuation sheet is to be attached to Form 720, Quarterly Federal 
Excise Tax Return.
    Current Actions: This is a request for new OMB approval.
    Type of Review: New Form.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Responses: 400
    Estimated Time per Respondent: 6 Hours 30 minutes
    Estimated Total Annual Burden Hours: 2,600
    The following paragraph applies to all 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 if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility.
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used.
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: January 25, 2023.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2023-01869 Filed 1-30-23; 8:45 am]
BILLING CODE 4830-01-P