[Federal Register Volume 88, Number 38 (Monday, February 27, 2023)]
[Notices]
[Pages 12442-12445]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-03976]


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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 of Information Collection, request for comment.

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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 March 29, 2023 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.

SUPPLEMENTARY INFORMATION:

Internal Revenue Service

    1. Title: Forest Activities Schedule.
    OMB Number: 1545-0007.
    Form Number: Form T.
    Abstract: Taxpayers use Form T to provide information on timber 
accounts when a sale or deemed sale under Internal Revenue Code (IRC) 
sections 631(a), 631(b), or other exchange has occurred during the tax 
year. The IRS uses this information to determine if the taxpayer 
reported the correct amount of income and deductions.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Private sector.
    Estimated Number of Responses: 10.
    Estimated Time per Respondent: 36 hours, 11 minutes.

[[Page 12443]]

    Estimated Total Annual Burden Hours: 362.
    2. Title: United States Additional Estate Tax Return.
    OMB Number: 1545-0016.
    Form Number: 706-A.
    Abstract: Form 706-A is used by individuals to compute and pay the 
additional estate taxes due under Code section 2032A(c). IRS uses the 
information to determine that the taxes have been properly computed. 
The form is also used for the basis election of section 1016(c)(1).
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 180.
    Estimated Time per Respondent: 1 hour, 19 minutes.
    Estimated Total Annual Burden Hours: 1,678.
    3. Title: Consent of Shareholder To Include Specific Amount in 
Gross Income.
    OMB Number: 1545-0043.
    Form Number: 972.
    Abstract: Form 972 is filed by shareholders of corporations who 
agree to include a consent dividend in gross income as a taxable 
dividend. The IRS uses Form 972 as a check to see if an amended return 
is filed by the shareholder to include the amount in income and to 
determine if the corporation claimed the correct amount as a deduction 
on its tax return.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 100.
    Estimated Time per Respondent: 3 hrs, 51 min.
    Estimated Total Annual Burden Hours: 385.
    4. Title: Dividends and Distributions.
    OMB Number: 1545-0110.
    Form Number: Form 1099-DIV.
    Abstract: Form 1099-DIV is used by the IRS to ensure that dividends 
are properly reported as required by Internal Revenue Code section 
6402, that liquidation distributions are correctly reported as required 
by Internal Revenue Code section 6403, and to determine whether payees 
are correctly reporting their income.
    Current Actions: There is an increase in the estimated number of 
respondents previously approved by OMB.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit groups.
    Estimated Number of Respondents: 89,588,000.
    Estimated Time per Respondent: 28 minutes.
    Estimated Total Annual Burden Hours: 42,106,360.
    5. Title: U.S. Departing Alien Income Tax Statement.
    OMB Number: 1545-0138.
    Form Number: 2063.
    Abstract: Form 2063 is used by a departing resident alien against 
whom a termination assessment has not been made, or a departing 
nonresident alien who has no taxable income from United States sources, 
to certify that they have satisfied all U.S. income tax obligations. 
The data is used by the IRS to certify that departing aliens have 
complied with U.S. income tax laws.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Responses: 20,540.
    Estimated Time per Response: 50 minutes.
    Estimated Total Annual Burden Hours: 17,049.
    6. Titles: Form 3520, Annual Return To Report Transactions With 
Foreign Trusts and Receipt of Certain Foreign Gifts and Form 3520-A, 
Annual Information Return of Foreign Trust With a U.S. Owner.
    OMB Number: 1545-0159.
    Form Numbers: Forms 3520 and 3520-A.
    Abstract: U.S. persons file Form 3520 to report certain 
transactions with foreign trusts, ownership of foreign trusts under the 
rules of Internal Revenue Code sections 671 through 679, and receipt of 
certain large gifts or bequests from certain foreign persons. Form 
3520-A is the annual information return of a foreign trust with at 
least one U.S. owner. The form provides information about the foreign 
trust, its U.S. beneficiaries, and any U.S. person who is treated as an 
owner of any portion of the foreign trust under the grantor trust 
rules.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 1,820.
    Estimated Time per Respondent: 51 hours, 56 minutes.
    Estimated Total Annual Burden Hours: 94,537.
    7. Title: Occupational Tax and Registration Return for Wagering.
    OMB Number: 1545-0236.
    Form Number: 11-C.
    Abstract: Form 11-C is used to register persons accepting wagers, 
as required by Internal Revenue Code section 4412. The IRS uses this 
form to register the respondent, collect the annual stamp tax imposed 
by Code section 4411, and to verify that the tax on wagers is reported 
on Form 730, Monthly Tax Return for Wagers.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 11,500.
    Estimated Time per Respondent: 7 hours, 4 minutes.
    Estimated Total Annual Burden Hours: 81,190 hours.
    8. Title: TD 7918, Creditability of Foreign Taxes.
    OMB Number: 1545-0746.
    Form Number: TD 7918.
    Abstract: Internal Revenue Code (IRC) section 901 allows a taxpayer 
a tax credit for the amount of any income, war profits, or excess 
profits taxes it has paid or accrued during the taxable year. Treasury 
Regulations section 1.901-2A(e) allows a dual capacity taxpayer to 
apply the safe harbor formula to qualifying levies when determining the 
credit. Section 1.901-2A(d) requires the taxpayer to provide a 
statement electing to use the safe harbor formula.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations, estates, and trusts.
    Estimated Number of Responses: 120.
    Estimated Time per Respondent: 20 minutes.
    Estimated Total Annual Burden Hours: 41.
    9. Title: Interest Charge on DISC-Related Deferred Tax Liability.
    OMB Number: 1545-0939.
    Form Number: 8404.
    Abstract: Shareholders of Interest Charge Domestic International 
Sales Corporations (IC-DISCs) use Form 8404 to figure and report an 
interest charge on their DISC-related deferred tax liability. The 
interest charge is required by Internal Revenue Code section 995(f). 
IRS uses Form 8404 to determine whether the shareholder has correctly 
figured and paid the interest charge on a timely basis.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals or households.
    Estimated Number of Respondents: 2,000.
    Estimated Time per Respondent: 7 hours, 47 minutes.
    Estimated Total Annual Burden Hours: 15,580 hours.
    10. Title: Generation-Skipping Transfer Tax Return for 
Distributions.

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    OMB Number: 1545-1144.
    Form Number: Form 706-GS (D).
    Abstract: Form 706-GS(D) is used by persons who receive taxable 
distributions from a trust to compute and report the generation-
skipping transfer tax imposed by Internal Revenue Code section 2601. 
IRS uses the information to verify that the tax has been properly 
computed.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 1,000.
    Estimated Time per Respondent: 59 minutes.
    Estimated Total Annual Burden Hours: 980 hours.
    11. Title: Debt Instruments with OID; Contingent Payments; Anti-
Abuse Rule.
    OMB Number: 1545-1450.
    Form Number: TD 8674.
    Abstract: This regulation relates to the tax treatment of debt 
instruments that provide for one or more contingent payments. The 
regulation also treats a debt instrument and a related hedge as an 
integrated transaction. The regulation provides general rules, 
definitions, and reporting and recordkeeping requirements for 
contingent payment debt instruments and for integrated debt 
instruments.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals, and state, local, or tribal governments.
    Estimated Number of Respondents: 180,000.
    Estimated Time per Respondent: 29 minutes.
    Estimated Total Annual Burden Hours: 89,000.
    12. Title: TD 8649, Netting Rule for Certain Conversion 
Transactions.
    OMB Number: 1545-1452.
    Form Number: TD 8649
    Abstract: Internal Revenue Code (IRC) section 1258 recharacterizes 
capital gains from conversion transactions as ordinary income to the 
extent of the time value element. Treasury Regulations section 1.1258-1 
provides that certain gains and losses may be netted for purposes of 
determining the amount of gain recharacterized. To be eligible for 
netting relief, the taxpayer must identify on its books and records all 
the positions that are part of the conversion transaction before the 
close of the day on which the positions become part of the conversion 
transaction.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals and households, business or other for-
profit organizations.
    Estimated Number of Responses: 50,000.
    Estimated Time per Respondent: 6 minutes.
    Estimated Total Annual Burden Hours: 5,000.
    13. Title: Guidance Regarding Deduction and Capitalization of 
Expenditures.
    OMB Number: 1545-1870.
    Form Number: TD 9107.
    Abstract: The information required to be retained by taxpayers will 
constitute enough documentation for purposes of substantiating a 
deduction. The information will be used by the agency on audit to 
determine the taxpayer's entitlement to a deduction. The respondents 
include taxpayers who engage in certain transactions involving the 
acquisition of a trade or business or an ownership interest in a legal 
entity.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 3,000.
    Estimated Time per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 3,000.
    14. Title: Regulations Governing Practice Before the Internal 
Revenue Service.
    OMB Number: 1545-1871.
    Form Number: T.D. 9165.
    Abstract: These regulations will ensure that taxpayers are provided 
adequate information regarding the limits of tax shelter advice that 
they receive and ensure, that practitioners properly advise taxpayers 
of relevant information with respect to tax shelter options.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals or households.
    Estimated Number of Respondents: 100,000.
    Estimated Time per Respondent: 8 hours.
    Estimated Total Annual Burden Hours: 13,333 hours.
    15. Title: Information Return of U.S. Persons With Respect To 
Foreign Disregarded Entities; and Transactions Between Foreign 
Disregarded Entity of a Foreign Tax Owner and the Filer.
    OMB Number: 1545-1910.
    Form Number: Form 8858 and Sch M (Form 8858).
    Abstract: Form 8858 and Schedule M (Form 8858) are used by certain 
U.S. persons that own a foreign disregarded entity (FDE) directly or, 
in certain circumstances, indirectly or constructively.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals or households.
    Form 8858:
    Estimated Number of Respondents: 20,000.
    Estimated Time per Respondent: 35.99 hours.
    Estimated Total Annual Burden Hours: 719,800.
    Form 8858 (Sch M):
    Estimated Number of Respondents: 8,000.
    Estimated Time per Respondent: 24.75 hours.
    Estimated Total Annual Burden Hours: 198,000 hours.
    16. Title: Application to Participate in the Income Verification 
Express Service (IVES) Program.
    OMB Number: 1545-2032.
    Form Number: 13803.
    Abstract: Form 13803, Application to Participate in the Income 
Verification Express Service (IVES) Program, is used to submit the 
required information necessary to complete the e-services enrollment 
process for IVES users and to identify delegates receiving transcripts 
on behalf of the principal account user.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations.
    Estimated Number of Respondents: 200.
    Estimated Time per Respondent: 30 mins.
    Estimated Total Annual Burden Hours: 100.
    17. Title: Employment Tax Adjustments; and Rules Relating to 
Additional Medicare Tax.
    OMB Number: 1545-2097.
    Form Numbers: TD 9405, TD 9645.
    Abstract: This document contains final regulations relating to 
employment tax adjustments and employment tax refund claims. These 
regulations modify the process for making interest-free adjustments for 
both underpayments and overpayments of Federal Insurance Contributions 
Act (FICA) and Railroad Retirement Tax Act (RRTA) taxes and federal 
income tax withholding (ITW) under sections 6205(a) and 6413(a), 
respectively, of the Internal Revenue Code (Code).
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations.

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    Estimated Number of Respondents: 3,400,000.
    Estimated Time per Respondent: 4 hrs., 58 mins.
    Estimated Total Annual Burden Hours: 16,900,000.
    Authority: 44 U.S.C. 3501 et seq.

Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2023-03976 Filed 2-24-23; 8:45 am]
BILLING CODE 4830-01-P