[Federal Register Volume 88, Number 79 (Tuesday, April 25, 2023)]
[Notices]
[Page 25071]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-08727]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Requesting Comments on Form 970

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 general 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. The IRS is soliciting comments 
concerning Form 970, Application to Use LIFO Inventory Method.

DATES: Written comments should be received on or before June 26, 2023 
to be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224, or by email to [email protected]. Include OMB Control No. 
1545-0042 in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection should be directed to Jon Callahan, (737) 
800-7639, at Internal Revenue Service, Room 6526, 1111 Constitution 
Avenue NW, Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    Title: Application to Use LIFO Inventory Method.
    OMB Number: 1545-0042.
    Form Number: Form 970.
    Abstract: Taxpayers file Form 970 to elect to use the last-in, 
first-out (LIFO) inventory method or to extend the LIFO method to 
additional goods. The IRS uses Form 970 to determine if the election 
was properly made. The estimates in this notice are for estates, 
trusts, and tax-exempt organizations filing Form 970.
    Current Actions: There is no change to the existing collection. 
However, the estimated number of responses was reduced to eliminate 
duplication of burden estimates. The estimated burden for individuals 
filing Form 970 is approved under OMB control number 1545-0074, and the 
estimated burden for businesses filing Form 970 is approved under OMB 
control number 1545-0123.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Private sector.
    Estimated Number of Responses: 100.
    Estimated Time per Respondent: 21 hours, 6 minutes.
    Estimated Total Annual Burden Hours: 2,111.
    The following paragraph applies to all of 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 as long as 
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.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: April 20, 2023.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2023-08727 Filed 4-24-23; 8:45 am]
BILLING CODE 4830-01-P