[Federal Register Volume 89, Number 82 (Friday, April 26, 2024)]
[Notices]
[Pages 32526-32527]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-08980]


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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 May 28, 2024 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: 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: This is a new collection.
    Affected Public: Business or other for-profit organizations.

[[Page 32527]]

    Estimated Number of Respondents: 2700.
    Estimated Number of Responses per Respondent: 1.
    Estimated Time per Response: 6 hours 30 minutes.
    Estimated Total Annual Burden Hours: 2,700.
    2. Title: Revenue Procedure 2024-4 (and successor guidance).
    OMB Number: 1545-1520.
    Revenue Procedure Number: 2024-4.
    Abstract: Internal Revenue Code (IRC) Sec.  601.201(a)(1)) provides 
that it is the practice of the Internal Revenue Service (IRS) to answer 
inquiries of individuals and organizations, whenever appropriate in the 
interest of sound tax administration, as to their status for tax 
purposes and as to the tax effects of their acts or transactions. Under 
this revenue procedure 2024-4 (and successor guidance), taxpayers can 
request determination letters and letter rulings from the Commissioner, 
Tax Exempt and Government Entities, Employee Plans Office (``Employee 
Plans'') on how the tax laws apply to them. Employee Plans requires 
information from taxpayers in order to process these requests.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Reinstatement without change of a previously 
approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations, not-for-profit institutions, farms, and state, 
local or tribal governments.
    Estimated Number of Respondents: 12,733.
    Estimated Number of Responses per Respondent: 1.
    Estimated Time per Response: 6 hrs. for the Letter Ruling and 3 
hrs. for the Determination Letter.
    Estimated Total Annual Burden Hours: 38,836.
    Authority: 44 U.S.C. 3501 et seq.

Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2024-08980 Filed 4-25-24; 8:45 am]
BILLING CODE 4830-01-P