[Federal Register Volume 89, Number 176 (Wednesday, September 11, 2024)]
[Notices]
[Page 73761]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-20548]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Agency Collection Activities; Requesting Comments on Form 8995 
and Form 8995-A and Schedules A, B, C, and D

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 8995, Qualified Business Income Deduction Simplified 
Computation, Form 8995-A, Qualified Business Income Deduction, Form 
8895-A Schedule A, Specified Service Trades or Businesses, Form 8895-A 
Schedule B, Aggregation of Business Operations, Form 8895-A Schedule C, 
Loss Netting and Carryforward, and Form 8895-A Schedule D, Special 
Rules for Patrons of Agricultural or Horticultural Cooperatives.

DATES: Written comments should be received on or before November 12, 
2024 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. 
1545-2294 in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection should be directed to Jason Schoonmaker, 
(801) 620-2128, 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: Qualified Business Income Deduction.
    OMB Number: 1545-2294.
    Form Number: Form 8995, Form 8995-A, Schedules A, B, C, and D.
    Abstract: Form 8995 and Form 8995-A is used to figure and report 
qualified business income (QBI) deduction. These burden estimates are 
only for trust and estate filers. The burden estimates for other filers 
are covered under OMB control numbers 1545-0047 for tax-exempt filers, 
1545-0074 for individual filers, and 1545-0123 for business filers.
    Current Actions: There are no changes to the burden previously 
approved by OMB. However, the estimated number of responses was updated 
to eliminate duplication of the burden associated with individual 
filers captured under OMB control number 1545-0074. This submission is 
for renewal purposes.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or Households, Business or other for-
profit organizations.
    Estimated Number of Responses: 696,900.
    Estimated Time per Respondent: 8 hours, 2 minutes.
    Estimated Total Annual Burden Hours: 5,596,107.
    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: September 6, 2024.
Jason M. Schoonmaker,
Tax Analyst.
[FR Doc. 2024-20548 Filed 9-10-24; 8:45 am]
BILLING CODE 4830-01-P