[Federal Register Volume 62, Number 3 (Monday, January 6, 1997)]
[Notices]
[Pages 794-795]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-94]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[IA-17-90]
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, 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, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an
existing final regulation, IA-17-90 (TD 8571), Reporting Requirements
for Recipients of Points Paid on Residential Mortgages (Secs. 1.6050H-1
and 1.6050H-2).
DATES: Written comments should be received on or before March 7, 1997
to be assured of consideration.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the information collection should be directed to Carol
Savage, (202) 622-3945, Internal Revenue Service, room 5569, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Reporting Requirements for Recipients of Points Paid on
Residential Mortgages.
OMB Number: 1545-1380.
Regulation Project Number: IA-17-90
Abstract: These regulations require the reporting of certain
information relating to payments of mortgage interest. Taxpayers must
separately state on Form 1098 the amount of points and the amount of
interest (other than points) received during the taxable year on a
single mortgage and must provide to the payer of the points a separate
statement setting forth the information being reported to the IRS.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of OMB approval.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 37,644.
Estimated Time Per Respondent: 7 hrs. 31 min.
[[Page 795]]
Estimated Total Annual Burden Hours: 283,056.
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: December 23, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-94 Filed 1-3-97; 8:45 am]
BILLING CODE 4830-01-U
