[Federal Register Volume 62, Number 213 (Tuesday, November 4, 1997)]
[Notices]
[Page 59758]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-29173]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Forms 8275 & 8275-R
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, Pub. L. 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
Form 8275, Disclosure Statement and Form 8275-R, Regulation Disclosure
Statement.
DATES: Written comments should be received on or before January 5, 1998
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 form and instructions should be directed to Martha R.
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Disclosure Statement (8275) and Regulation Disclosure
Statement (8275-R).
OMB Number: 1545-0889.
Form Number: Forms 8275 and 8275-R.
Abstract: Internal Revenue Code section 6662 imposes accuracy-
related penalties on taxpayers for substantial understatement of tax
liability or negligence or disregard of rules and regulations. Code
section 6694 imposes similar penalties on return preparers. Regulations
sections 1.6662-4(e) and (f) provide for reduction of these penalties
if adequate disclosure of the tax treatment is made on Form 8275 or, if
the position is contrary to a regulation, on Form 8275-R.
Current Actions: There are no changes being made to the forms at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, business or other for-
profit organizations, not-for-profit institutions and farms.
Estimated Number of Responses: 1,000,000.
Estimated Time Per Respondent: 3 hr., 34 min.
Estimated Total Annual Burden Hours: 3,560,000.
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: October 29, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-29173 Filed 11-3-97; 8:45 am]
BILLING CODE 4830-01-U
