[Federal Register Volume 64, Number 31 (Wednesday, February 17, 1999)]
[Notices]
[Page 7952]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-3707]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[EE-14-81]
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
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 notice of proposed rulemaking, EE-14-81, Deductions and
Reductions In Earnings and Profits (or Accumulated Profits) With
Respect to Certain Foreign Deferred Compensation Plans Maintained by
Certain Foreign Corporations or by Foreign Branches of Domestic
Corporations (Secs. 1.404A-5, 1.404A-6 and 1.404A-7).
DATES: Written comments should be received on or before April 19, 1999
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 regulation should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5569, 1111 Constitution Avenue
NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Deductions and Reductions In Earnings and Profits (or
Accumulated Profits) With Respect to Certain Foreign Deferred
Compensation Plans Maintained by Certain Foreign Corporations or by
Foreign Branches of Domestic Corporations.
OMB Number: 1545-1393.
Regulation Project Number: EE-14-81.
Abstract: The regulation provides guidance regarding the
limitations on deductions and adjustments to earnings and profits (or
Accumulated Profits) for certain foreign deferred compensation plans.
The information required by the regulation will be used by the IRS to
administer section 404A of the Internal Revenue Code and to accurately
determine the correct deductions and reductions in earnings and profits
attributable to deferred compensation plans maintained by foreign
subsidiaries and foreign branches of domestic corporations.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 1,250.
Estimated Time Per Respondent: 508 hours.
Estimated Total Annual Burden Hours: 634,450.
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: February 8, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-3707 Filed 2-16-99; 8:45 am]
BILLING CODE 4830-01-U
