[Federal Register Volume 59, Number 24 (Friday, February 4, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-2541]
[[Page Unknown]]
[Federal Register: February 4, 1994]
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DEPARTMENT OF THE TREASURY
Public Information Collection Requirements Submitted to OMB for
Review
January 28, 1994.
The Department of Treasury has submitted the following public
information collection requirement(s) to OMB for review and clearance
under the Paperwork Reduction Act of 1980, Public Law 96-511. Copies of
the submission(s) may be obtained by calling the Treasury Bureau
Clearance Officer listed. Comments regarding this information
collection should be addressed to the OMB reviewer listed and to the
Treasury Department Clearance Officer, Department of the Treasury, room
3171 Treasury Annex, 1500 Pennsylvania Avenue, NW., Washington, DC
20220.
Internal Revenue Service
OMB Number: 1545-0065.
Form Number: IRS Forms 4070, 4070A, 4070PR and 4070A-PR.
Type of Review: Extension.
Title: Employee's Report of Tips to Employer (4070); Employee's
Daily Record of Tips (4070A); Registro Diario de Propinas del Empleado
(4070PR); and Informe al Patrono de Propinas Recibidas por el Empleado
(4070A-PR).
Description: Employees who receive at least $20 a month in tips
must report the tips to their employers monthly for purposes of
withholding of employment taxes. Forms 4070 and 4070PR (Puerto Rico
only) are used for this purpose. Employees must keep a daily record of
the tips they receive. Forms 4070A and 4070A-PR are used for this
purpose.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 540,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
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4070 4070A 4070PR 4070A-PR
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Recordkeeping........................... 7 min..... 3 hr. 23 min.......... 7 min..... 3 hr. 23 min.
Learning about the law or the form...... 2 min..... 2 min................. 2 min..... 2 min.
Preparing the form...................... 8 min..... 56 min................ 8 min..... 46 min.
Copying and Providing................... 10 min.... 14 min................ 10 min.... ......................
----------------------------------------------------------------------------------------------------------------
Frequency of Response: Monthly.
Estimated Total Reporting/Recordkeeping Burden: 32,527,200 hours.
OMB Number: 1545-0166.
Form Number: IRS Form 4255.
Type of Review: Extension.
Title: Recapture of Investment Credit.
Description: Internal Revenue Code (IRC) 50(a) and Regs. section
1.47 require that taxpayers attach a statement to their return showing
the computation of the recapture tax when investment credit property is
disposed of before the end of the recapture period used in the original
computation of the investment credit.
Respondents: Individuals or households, Farms, Businesses or other
for-profit, Small businesses or organizations.
Estimated Number of Respondents/Recordkeepers: 80,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--7 hr., 53 min.
Learning about the law or the form--2 hr., 23 min.
Preparing and sending the form to the IRS--2 hr., 37 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 1,031,200 hours.
OMB Number: 1545-0736.
Regulation ID Number: LR-274-81 Final.
Type of Review: Extension.
Title: Accounting for Long-term Contracts.
Description: These recordkeeping requirements are necessary to
determine whether the taxpayer properly allocates indirect contract
costs to extended period long-term contracts under the regulations. The
recordkeeping requirement is effective for taxable years beginning
after 1982. The information will be used to verify the taxpayer's
allocations of some indirect costs.
Respondents: Businesses or other for-profit, Small businesses and
organizations.
Estimated Number of Recordkeepers: 1,000.
Estimated Burden Hours Per Recordkeeper: 10 hr., 1 min.
Frequency of Response: Annually.
Estimated Total Recordkeeping Burden: 10,010 hours.
OMB Number: 1545-1218.
Regulation ID Number: CO-132-87 NPRM.
Type of Review: Extension.
Title: Regulations Under Section 1502 of the Internal Revenue Code
of 1986; Sections 382 and 383 With Respect to Consolidated Groups.
Description: Section 1502 provides for the promulgation of
regulations with respect to corporations that file consolidated income
tax returns. Section 382 limits the amount of income that can be offset
by loss carryovers after an ownership change. These regulations provide
rules for applying section 382 to groups filing consolidated returns.
Respondents: Businesses or other for-profit, Small businesses or
organizations.
Estimated Number of Respondents: 1.
Estimated Burden Hours Per Respondent: 1 hour.
Frequency of Response: Annually, Other (changes in group
membership).
Estimated Total Reporting Burden: 1 hour.
OMB Number: 1545-1237.
Regulation ID Number: CO-078-90 NPRM.
Type of Review: Extension.
Title: Regulations Under Section 1502 of the Internal Revenue Code
of 1986; Limitations on the Use of Certain Losses and Deductions.
Description: Section 1502 provides for the promulgation of
regulations with respect to corporations that file consolidated income
tax returns. These proposed regulations amend the current regulations
regarding the use of certain losses and deductions by such
corporations.
Respondents: Businesses or other for-profit, Small businesses or
organizations
Estimated Number of Respondents: 1.
Estimated Burden Hours Per Respondent: 1 hour.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 1 hour.
Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue
Service, Room 5571, 1111 Constitution Avenue, NW., Washington, DC
20224.
OMB Reviewer: Milo Sunderhauf (202) 395-6880, Office of Management
and Budget, room 3001, New Executive Office Building, Washington, DC
20503.
Lois K. Holland,
Departmental Reports, Management Officer.
[FR Doc. 94-2541 Filed 2-3-94; 8:45 am]
BILLING CODE 4830-01-P
