95-3172. Public Information Collection Requirements Submitted to OMB for Review

[Federal Register Volume 60, Number 27 (Thursday, February 9, 1995)]
[Notices]
[Page 7815]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-3172]



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DEPARTMENT OF THE TREASURY


Public Information Collection Requirements Submitted to OMB for 
Review

February 1, 1995.
    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 
2110, 1425 New York Avenue, NW., Washington, DC 20220.

Internal Revenue Service (IRS)

OMB Number: 1545-0007
Form Number: IRS Form T
Type of Review: Extension
Title: Forest Activities Schedules
Description: Form T is filed by individuals and corporations to report 
income and deductions from the timber business. The IRS uses Form T to 
determine if the correct amount of income and deductions are claimed.
Respondents: Individuals or households, Business or other for-profit
Estimated Number of Respondents/Recordkeepers: 37,000
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--37 hr., 4 min.
    Learning about the law or the form--35 min.
    Preparing and sending the form to the IRS--1 hr., 14 min.

Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 1,438,930 hours

OMB Number: 1545-0117
Form Number: IRS Form 1099-OID
Type of Review: Extension
Title: Original Issue Discount
Description: Form 1099-OID is used for reporting original issue 
discount as required by section 6049 of the Internal Revenue Code. It 
is used to verify that income earned on discount obligations is 
properly reported by the recipient.
Respondents: Business or other for-profit
Estimated Number of Respondents: 9,185
Estimated Burden Hours Per Respondent: 10 minutes
Frequency of Response: Annually
Estimated Total Reporting Burden: 765,000 hours

OMB Number: 1545-0183
Form Number: IRS Form 4789
Type of Review: Extension
Title: Currency Transaction Report
Description: Financial institutions are required to file Form 4789 
within 15 days of any transaction of more than $10,000. The information 
is used to check tax compliance.
Respondents: Business or other for-profit
Estimated Number of Respondents: 788.871
Estimated Burden Hours Per Respondent: 24 minutes
Frequency of Response: On occasion
Estimated Total Reporting/Recordkeeping Burden: 2,185,805 hours

OMB Number: 1545-0199
Form Number: IRS Form 5306-SEP
Type of Review: Extension
Title: Application for Approval of Prototype Simplified Employee 
Pension-SEP
Description: This form is issued by banks, credit unions, insurance 
companies, and trade or professional associations to apply for approval 
of a Simplified Employee Pension Plan to be used more than one 
employer. The data collected is used to determine if the prototype plan 
submitted is an approved plan.
Respondents: Business or other for-profit
Estimated Number of Respondents/Recordkeepers: 650
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--8 hr., 37 min.
    Learning about the law or the form--1 hr., 4 min.
    Preparing the form--2 hr., 11 min.
    Copying, assembling and sending the form to the IRS--16 min.

Frequency of Response: On occasion
Estimated Total Reporting/Recordkeeping Burden: 7,878 hours
OMB Number: 1545-1036
Form Number: IRS Form 8716
Type of Review: Extension
Title: Election to Have a Tax Year Other Than a Required Tax Year
Description: This form is filed by partnerships, S Corporations, 
personal service corporations, under section 444(a), to retain or to 
adopt a tax year that is not a required tax year. Service Centers 
accept Form 8716 and use the form information to assign mater-file 
codes that allow the Center to accept the filer's tax return filed for 
a tax year (fiscal year) that would not otherwise be acceptable.
Respondents: Business or other for-profit, Farms
Estimated Number of Respondents/Recordkeepers: 40,000
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--2 hr., 23 min.
    Learning about the law or the form--1 hr., 12 min.
    Preparing and sending the form to the IRS--1 hr., 17 min.

Frequency of Response: Other
Estimated Total Reporting/Recordkeeping Burden: 194,400 hours
Clearance Officer: Garrick Shear, [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC 
20224
OMB Reviewer: Milo Sunderhauf, [phone], Office of Management and 
Budget, Room 10226, New Executive Office Building, Washington, DC 
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 95-3172 Filed 2-8-95; 8:45 am]
BILLING CODE 4830-01-P