[Federal Register Volume 62, Number 73 (Wednesday, April 16, 1997)]
[Notices]
[Page 18673]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-9775]
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DEPARTMENT OF THE TREASURY
Submission to OMB for Review; Comment Request
April 4, 1997.
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 1995, Pub. L. 104-13. 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: 1545-1502.
Form Number: IRS Forms 5304-SIMPLE, IRS Form 5305-SIMPLE, and
Notice 97-6.
Type of Review: Extension.
Title: Savings Incentive Match Plan for Employees of Small
Employers (SIMPLE) (Not Subject to the Designated Financial
Institutions Rules) (5304-SIMPLE); Savings Incentive Match Plan for
Employees of Small Employers (SIMPLE) (5305-SIMPLE); and
Savings Incentive Match Plan for Employees of Small Employers
(SIMPLE) (Notice 97-6).
Description: Forms 5304-SIMPLE and 5305-SIMPLE are used by an
employer to permit employees to make salary reduction contributions to
a savings incentive match plan (SIMPLE IRA) described in Code section
408(p). These forms are not to be filed with IRS, but to be retained in
the employers' records as proof of establishing such a plan, thereby
justifying a deduction for contributions made to the SIMPLE IRA. The
data is used to verify the deduction.
Notice 97-6 provides guidance for employers and trustees regarding
how they can comply with the requirements of Code section 408(p) in
establishing and maintaining a SIMPLE Plan, including information
regarding the notification and reporting requirements under Code
section 408.
Respondents: Business and other for-profit, Individuals or
households, Not-for-profit institutions.
Estimated Number of Respondents/Recordkeepers: 600,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
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5304-SIMPLE 5305-SIMPLE Notice 97-6
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Recordkeeping........................ 3 hr., 38 min......... 3 hr., 38 min........ 0 hr., 0 min.
Learning about the law or the form... 2 hr., 26 min......... 2 hr., 26 min........ 0 hr., 15 min.
Preparing the form................... 47 min................ 47 min............... 0 hr., 0 min.
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Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 2,127,000 hours.
Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue
Service, Room 5571, 1111 Constitution Avenue, NW., Washington, DC
20224.
OMB Reviewer: Alexander T. Hunt (202) 395-7860, Office of
Management and Budget, Room 10226, New Executive Office Building,
Washington, DC 20503.
Lois K. Holland,
Departmental Reports, Management Officer.
[FR Doc. 97-9775 Filed 4-15-97; 8:45 am]
BILLING CODE 4830-01-P
