[Federal Register Volume 63, Number 67 (Wednesday, April 8, 1998)]
[Notices]
[Page 17256]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-9249]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Revenue Procedure 98-27
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
Revenue Procedure 98-27, Qualified Intermediaries (QI).
DATES: Written comments should be received on or before June 8, 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 information collection should be directed to Carol
Savage, (202) 622-3945, Internal Revenue Service, room 5569, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Qualified Intermediaries (QI).
OMB Number: 1545-1597.
Revenue Procedure Number: Revenue Procedure 98-27.
Abstract: This revenue procedure gives guidance for entering into a
withholding agreement with the IRS to be treated as a Qualified
Intermediary (QI) under regulation section 1.1441-1(e)(5). It describes
the application procedures for becoming a QI and the terms that the IRS
will ordinarily require in a QI withholding agreement. The objective of
a QI withholding agreement is to simplify withholding and reporting
obligations with respect to payments of income made to an account
holder through one or more foreign intermediaries.
Current Actions: There are no changes being made to the revenue
procedure at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents/Recordkeepers: 88,504.
Estimated Time for QI Account Holder: 30 minutes.
Estimated Time for a QI: 2,093 hours.
Estimated Total Annual Reporting/Recordkeeping Hours: 301,393.
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: April 2, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-9249 Filed 4-7-98; 8:45 am]
BILLING CODE 4830-01-U
