98-16228. Submission to OMB for Review; Comment Request

[Federal Register Volume 63, Number 117 (Thursday, June 18, 1998)]
[Notices]
[Page 33443]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16228]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

June 12, 1998.
    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, Public Law 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.
    Dates: Written comments should be received on or before July 20, 
1998 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: New.
    Form Number: None.
    Type of Review: New collection.
    Title: Late Paid Schedule C Health Care Study.
    Description: This is a survey for quantitative research to identify 
potential causes and remedies for late payment of federal income taxes 
by Form 1040 Schedule C filers in the Health Care industry. The data 
developed in this research will be used to formulate treatments for 
late payments by heal care sole proprietors.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 1,430.
    Estimated Burden Hours Per Respondent: 7 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 170 hours.
    OMB Number: 1545-0160.
    Form Number: IRS Form 3520-A.
    Type of Review: Extension.
    Title: Annual Information Return of Foreign Trust With a U.S. 
Owner.
    Description: Section 6048(b) requires that foreign trusts with at 
least one U.S. beneficiary must file an annual information return on 
Form 3520-A. The form is used to report the income and deductions of 
the foreign trust and provide statements to the U.S. owners and 
beneficiaries. IRS uses Form 3520-A to determine if the U.S. owner of 
the trust has included the net income of the trust in it's gross 
income.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--36 hr., 21 min.
Learning about the law or the form--2 hr., 59 min.
Preparing and sending the form to the IRS--3 hr., 42 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 21,515 hours.
    OMB Number: 1545-1597.
    Revenue Procedure Number: Revenue Procedure 98-27.
    Type of Review: Extension.
    Title: Qualified Intermediaries (QI).
    Description: Revenue Procedure 98-27 describes application 
procedures for becoming a qualified intermediary (QI) and the requisite 
agreement that a QI must execute with the IRS.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 88,504.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Estimated Time for a QI Account Holder--30 minutes
Estimated Time for a QI--2,093 hours

Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 301,393 hours.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, NW, Washington, DC 20224.
    OMB Reviewer: Alexander T. Hunt [phone], Office of 
Management and Budget, Room 10226, New Executive Office Building, 
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 98-16228 Filed 6-17-98; 8:45 am]
BILLING CODE 4830-01-P