[Federal Register Volume 63, Number 153 (Monday, August 10, 1998)]
[Notices]
[Pages 42663-42664]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-21310]
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DEPARTMENT OF THE TREASURY
Submission to OMB for Review; Comment Request
July 31, 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 September 9,
1998, to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-0121.
Form Number: IRS Form 1116.
Type of Review: Revision.
Title: Foreign Tax Credit (Individual, Estate, Trust, or
Nonresident Alien Individual).
Description: Form 1116 is used by individuals (including
nonresident aliens), estates or trusts who paid foreign income taxes on
U.S. taxable income, to compute the foreign tax credit. This
information is used by IRS to verify the foreign tax credit.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 442,425.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--2 hr., 50 min.
Learning about the law or the form--58 min.
Preparing the form the--2 hr., 41 min.
Copying, assembling, and sending the form to the IRS--1 hr., 1 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 2,687,621 hours.
OMB Number: 1545-0172.
Form Number: IRS Form 4562.
Type of Review: Extension.
Title: Depreciation and Amortization (Including Information on
Listed Property).
Description: Taxpayers use Form 4562: (1) to claim a deduction for
depreciation and/or amortization; (2) make a section 179 election to
expense depreciable assets; and (3) answer questions regarding the use
of automobiles and other listed property to substantiate the business
use under section 274(d).
Respondents: Business or other for-profit, individuals or
households, farms.
Estimated Number of Respondents/Recordkeepers: 6,500,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--37 hr., 19 min.
Learning about the law or the form--5 hr., 10 min.
Preparing and sending the form to the IRS--5 hr., 59 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 298,367, 500
OMB Number: 1545-0188.
Form Number: IRS Form 4868.
Type of Review: Extension.
Title: Application for Automatic Extension of Time To File U.S.
Individual Income Tax Return.
Description: Form 4868 is used by taxpayers to apply for an
automatic 4-month extension of time to file Form 1040, Form 1040A, or
Form 1040EZ. This form contains data used by the Service to determine
if a taxpayer qualifies for the extension.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 5,572,999.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--26 minutes.
Learning about the law or the form--12 minutes.
Preparing the form--17 minutes.
Copying, assembling, and sending the form to the IRS 10 minutes.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 6,074,569 hours.
OMB Number: 1545-0936.
Form Number: IRS Form 8453.
Type of Review: Extension.
Title: U.S. Individual Income Tax Declaration for Electronic
Filing.
Description: This form will be used to secure taxpayers' signatures
and declarations in conjunction with the Electronic Filing program.
This form, together with the electronic transmission, will comprise the
taxpayer's income tax return.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 12,300,000.
Estimated Burden Hours Per Respondent/Recordkeeper: 15 minutes.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 3,075,000 hours.
OMB Number: 1545-1058.
Form Number: IRS Form 8655.
Type of Review: Revision.
Title: Reporting Agent Authorization for Magnetic Tape/Electronic
Filers.
Description: Form 8655 allows a taxpayer to designate a reporting
agent to file certain employment tax returns electronically or on
magnetic tape, and to submit Federal tax deposits. This form allows IRS
to disclose tax account information and to provide duplicate copies of
taxpayer correspondence to authorized agents. Reporting agents are
persons or organizations preparing and filing magnetic tape of
electronic equivalents of federal tax returns and/or submitting federal
tax deposits.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 110,000.
Estimated Burden Hours Per Respondent: 10 minutes.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 11,000 hours.
OMB Number: 1545-1181.
Form Number: IRS Form 8752.
Type of Review: Extension.
Title: Required Payment or Refund Under Section 7519.
Description: This form is used to verify that partnerships and S
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corporations that made a section 444 election have correctly reported
the payment required under section 7519.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 72,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--5 hr., 16 min.
Learning about the law or the form--1 hr., 5 min.
Preparing, copying, assembling and sending the form to the IRS--1 hr.,
13 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 545,040 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. 98-21310 Filed 8-7-98; 8:45 am]
BILLING CODE 4830-01-P
