[Federal Register Volume 61, Number 158 (Wednesday, August 14, 1996)]
[Notices]
[Page 42314]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-20743]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[IA-38-90]
Proposed Collection; Comment Request For Regulation Project
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, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an
existing final regulation, IA-38-90 (TD 8382), Penalty on Income Tax
Return Preparers Who Understate Taxpayer's Liability on a Federal
Income Tax Return or a Claim for Refund (Secs. 1.6694-2(c) and 1.6694-
3(e)).
DATES: Written comments should be received on or before October 15,
1996 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: Penalty on Income Tax Return Preparers Who Understate
Taxpayer's Liability on a Federal Income Tax Return or a Claim for
Refund.
OMB Number: 1545-1231.
Regulation Project Number: IA-38-90 (Final).
Abstract: These regulations set forth rules under section 6694 of
the Internal Revenue Code regarding the penalty for understatement of a
taxpayer's liability on a Federal income tax return or claim for
refund. In certain circumstances, the preparer may avoid the penalty by
disclosing on a Form 8275 or by advising the taxpayer or another
preparer that disclosure is necessary.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of OMB approval.
Affected Public: Business or other for-profit organizations, and
individuals or households.
Estimated Number of Respondents: 100,000.
Estimated Time Per Respondent: 30 min.
Estimated Total Annual Burden Hours: 50,000.
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: August 8, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-20743 Filed 8-13-96; 8:45 am]
BILLING CODE 4830-01-P
