[Federal Register Volume 64, Number 165 (Thursday, August 26, 1999)]
[Notices]
[Page 46748]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-22248]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request For Third-Party Disclosure
Requirements in IRS Regulations
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
existing regulations, Third-Party Disclosure Requirements in IRS
Regulations.
DATES: Written comments should be received on or before October 25,
1999 to be assured of consideration.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulations should be directed to Carol Savage, (202)
622-3945, Internal Revenue Service, room 5242, 1111 Constitution Avenue
NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Third-Party Disclosure Requirements in IRS Regulations.
OMB Number: 1545-1466.
Abstract: These existing regulations contain third-party disclosure
requirements that are subject to the Paperwork Reduction Act of 1995.
Current Actions: Changes to the third-party disclosure requirements
include the following:
1. Proposed regulation section 1.131-1 was withdrawn. Therefore,
the burden is reduced by 125,000 responses and 20,833 hours.
2. Regulation section 1.468B-5(b)(2) no longer has any effect
because the required election statement had to be given to transferors
on or before March 15, 1993. Therefore, the burden is reduced by 2,500
responses and 208 hours.
3. Regulation sections 1.1494-1(b)(1), 48.4041-11, and 48.4041-14
were eliminated because of changes in the underlying statutes.
Therefore, the burden is reduced by a total of 1,020 responses and 111
hours.
4. Regulation sections 48.4041-15 and 48.4041-17 were affected by
changes in the underlying statute regarding aviation gasoline.
Therefore, the burden is reduced by a total of 2,000 responses and 200
hours.
5. Regulation section 1.6041-4(a)--As of January 2000, the rules of
this regulation will be replaced with a new section that does not have
any third-party disclosure requirements. Therefore, the burden is
reduced by 1,000 responses and 2,000 hours.
Type of Review: Revision of a currently approved collection.
Affected Public: Individuals or households, business or other for-
profit organizations, and not-for-profit institutions.
Estimated Number of Respondents: 245,825,890.
Estimated Time Per Respondent: Varies.
Estimated Total Annual Burden Hours: 69,927,805.
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 16, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-22248 Filed 8-25-99; 8:45 am]
BILLING CODE 4830-01-P
