[Federal Register Volume 63, Number 168 (Monday, August 31, 1998)]
[Notices]
[Pages 46281-46283]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-23346]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Submission to OMB for Review; Comment Request
August 25, 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
30, 1998, to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-0010.
Form Number: IRS Form W-4.
Type of Review: Extension.
Title: Employee's Withholding Allowance Certificate.
Description: Employees file this form to tell employers (1) the
number of withholding allowances claimed, (2) additional dollar amount
they want withheld each pay period, (3) if they are entitled to claim
exemption from withholding. Employers use this information to figure
the correct tax to withhold from the employee's wages.
Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions, Federal
[[Page 46282]]
Government, State, Local or Tribal Government.
Estimated Number of Respondents/Recordkeepers: 54,209,079.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--46 min.
Learning about the law or the form--13 min.
Preparing the form--1 hr., 10 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 116,007,429 hours.
OMB Number: 1545-0072.
Form Number: IRS Form 2119.
Type of Review: Extension.
Title: Sale of Your Home.
Description: Taxpayers who sold their main home prior to May 7,
1997, use Form 2119, even if they had a loss, and whether or not they
replaced the home. The form is also used by taxpayers age 55 or older
who elect to exclude the gain on the sale of their main home. The
information is used to determine whether or not the sale has been
reported correctly. Due to changes made to Internal Revenue Code (IRC)
section 121 by the Taxpayer Relief Act of 1997, Form 2119 will be
eliminated for 1998 and subsequent years.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 10,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--46 min.
Learning about the law or the form--20 min.
Preparing the form--1 hr., 54 min.
Copying, assembling, and sending the form to the IRS--25 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 34,100 hours.
OMB Number: 1545-0112.
Form Number: IRS Form 1099-INT.
Type of Review: Revision.
Title: Interest Income.
Description: This form is used for reporting interest income paid,
as required by sections 6049 and 6041 of the Internal Revenue Code. It
is used to verify that payees are correctly reporting their income.
Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions, Federal Government.
Estimated Number of Respondents/Recordkeepers: 709,000.
Estimated Burden Hours Per Respondent/Recordkeeper: 13 minutes.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 54,979,533 hours.
OMB Number: 1545-0187.
Form Number: IRS Form 4835.
Type of Review: Extension.
Title: Farm Rental Income and Expenses.
Description: This form is used by landowners (or sub-lessors) to
report farm income based on crops or livestock produced by the tenant
when the landowner (or sub-lessor) does not materially participate in
the operation or management of the farm. This form is attached to Form
1040 and the data is used to determine whether the proper amount of
rental income has been reported.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 407,719.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--2 hr., 57 min.
Learning about the law or the form--5 min.
Preparing the form--1 hr., 2 min.
Copying, assembling, and sending the form to the IRS--20 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 1,793,964 hours.
OMB Number: 1545-0191.
Form Number: IRS Form 4952.
Type of Review: Extension.
Title: Investment Interest Expense Deduction.
Description: Form 4952 is used by taxpayers who paid or accrued
interest on money borrowed to purchase or carry investment property.
The form is used to compute the allowable deduction for interest on
investment indebtedness and the information obtained is necessary to
verify the amount actually deducted.
Respondents: Individuals or households, Business or other for-
profit.
Estimated Number of Respondents/Recordkeepers: 800,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--13 min.
Learning about the law or the form--16 min.
Preparing the form--21 min.
Copying, assembling, and sending the form for the IRS--10 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 808,000 hours.
OMB Number: 1545-0890.
Form Number: IRS Form 1120-A.
Type of Review: Extension.
Title: U.S. Corporation, Short-Form Income Tax Return.
Description: Form 1120-A is used by small corporations, those with
less than $500,000 of income and assets, to compute their taxable
income and tax liability. The IRS uses Form 1120-A to determine whether
corporations have correctly computed their tax liability.
Respondents: Business or other for-profit, Farms.
Estimated Number of Respondents/Recordkeepers: 285,777.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--44 hr., 14 min.
Learning about the law or the form--23 hr., 38 min.
Preparing the form--41 hr., 13 min.
Copying, assembling, and sending the form to the IRS--4 hr., 34 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 32,481,414 hours.
OMB Number: 1545-0997.
Form Number: IRS Form 1099-S.
Type of Review: Extension.
Title: Proceeds From Real Estate Transactions.
Description: Form 1099-S is used by the real estate reporting
person to report proceeds from a real estate transaction to the IRS.
Respondents: Business or other for-profit, Individuals or
households.
Estimated Number of Respondents/Recordkeepers: 75,000.
Estimated Burden Hours Per Respondent/Recordkeeper: 8 minutes.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 510,455 hours.
OMB Number: 1545-1148.
Regulation Project Number: EE-113-90 (TD 8324) Final and Temporary.
Type of Review: Extension.
Title: Employee Business Expenses--Reporting and Withholding on
Employee Business Expense Reimbursements and Allowances.
Description: These temporary and final regulations provide rules
concerning the taxation of and reporting and withholding on, employee
business expense reimbursements and other expense allowance
arrangements.
Respondents: Business or other for-profit, Individuals or
households, Not-for-profit institutions, Farms, Federal Government,
State, Local or Tribal Government.
Estimated Number of Recordkeepers: 1,419,456.
Estimated Burden Hours Per Recordkeeper: 30 minutes.
Estimated Total Recordkeeping Burden: 709,728 hours.
OMB Number: 1545-1265.
Regulation Project Number: IA-120-86 Final.
Type of Review: Extension.
Title: Capitalization of Interest.
Description: The regulations require taxpayers to maintain
contemporaneous
[[Page 46283]]
written records of estimates, to file a ruling request to segregate
activities in applying the interest capitalization rules, and to
request the consent of the Commissioner to change their methods of
accounting for the capitalization of interest.
Respondents: Individuals or households, Business or other for-
profit.
Estimated Number of Respondents/Recordkeepers:
Respondents--50
Recordkeepers--500,000
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--0 hr., 14 min.
Response--2 hr., 0 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 116,767 hours.
OMB Number: 1545-1292.
Regulation Project Number: PS-97-91 and PS-101-90 Final.
Type of Review: Extension.
Title: Enhanced Oil Recovery Credit.
Description: The regulation provides guidance concerning the costs
subject to the enhanced oil recovery credit, the circumstances under
which the credit is available, and procedures for certifying to the
Internal Revenue Service that a project meets the requirements of
section 43(c) of the Internal Revenue Code.
Respondents: Business or other for-profit, Individuals or
households.
Estimated Number of Respondents: 20.
Estimated Burden Hours Per Respondent: 73 hours.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 1,460 hours.
OMB Number: 1545-1326.
Form Number: IRS Form 2555-EZ.
Type of Review: Extension.
Title: Foreign Earned Income Exclusion.
Description: This form is used by U.S. citizens and resident aliens
who qualify for the foreign earned income exclusion. This information
is used by the IRS to determine if a taxpayer qualifies for the
exclusion. Form 2555-EZ is a less burdensome form that will be used
where foreign earned income is $72,000 or less.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 43,478.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--26 min.
Learning about the law or the form--18 min.
Preparing the form--42 min.
Copying, assembling, and sending the form to the IRS--35 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 87,826 hours.
OMB Number: 1545-1374.
Form Number: IRS Form 8834.
Type of Review: Extension.
Title: Qualified Electric Vehicle Credit.
Description: Form 8834 is used to compute an allowable credit for
qualified electric vehicles placed in service after June 30, 1993.
Section 1913(b) under P.L. 102-1018.
Respondents: Individuals or households, Business or other for-
profit.
Estimated Number of Respondents/Recordkeepers: 500.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--7 hr., 10 min.
Learning about the law or the form--30 min.
Preparing, copying, assembling, and sending the form to the IRS--38
min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 4,155 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. 98-23346 Filed 8-28-98; 8:45 am]
BILLING CODE 4830-01-U
