Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service (IRS) Information Collection Requests

<NOTICE> DEPARTMENT OF THE TREASURY <SUBJECT>Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service (IRS) Information Collection Requests</SUBJECT> <HD SOURCE="HED">AGENCY:</HD> Departmental Offices, U.S. Department of the Treasury. <HD SOURCE="HED">ACTION:</HD> Notice. <SUM> <HD SOURCE="HED">SUMMARY:</HD> The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests. </SUM> <DATES> <HD SOURCE="HED">DATES:</HD> Comments should be received on or before August 30, 2024 to be assured of consideration. </DATES> <HD SOURCE="HED">ADDRESSES:</HD> Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to <E T="03">www.reginfo.gov/public/do/PRAMain.</E> Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. <FURINF> <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD> Copies of the submissions may be obtained from Melody Braswell by emailing <E T="03">PRA@treasury.gov,</E> calling (202) 622-1035, or viewing the entire information collection request at <E T="03">www.reginfo.gov.</E> </FURINF> <SUPLINF> <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD> <HD SOURCE="HD1">Internal Revenue Service (IRS)</HD> <E T="03">1. Title:</E> Payout Requirements for Type III Supporting Organizations that are not Functionally Integrated. <E T="03">OMB Number:</E> 1545-2157. <E T="03">Regulation Project Number:</E> TD 9605. <E T="03">Abstract:</E> This document contains final regulations regarding the requirements to qualify as a Type III supporting organization that is operated in connection with one or more supported organizations. The regulations reflect changes to the law made by the Pension Protection Act of 2006. The regulations will affect Type III supporting organizations and their supported organizations. <E T="03">Current Actions:</E> There is no change in the paperwork burden previously approved by OMB. However, the estimated number of responses were updated based on current filing data. <E T="03">Type of Review:</E> Extension of a currently approved collection. <E T="03">Affected Public:</E> Not-for-profit institutions, State, local or Tribal governments. <E T="03">Estimated Number of Respondents:</E> 6,089. <E T="03">Estimated Time per Respondent:</E> 2 hours. <E T="03">Estimated Total Annual Burden Hours:</E> 12,178. <E T="03">2. Title:</E> Limited Payability Claim Against the United States for Proceeds of An Internal Revenue Refund Check. <E T="03">OMB Number:</E> 1545-2024. <E T="03">Document Number:</E> 13818. <E T="03">Abstract:</E> Form 13818, <E T="03">Limited Payability Claim Against the United States for the Proceeds of an Internal Revenue Refund Check,</E> is sent to the payee (taxpayer). This form is designed to provide taxpayers a method to file a claim for a replacement check when the original check is over 12 months old. <E T="03">Current Actions:</E> There are no changes to the burden previously approved by OMB. This request is to extend the current approval for another 3 years. <E T="03">Type of Review:</E> Extension of a currently approved collection. <E T="03">Affected Public:</E> Individuals or households, Businesses, and other for-profit organizations. <E T="03">Estimated Number of Respondents:</E> 6,000. <E T="03">Estimated Time per Respondent:</E> 1 hr. <E T="03">Estimated Total Annual Burden Hours:</E> 6,000. <E T="03">3. Title:</E> U.S. Information Return-Trust Accumulation of Charitable Amounts. <E T="03">OMB Number:</E> 1545-0094. <E T="03">Form Number:</E> 1041-A. <E T="03">Abstract:</E> Form 1041-A is used to report the information required in Internal Revenue Code section 6034 concerning accumulation and distribution of charitable amounts. Trusts claiming a contributions deduction under section 642(c) or split-interest trusts described in section 4947(a)(2) use Form 1041-A to report information required by section 6034. <E T="03">Current Actions:</E> There are changes (reduction in filers) in the paperwork burden previously approved by OMB. The Tax Cuts and Jobs Act of 2017 (Pub. L. 115-97) amended section 641(c)(2). As a result, Electing Small Business Trusts (ESBTs) are no longer subject to the charitable information reporting requirements under section 6034 and do not file Form 1041-A. This form is being submitted for renewal purposes only. <E T="03">Type of Review:</E> Extension of a currently approved collection. <E T="03">Affected Public:</E> Businesses or other for-profit organizations, and individuals. <E T="03">Estimated Number of Respondents:</E> 6,700. <E T="03">Estimated Time per Respondent:</E> 36 hours, 40 minutes. <E T="03">Estimated Total Annual Burden Hours:</E> 245,622. <E T="03">4. Title:</E> Information Reporting Requirements under Code sec. 6039. <E T="03">OMB Number:</E> 1545-2129. <E T="03">Document Number:</E> Forms 3921 and 3922. <E T="03">Abstract:</E> Form 3921 is a copy of the information return filed with the Internal Revenue Service by the corporation which transferred shares of stock to a recipient. Form 3922 is used by the corporation to record a transfer of the legal title of a share of stock acquired by the employee where the stock was acquired pursuant to the exercise of an option described in Internal Revenue Code section 423(c). Treasury Decision 9470 contains the final regulations relating to the return and information statement requirements under Internal Revenue Code section 6039. These regulations reflect changes to section 6039 made by section 403 of the Tax Relief and Health Care Act of 2006. <E T="03">Current Actions:</E> There are no changes to the burden previously approved by OMB. This request is to extend the current approval for another 3 years. <E T="03">Type of Review:</E> Extension of a currently approved collection. <E T="03">Affected Public:</E> Business and other for-profit organizations. <E T="03">Estimated Number of Respondents:</E> 6,676,894. <E T="03">Estimated Time per Respondent:</E> 25 min. <E T="03">Estimated Total Annual Burden Hours:</E> 1,457,411. <E T="03">5. Title:</E> Product Liability Losses and Accumulations for Product Liability Losses. <E T="03">OMB Number:</E> 1545-0863. <E T="03">Regulation Project Number:</E> T.D. 8096. <E T="03">Abstract:</E> T.D. 8096 provides final regulations relating to product liability losses and accumulations for the payment of reasonable anticipated product liability losses. Changes to the applicable tax law were made by the Revenue Act of 1978. Generally, a taxpayer who sustains a product liability loss must carry the loss back 10 years. However, a taxpayer may elect to have such loss treated as a regular net operating loss under section 172. If desired, such election is made by attaching a statement to the tax return. This statement will enable the IRS to monitor compliance with the statutory requirements. <E T="03">Current Actions:</E> There is no change to this existing regulation or to the paperwork burden previously approved by OMB. <E T="03">Type of Review:</E> Extension of a currently approved collection. <E T="03">Affected Public:</E> Business or other for-profit organizations. <E T="03">Estimated Number of Respondents:</E> 5,000. <E T="03">Estimated Time per Respondent:</E> 30 minutes. <E T="03">Estimated Total Annual Burden Hours:</E> 2,500. <E T="03">6. Title:</E> Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. <E T="03">OMB Number:</E> 1545-1204. <E T="03">Form Number:</E> 8823. <E T="03">Abstract:</E> Under Internal Revenue Code section 42(m)(1)(B)(iii), state housing credit agencies are required to notify the IRS of any building disposition or noncompliance with the low-income housing tax credit provisions. A separate form must be filed for each building that is not in compliance. The IRS uses this information to determine whether the low-income housing credit is being correctly claimed and whether there is any credit recapture. <E T="03">Current Actions:</E> There are no changes being made to the form at this time, changes to the burden estimates are due to IRS most current filing data. <E T="03">Type of Review:</E> Extension of a currently approved collection. <E T="03">Affected Public:</E> State or local government housing credit agencies. <E T="03">Estimated Number of Respondents:</E> 14,474. <E T="03">Estimated Time per Respondent:</E> 15.16 hours. <E T="03">Estimated Total Annual Burden Hours:</E> 219,426. <E T="03">7. Title:</E> Refunds and Credits; Periods of Limitations; Financial Disability. <E T="03">OMB Number:</E> 1545-1649. <E T="03">Revenue Procedure:</E> Revenue Procedure 99-21. <E T="03">Abstract:</E> Generally, under section 6511(a), a taxpayer must file a claim for credit or refund of tax within three years after the date of filing a tax return or within two years after the date of payment of the tax, whichever period expires later. Under section 6511(h), the statute of limitations on claims for credit or refund is suspended for any period of an individual taxpayer's life during which the taxpayer is unable to manage his or her financial affairs because of a medically determinable mental or phy ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 47k characters. Full document text is stored and available for version comparison. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━