[Federal Register Volume 66, Number 78 (Monday, April 23, 2001)]
[Notices]
[Pages 20522-20523]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-9971]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
April 10, 2001.
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 May 23, 2001 to
be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-1070.
Treasury Decision (TD) Number: TD 8223 Temporary; TD 8432 Final and
Temporary; and TD 8657 Final and Temporary.
Type of Review: Extension.
Title: Branch Tax (TD 8223); Branch Profits Tax (TD 8432); and
Regulations on Effectively Connected Income and the Branch Profits Tax
(TD 8657).
Description: The regulations explain how to comply with section
884, which imposes a tax on the earnings of a foreign corporation's
branch that are removed fro the branch and which subjects interest paid
by the branch, and certain interest deducted by the foreign corporation
to tax.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeeper: 28,500.
Estimated Burden Hours Per Respondent/Recordkeeper: 27 minutes.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 12,694 hours.
OMB Number: 1545-1563.
Revenue Ruling Number: Revenue Ruling 98-1.
Type of Review: Extension.
Title: Limitations on Benefits and Contributions Under Qualified
Plans.
Description: This revenue ruling provides guidance on the
limitations on benefits and contributions under section 415 of the Code
as amended by section 1449 of the Small Business Job Protection Act of
1996, including various options an employer may elect when implementing
the amendments.
Respondents: Business or other for-profit, Not-for-profit
institutions.
Estimated Number of Respondents: 70,000.
Estimated Burden Hours Per Respondent: 30 minutes.
Frequency of Response: On occasion.
Estimated Total Reporting Burden: 35,000 hours.
OMB Number: 1545-1580.
Notice Number: Notice 98-8.
Type of Review: Extension.
Title: Eligible Deferred Compensation Plans under Section 457.
Description: Notice 98-8 provides guidance regarding the trust
requirements for certain eligible deferred compensation plans enacted
in the Small Business Job Protection Act of 1996.
Respondents: State, Local or Tribal Government.
Estimated Number of Respondents/Recordkeeper: 10,260.
Estimated Burden Hours Per Respondent/Recordkeeper: 1 hour, 2
minutes.
Frequency of Response: Other (one-time).
Estimated Total Reporting/Recordkeeping Burden: 10,600 hours.
OMB Number: 1545-1599.
Regulation Project Number: REG-208299-90 NPRM.
Type of Review: Extension.
Title: Allocation and Sourcing of Income and Deductions Among
Taxpayers Engaged in a Global Dealing Operations.
Description: The information requested in sections 1.475(g)-2(b),
1.482-8(b)(3), (c)(3), (e)(5), (e)(6), (d)(3), and 1.863-3(h) is
necessary for the Service to determine whether the taxpayer has entered
into controlled transactions at an arm's length price.
Respondents: Business or other for-profit.
Estimated Number of Recordkeepers: 500.
Estimated Burden Hours Per Recordkeepers: 40 hours.
Estimated Total Recordkeeping Burden: 20,000 hours.
OMB Number: 1545-1603.
Regulation Project Number: REG-104691-97 Final.
Type of Review: Extension.
Title: Electronic Tip Reports.
Description: The regulations provide rules authorizing employers to
establish electronic systems for use by their
[[Page 20523]]
tipped employees in reporting tips to their employer. The information
will be used by employers to determine the amount of income tax and
FICA tax to withhold from the tipped employee's wages.
Respondents: Business or other for-profit, Not-for-profit
institutions.
Estimated Number of Respondents/Recordkeeper: 300,000.
Estimated Burden Hours Per Respondent/Recordkeeper: 2 hours.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 600,000 hours.
OMB Number: 1545-1735.
Revenue Procedure Number: Revenue Procedure 2001-24.
Type of Review: Extension.
Title: Advanced Insurance Commissions.
Description: Insurance companies that want to obtain automatic
consent to chance their method of accounting for cash advances that
qualify as loans to their agents mut attach a statement to their
federal income tax return.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 5,270.
Estimated Burden Hours Per Respondent: 15 minutes.
Frequency of Response: Other (once).
Estimated Total Reporting Burden: 1,318 hours.
OMB Number: 1545-1736.
Revenue Procedure Number: Revenue Procedure 2001-20.
Type of Review: Extension.
Title: Voluntary Compliance on Alien Withholding Program
(``VCAP'').
Description: The revenue procedure will improve voluntary
compliance of colleges and universities in connection with their
obligations to report, withhold and pay taxes due on compensation paid
to foreign students and scholars (nonresident aliens). The revenue
procedure provides an optional opportunity for colleges and
universities which have not fully complied with their tax obligations
concerning nonresident aliens to self-audit and come into compliance
with applicable reporting and payment requirements.
Respondents: Not-for-profit institutions, State, Local or Tribal
Government.
Estimated Number of Respondents/Recordkeeper: 495.
Estimated Burden Hours Per Respondent/Recordkeeper: 700 hours.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 346,500 hours.
Clearance Officer: Garrick Shear, Internal Revenue Service, Room
5244, 1111 Constitution Avenue, NW, Washington, DC 20224.
OMB Reviewer: Alexander T. Hunt, (202) 395-7860, Office of
Management and Budget, Room 10202, New Executive Office Building,
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 01-9971 Filed 4-20-01; 8:45 am]
BILLING CODE 4830-01-P