[Federal Register Volume 78, Number 30 (Wednesday, February 13, 2013)]
[Notices]
[Pages 10264-10265]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-03086]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8870
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
Form 8870, Information Return for Transfers Associated With Certain
Personal Benefit Contracts.
DATES: Written comments should be received on or before April 15, 2013
to be assured of consideration.
ADDRESSES: Direct all written comments to Yvette Lawrence, Internal
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Katherine
Dean at Internal Revenue Service, Room 6242, 1111 Constitution Avenue
NW., Washington, DC 20224, or at (202) 622-3186, or through the
Internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Information Return for Transfers Associated With Certain
Personal Benefit Contracts.
OMB Number: 1545-1702.
Form Number: 8870.
Abstract: Section 537 of the Ticket to Work and Work Incentives
Improvement Act of 1999 added section 170(f)(10) to the Internal
Revenue Code. Section 170(f)(10)(F) requires an organization to report
annually: (1) Any premiums paid after February 8, 1999, to which
section 170(f)(10) applies; (2) the name and taxpayer identification
number (TIN) of each beneficiary under each contact to which the
premiums related; and (3) any other information the Secretary of the
Treasury may require. A charitable organization described in section
170(c) or a charitable remainder trust described in section 664(d) that
paid premiums after February 9, 1999, or certain life insurance,
annuity, and endowment contracts (personal benefit contracts) must
complete and file Form 8870.
Current Actions: There are no changes being made to the form at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit institutions.
Estimated Number of Respondents: 5,000.
Estimated Time Per Respondent: 14 hours, 50 minutes.
Estimated Total Annual Burden Hours: 74,200.
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
[[Page 10265]]
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: January 29, 2013.
Yvette Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2013-03086 Filed 2-12-13; 8:45 am]
BILLING CODE 4830-01-P