[Federal Register Volume 79, Number 231 (Tuesday, December 2, 2014)]
[Notices]
[Pages 71505-71506]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-28359]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
November 26, 2014.
The Department of the Treasury will submit the following
information collection request to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, Public Law 104-13, on or after the date of
publication of this notice.
DATES: Comments should be received on or before January 2, 2015 to be
assured of consideration.
ADDRESSES: Send comments regarding the burden estimate, or any other
aspect of the information collection, including suggestion for reducing
the burden, to (1) Office of Information and Regulatory Affairs, Office
of Management and Budget, Attention: Desk Officer for Treasury, New
Executive Office Building, Room 10235, Washington, DC 20503, or email
at [email protected] and (2) Treasury PRA Clearance Officer,
1750 Pennsylvania Ave. NW., Suite 8140, Washington, DC 20220, or email
at [email protected].
FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be
obtained by calling (202) 927-5331, email at [email protected], or the
entire information collection request maybe found at www.reginfo.gov.
Internal Revenue Service (IRS)
OMB Number: 1545-0003.
Type of Review: Revision of a currently approved collection.
Title: Forms SS-4--Application for Employer Identification Number;
SS-4PR, Solicitud de Numero de Identificacion Patronal (EIN)
Form: SS-4, SS4-PR
Abstract: Taxpayers required to have an identification number for
use on any return, statement, or other document must prepare and file
Form SS-4 or Form SS-4-PR (Puerto Rico only) to obtain a number. The
information is used by the IRS and the SSA in tax administration and by
the Bureau of the Census for business statistics. The estimated burden
has been reduced by 15,038,797 hours in order to correct an error in
the previous calculation.
Affected Public: Private sector: Businesses or other For-Profit
Institutions.
Estimated Total Burden Hours: 903,116.
OMB Number: 1545-1244.
Type of Review: Revision of a currently approved collection.
Title: T.D. 9013 Limitation on Passive Activity Losses and Credits-
Treatment on Self-Charged Items of Income and Expense.
Abstract: These regulations provide guidance on the treatment of
self-charged items of income and expense under section 469. The
regulations re-characterize a percentage of certain portfolio income
and expense as passive income and expense (self-charged items) when a
taxpayer engages in a lending transaction with a partnership or an S
corporation (passthrough entity) in which the taxpayer owns a direct or
indirect interest and the loan proceeds are used in a passive activity.
Similar rules apply to lending transactions between two identically
owned passthrough entities. These final regulations affect taxpayers
subject to the limitations on passive activity losses and credits.
There is a reduction in 50 hours to the annual estimate to correct an
error in the previous calculation.
Affected Public: Private sector: Business or other for-profits.
Estimated Total Burden Hours: 100.
[[Page 71506]]
OMB Number: 1545-1424.
Type of Review: Extension of a currently approved collection.
Title: Form 1099-C--Cancellation of Debt
Form: 1099-C
Abstract: Form 1099-C is used for reporting canceled debt, as
required by section 6050P of the Internal Revenue Code. It is used to
verify that debtors are correctly reporting their income.
Affected Public: Private Sector: Businesses or other For-Profit
Institutions.
Estimated Total Burden Hours: 854,892.
OMB Number: 1545-1491.
Type of Review: Extension of a currently approved collection.
Title: T.D. 8746--Amortizable Bond Premium.
Abstract: This regulation addresses the tax treatment of bond
premium. The regulation provides that a holder may make an election to
amortize bond premium by offsetting interest income with bond premium,
and the holder must attach a statement to their tax return providing
certain information. The regulation also provides that a taxpayer may
receive automatic consent to change its method of accounting for
premium provided the taxpayer attaches a statement to its tax return.
The information requested is necessary for the IRS to determine whether
an issuer or a holder has changed its method of accounting for premium.
Affected Public: Private sector: Business or other for-profits.
Estimated Total Burden Hours: 7,500.
Robert Dahl,
Treasury PRA Clearance Officer.
[FR Doc. 2014-28359 Filed 12-1-14; 8:45 am]
BILLING CODE 4830-01-P