[Federal Register Volume 79, Number 246 (Tuesday, December 23, 2014)]
[Notices]
[Pages 77087-77088]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-30112]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8697
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
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 8697, Interest Computation Under the Look-Back Method for
Completed Long-Term Contracts.
DATES: Written comments should be received on or before February 23,
2015 to be assured of consideration.
ADDRESSES: Direct all written comments to Christie Preston, 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 Sara
Covington at Internal Revenue Service, Room 6129, 1111 Constitution
Avenue NW., Washington, DC 20224, or through the internet at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Interest Computation Under the Look-Back Method for
Completed Long-Term Contracts.
OMB Number: 1545-1031.
Form Number: Form 8697.
Abstract: Taxpayers who are required to account for all or part of
any long-term contract entered into after February 28, 1986, under the
percentage of completion method must use Form 8697 to compute and
report interest due or to be refunded under Internal Revenue Code
section 460(b). The IRS uses Form 8697 to determine if the interest has
been figured correctly.
Current Actions: There are no changes being made to the Form 8697
at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations and
individuals.
Estimated Number of Respondents: 4,333.
Estimated Time per Respondent: 16 hrs, 45 minutes.
[[Page 77088]]
Estimated Total Annual Burden Hours: 72,578.
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 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: December 17, 2014.
Christie Preston,
IRS Reports Clearance Officer.
[FR Doc. 2014-30112 Filed 12-22-14; 8:45 am]
BILLING CODE 4830-01-P