[Federal Register Volume 81, Number 27 (Wednesday, February 10, 2016)]
[Notices]
[Page 7191]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-02596]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 5306
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 5306, Application for Approval of Prototype or Employer Sponsored
Individual Retirement Account.
DATES: Written comments should be received on or before April 11, 2016
to be assured of consideration.
ADDRESSES: Direct all written comments to Sara Covington, 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: Application for Approval of Prototype or Employer Sponsored
Individual Retirement Account (IRA).
OMB Number: 1545-0390.
Form Number: 5306.
Abstract: This application is used by employers who want to
establish an individual retirement account trust to be used by their
employees. The application is also used by banks and insurance
companies that want to establish approved prototype individual
retirement accounts or annuities. The data collected is used to
determine if the individual retirement account trust or annuity
contract meets the requirements of Code section 408(a), 408(b), or
408(c) so that the IRS may issue an approval letter.
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 organizations.
Estimated Number of Respondents: 600.
Estimated Time per Respondent: 13 hr., 8 min.
Estimated Total Annual Burden Hours: 8,244.
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: February 3, 2016.
Sara Covington,
IRS Tax Analyst.
[FR Doc. 2016-02596 Filed 2-9-16; 8:45 am]
BILLING CODE 4830-01-P