[Federal Register Volume 60, Number 27 (Thursday, February 9, 1995)] [Notices] [Page 7815] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 95-3172] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Public Information Collection Requirements Submitted to OMB for Review February 1, 1995. 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 1980, Public Law 96-511. 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. Internal Revenue Service (IRS) OMB Number: 1545-0007 Form Number: IRS Form T Type of Review: Extension Title: Forest Activities Schedules Description: Form T is filed by individuals and corporations to report income and deductions from the timber business. The IRS uses Form T to determine if the correct amount of income and deductions are claimed. Respondents: Individuals or households, Business or other for-profit Estimated Number of Respondents/Recordkeepers: 37,000 Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--37 hr., 4 min. Learning about the law or the form--35 min. Preparing and sending the form to the IRS--1 hr., 14 min. Frequency of Response: Annually Estimated Total Reporting/Recordkeeping Burden: 1,438,930 hours OMB Number: 1545-0117 Form Number: IRS Form 1099-OID Type of Review: Extension Title: Original Issue Discount Description: Form 1099-OID is used for reporting original issue discount as required by section 6049 of the Internal Revenue Code. It is used to verify that income earned on discount obligations is properly reported by the recipient. Respondents: Business or other for-profit Estimated Number of Respondents: 9,185 Estimated Burden Hours Per Respondent: 10 minutes Frequency of Response: Annually Estimated Total Reporting Burden: 765,000 hours OMB Number: 1545-0183 Form Number: IRS Form 4789 Type of Review: Extension Title: Currency Transaction Report Description: Financial institutions are required to file Form 4789 within 15 days of any transaction of more than $10,000. The information is used to check tax compliance. Respondents: Business or other for-profit Estimated Number of Respondents: 788.871 Estimated Burden Hours Per Respondent: 24 minutes Frequency of Response: On occasion Estimated Total Reporting/Recordkeeping Burden: 2,185,805 hours OMB Number: 1545-0199 Form Number: IRS Form 5306-SEP Type of Review: Extension Title: Application for Approval of Prototype Simplified Employee Pension-SEP Description: This form is issued by banks, credit unions, insurance companies, and trade or professional associations to apply for approval of a Simplified Employee Pension Plan to be used more than one employer. The data collected is used to determine if the prototype plan submitted is an approved plan. Respondents: Business or other for-profit Estimated Number of Respondents/Recordkeepers: 650 Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--8 hr., 37 min. Learning about the law or the form--1 hr., 4 min. Preparing the form--2 hr., 11 min. Copying, assembling and sending the form to the IRS--16 min. Frequency of Response: On occasion Estimated Total Reporting/Recordkeeping Burden: 7,878 hours OMB Number: 1545-1036 Form Number: IRS Form 8716 Type of Review: Extension Title: Election to Have a Tax Year Other Than a Required Tax Year Description: This form is filed by partnerships, S Corporations, personal service corporations, under section 444(a), to retain or to adopt a tax year that is not a required tax year. Service Centers accept Form 8716 and use the form information to assign mater-file codes that allow the Center to accept the filer's tax return filed for a tax year (fiscal year) that would not otherwise be acceptable. Respondents: Business or other for-profit, Farms Estimated Number of Respondents/Recordkeepers: 40,000 Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--2 hr., 23 min. Learning about the law or the form--1 hr., 12 min. Preparing and sending the form to the IRS--1 hr., 17 min. Frequency of Response: Other Estimated Total Reporting/Recordkeeping Burden: 194,400 hours Clearance Officer: Garrick Shear, (202) 622-3869, Internal Revenue Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC 20224 OMB Reviewer: Milo Sunderhauf, (202) 395-7340, Office of Management and Budget, Room 10226, New Executive Office Building, Washington, DC 20503. Lois K. Holland, Departmental Reports Management Officer. [FR Doc. 95-3172 Filed 2-8-95; 8:45 am] BILLING CODE 4830-01-P