[Federal Register Volume 60, Number 92 (Friday, May 12, 1995)]
[Notices]
[Pages 25762-25763]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-11737]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Public Information Collection Requirements Submitted to OMB for
Review
May 4, 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: 1545-0219
Form Number: IRS Form 5884
Type of Review: Extension
Title: Jobs Credit
Description: Internal Revenue Code (IRC) Section 38(b)(2) allows a
credit against income tax to employers hiring individuals from certain
targeted groups such as welfare recipients, etc. The employer uses Form
5884 to figure this jobs credit. IRS uses the information on the form
to verify that the correct amount of credit was claimed.
Respondents: Individuals or households, Business or other for-profit,
Farms
Estimated Number of Respondents/Recordkeepers: 85,000
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--4 hr., 4 min.
Learning about the law or the form--35 min.
Preparing and sending the form to the IRS--41 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 454,750 hours
OMB Number: 1545-0231
Form Number: IRS Form 6478
Type of Review: Extension
Title: Credit for Alcohol Used as Fuel
Description: Internal Revenue Code (IRC) Section 38(b)(3) allows a
nonrefundable income tax credit for businesses that sell or use
alcohol. Small ethanol producers also receive a nonrefundable credit
for production of qualified ethanol. Form 6478 is used to figure the
credits.
Respondents: Business or other for-profit, Farms
Estimated Number of Respondents/Recordkeepers: 5,600
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--10 hr., 46 min.
Learning about the law or the form--34 min.
Preparing the form--1 hr., 42 min.
Copying, assembling, and sending the form to the IRS--16 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 74,480 hours
OMB Number: 1545-0984
Form Number: IRS Form 8586
Type of Review: Extension
Title: Low-Income Housing Credit
Description: The Tax Reform Act of 1986 (Code Section 42) permits
[[Page 25763]] owners of residential rental projects providing low-
income housing to claim a credit against income tax for part of the
cost of constructing or rehabilitating such low-income housing. Form
8586 is used by taxpayers to compute the credit and by IRS to verify
that the correct credit has been claimed.
Respondents: Individuals or households, Business or other for-profit
Estimated Number of Respondents/Recordkeepers: 50,000
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--6 hr., 13 min.
Learning about the law or the form--1 hr., 32 min.
Preparing and sending the form to the IRS--4 hr., 6 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 592,500 hours
OMB Number: 1545-1007
Form Number: IRS Form 8606
Type of Review: Extension
Title: Nondeductible IRAs (Contributions, Distributions, and Basis)
Description: Internal Revenue Code (IRC) Section 408(o) allows
taxpayers to elect to make nondeductible contributions to individual
retirement plans. This Section also requires taxpayers to report to the
Internal Revenue Service certain information regarding nondeductible
contributions.
Respondents: Individuals or households
Estimated Number of Respondents/Recordkeepers: 997,748
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--26 min.
Learning about the law or the form--7 min.
Preparing the form--21 min.
Copying, assembling, and sending the form to the IRS--20 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 1,247,185 hours
OMB Number: 1545-1020
Form Number: IRS Form 1041-T
Type of Review: Extension
Title: Allocation of Estimated Tax Payments to Beneficiaries
Description: This form was developed to allow a trustee of a trust or
an executor of an estate to make an election under Internal Revenue
Code (IRC) Section 643(g) to allocate any payment of estimated tax to a
beneficiary(ies). This form serves as a transmittal so that Service
Center personnel can determine the correct amounts that are to be
transferred from the fiduciary's account to the individual's account.
Respondents: Business or other for-profit
Estimated Number of Respondents/Recordkeepers: 1,000
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--20 min.
Learning about the law or the form--4 min.
Preparing the form--21 min.
Copying, assembling, and sending the form to the IRS--17 min.
Frequency of Response: Annually, Other
Estimated Total Reporting/Recordkeeping Burden: 1,030 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. 95-11737 Filed 5-11-95; 8:45 am]
BILLING CODE 4830-01-P