Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service (IRS) Information Collection Requests

• Published date: 26 June 2024
• Citation: 89 FR 53478
• Pages: 53478-53479
• FR Document: 2024-13990
• Section: Notices
• Issuer: Treasury Department

Federal Register, Volume 89 Issue 123 (Wednesday, June 26, 2024)

[Federal Register Volume 89, Number 123 (Wednesday, June 26, 2024)]
                [Notices]
                [Pages 53478-53479]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2024-13990]
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                DEPARTMENT OF THE TREASURY
                Agency Information Collection Activities; Submission for OMB
                Review; Comment Request; Multiple Internal Revenue Service (IRS)
                Information Collection Requests
                AGENCY: Departmental Offices, U.S. Department of the Treasury.
                ACTION: Notice.
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                SUMMARY: The Department of the Treasury will submit the following
                information collection requests to the Office of Management and Budget
                (OMB) for review and clearance in accordance with the Paperwork
                Reduction Act of 1995, on or after the date of publication of this
                notice. The public is invited to submit comments on these requests.
                DATES: Comments should be received on or before July 26, 2024 to be
                assured of consideration.
                ADDRESSES: Written comments and recommendations for the proposed
                information collection should be sent within 30 days of publication of
                this notice to www.reginfo.gov/public/do/PRAMain. Find this particular
                information collection by selecting ``Currently under 30-day Review--
                Open for Public Comments'' or by using the search function.
                FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
                obtained from Melody Braswell by emailing [email protected], calling
                (202) 622-1035, or viewing the entire information collection request at
                www.reginfo.gov.
                SUPPLEMENTARY INFORMATION:
                Internal Revenue Service (IRS) 1. Title: Methods to Determine Taxable Income in connection with a
                Cost Sharing Arrangement--IRC section 482. OMB Number: 1545-1364. Treasury Decision Numbers: 9568. Abstract: This document contains final regulations regarding
                methods to determine taxable income in connection with a cost sharing
                arrangement under section 482 of the Internal Revenue Code (Code). The
                final regulations address issues that have arisen in administering the
                current cost sharing regulations. The final regulations affect domestic
                and foreign entities that enter into cost sharing arrangements
                described in the final regulations. Current Actions: There are no changes to the information
                collection. Type of Review: Extension without change of a currently approved
                collection. Affected Public: Business or other for-profit organizations. Estimated Number of Respondents: 500. Estimated Time per Response: 18 hours, 42 minutes. Estimated Total Annual Burden Hours: 9,350. 2. Title: IRS e-file Signature Authorization for Forms 720, 2290,
                and 8849. OMB Number: 1545-2081. Form Number: 8879-EX. Abstract: Form 8879-EX, IRS e-file Signature Authorization for
                Forms 720, 2990, and 8849, will be used in the Modernized e-File
                program. Form 8879-EX authorizes a taxpayer and an electronic return
                originator (ERO) to use a personal identification number (PIN) to
                electronically sign an electronic excise tax return and, if applicable,
                authorize an electronic funds withdrawal. Current Actions: There are no changes being made to the form at
                this time. Type of Review: Extension of a previously approved collection. Affected Public: Business or other for-profit organizations. Estimated Number of Respondents: 15,000. Estimated Time per Respondent: 1 hr., 12 mins. Estimated Total Annual Burden Hours: 16,750. 3. Title: IRS Paid Preparer Tax Identification Number (PTIN)
                Application and Renewal. OMB Number: 1545-2190. Form Project Number: Form W-12. Abstract: A paid tax preparer uses Form W-12 to apply and renew for
                a preparer tax identification number (PTIN). Current Actions: Updates to the indicators used to calculate burden
                for Form W-12 will increase the overall burden estimate by 1,740,000
                hours. Type of Review: Revision of a currently approved collection. Affected Public: Individuals, business, or other for-profit
                organization. Estimated Number of Responses: 1,200,000. Estimated Time per Respondent: 2 hrs., 40 min. Estimated Total Annual Burden Hours: 3,204,000. 4. Title: Application for Employee Retention Credit (ERC) Voluntary
                Disclosure Program. OMB Number: 1545-2316. Form Number: 15434. Abstract: The Employee Retention Credit Voluntary Disclosure
                Program (ERC-VDP) was created in order to provide a streamlined avenue
                for taxpayers to return funds for improperly claimed ERC credits and be
                afforded a 20% reduction in the amount to return. To participate in the initiative, taxpayers must submit information
                about the improper ERC claimed, refund received, their identifying
                information, and the identifying information of any preparer/advisor
                who assisted them with the ERC claim. Current Actions: There are no changes to the form at this time.
                This notice is
                [[Page 53479]]
                administrative process to renew the OMB approval on the form. Type of Review: Extension of a currently approved collection. Affected Public: Individuals and Households. Estimated Number of Respondents: 5,000. Estimated Time per Respondent: 2 hrs., 22 mins. Estimated Total Annual Burden Hours: 11,800. 5. Title: Miscellaneous Changes Under the SECURE 2.0 Act of 2022. OMB Number: 1545-2317. Notice Number: 2024-2. Abstract: Section 72(t)(1) generally imposes a 10 percent
                additional tax on any distribution from a qualified retirement plan
                within the meaning of section 4974(c), unless the distribution
                qualifies for one of the exceptions listed in section 72(t)(2). Section
                72(t)(2)(L)(iii) provides that, in order to be considered a terminally
                ill individual, an employee must furnish sufficient evidence to the
                plan administrator. This information will be used by a plan
                administrator to determine whether an individual is eligible for a
                terminal illness distribution and thus eligible for the exception to
                the 10 percent additional tax under section 72(t)(2)(L). Current Actions: There are no changes to the notice at this time. Type of Review: Extension of a currently approved collection. Affected Public: Individuals and Households. Estimated Number of Respondents: 225,500. Estimated Time per Respondent: 15 mins. Estimated Total Annual Burden Hours: 11,375. Authority: 44 U.S.C. 3501 et seq.
                Melody Braswell,
                Treasury PRA Clearance Officer.
                [FR Doc. 2024-13990 Filed 6-25-24; 8:45 am]
                BILLING CODE 4830-01-P