Agency Information Collection Activities; Proposals, Submissions, and Approvals,

[Federal Register: January 24, 2008 (Volume 73, Number 16)]

[Notices]

[Page 4307-4308]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr24ja08-138]

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment Request for Form 8925

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 8925, Report of Employer-Owned Life Insurance Contracts.

DATES: Written comments should be received on or before March 24, 2008 to be assured of consideration.

ADDRESSES: Direct all written comments to R. Joseph Durbala, 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 Glenn Kirkland, (202) 622-3428, at Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet at Glenn.P.Kirkland@irs.gov.

SUPPLEMENTARY INFORMATION:

Title: Report of Employer-Owned Life Insurance Contracts.

OMB Number: 1545-2089.

Form Number: Form 8925.

Abstract: Form 8925, Report of Employer-Owned Life Insurance Contracts, is used by a policyholder (who is engaged in a trade or business which employs the person insured and who is a direct or indirect beneficiary) to report certain information concerning the number of employees covered by employer-owned life insurance in force on those employees at the end of the tax year.

Current Actions: There is no change in the paperwork burden previously approved by OMB. This form is being submitted for renewal purposes only.

Type of Review: Extension of a currently approved collection.

Affected Public: Businesses and other for-profit organizations, Farms.

Estimated Number of Respondents: 16,000.

Estimated Time per Respondent: 4 hours 28 minutes.

Estimated Total Annual Burden Hours: 71,360.

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,

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maintenance, and purchase of services to provide information.

Approved: January 14, 2008. R. Joseph Durbala, IRS Reports Clearance Officer. [FR Doc. E8-1146 Filed 1-23-08; 8:45 am]

BILLING CODE 4830-01-P