Proposed Collection; Comment Request for Form 1041-N

Citation86 FR 26603
Record Number2021-10168
Published date14 May 2021
SectionNotices
CourtInternal Revenue Service
Federal Register, Volume 86 Issue 92 (Friday, May 14, 2021)
[Federal Register Volume 86, Number 92 (Friday, May 14, 2021)]
                [Notices]
                [Page 26603]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2021-10168]
                [[Page 26603]]
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                DEPARTMENT OF THE TREASURY
                Internal Revenue Service
                Proposed Collection; Comment Request for Form 1041-N
                AGENCY: Internal Revenue Service (IRS), Treasury.
                ACTION: Notice and request for comments.
                -----------------------------------------------------------------------
                SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act
                of 1995. The IRS is soliciting comments concerning U.S. Income Tax
                Return for Electing Alaska Native Settlement Trusts.
                DATES: Written comments should be received on or before July 13, 2021
                to be assured of consideration.
                ADDRESSES: Direct all written comments to Kinna Brewington, Internal
                Revenue Service, Room 6526, 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 Martha R.
                Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526,
                1111 Constitution Avenue NW, Washington, DC 20224, or through the
                internet at [email protected].
                SUPPLEMENTARY INFORMATION:
                 Title: U.S. Income Tax Return for Electing Alaska Native Settlement
                Trusts.
                 OMB Number: 1545-1776.
                 Form Number: 1041-N.
                 Abstract: An Alaska Native Settlement Trust (ANST) may elect under
                section 646 to have the special income tax treatment of that section
                apply to the trust and its beneficiaries. This one-time election is
                made by filing Form 1041-N which is used by the ANST to report its
                income, etc., and to compute and pay any income tax. Form 1041-N is
                also used for the special information reporting requirements that apply
                to ANSTs.
                 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: 20.
                 Estimated Time per Response: 40 mins.
                 Estimated Total Annual Burden Hours: 793.
                 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.
                Comments will be 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 has
                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 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: May 6, 2021.
                Martha R. Brinson,
                Tax Analyst.
                [FR Doc. 2021-10168 Filed 5-13-21; 8:45 am]
                BILLING CODE 4830-01-P
                

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