Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Form 8038-T

• Published date: 21 December 2018
• Record Number: 2018-27596
• Court: Internal Revenue Service,Treasury Department

Federal Register, Volume 83 Issue 245 (Friday, December 21, 2018)

[Federal Register Volume 83, Number 245 (Friday, December 21, 2018)]
                [Notices]
                [Pages 65803-65804]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2018-27596]
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                DEPARTMENT OF THE TREASURY
                Internal Revenue Service
                Proposed Extension of Information Collection Request Submitted
                for Public Comment; Comment Request for Form 8038-T
                AGENCY: Internal Revenue Service (IRS), Treasury.
                ACTION: Notice and request for comments.
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                SUMMARY: The Internal Revenue Service, as part of its continuing effort
                to reduce paperwork and respondent burden, invites the public and other
                Federal agencies to take this opportunity to
                [[Page 65804]]
                comment on proposed and/or continuing information collections, as
                required by the Paperwork Reduction Act of 1995. Currently, the IRS is
                soliciting comments concerning Form 8038-T, Arbitrage Rebate, Yield
                Reduction and Penalty in Lieu of Arbitrage Rebate.
                DATES: Written comments should be received on or before February 19,
                2019 to be assured of consideration.
                ADDRESSES: Direct all written comments to Laurie Brimmer, Internal
                Revenue Service, Room 6236, 1111 Constitution Avenue NW, Washington, DC
                20224. Requests for additional information or copies of the regulations
                should be directed to R. Joseph Durbala, at Internal Revenue Service,
                Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or
                through the internet, at RJoseph.Durbala@irs.gov.
                SUPPLEMENTARY INFORMATION:
                 Title: Arbitrage Rebate, Yield Reduction and Penalty in Lieu of
                Arbitrage Rebate.
                 OMB Number: 1545-1219.
                 Revenue Procedure Number: 8038-T.
                 Abstract: Form 8038-T is used by issuers of tax exempt bonds to
                report and pay the arbitrage rebate and to elect and/or pay various
                penalties associated with arbitrage bonds. The issuers include state
                and local governments.
                 Current Actions: There is currently, no change to the form. We are
                updating the records to include the recordkeeping burden associated
                with regulation section 1.148-5(d)(6)(iii), previously approved under
                OMB number 1545-1490 and 1545-1098.
                 Type of Review: Revision of a currently approved collection.
                 Affected Public: State, local or tribal governments.
                 Estimated Number of Respondents: 3,900.
                 Estimated Time per Respondent: 24 hrs., 11 min.
                 Estimated Total Annual Burden Hours: 59,325.
                 The following paragraph applies to all 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 if 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.
                 Desired Focus of Comments: The Internal Revenue Service (IRS) is
                particularly interested in comments that:
                 Evaluate whether the proposed collection of information is
                necessary for the proper performance of the functions of the agency,
                including whether the information will have practical utility;
                 Evaluate the accuracy of the agency's estimate of the
                burden of the proposed collection of information, including the
                validity of the methodology and assumptions used;
                 Enhance the quality, utility, and clarity of the
                information to be collected; and
                 Minimize the burden of the collection of information on
                those who are to respond, including using appropriate automated,
                electronic, mechanical, or other technological collection techniques or
                other forms of information technology, e.g., by permitting electronic
                submissions of responses.
                 Comments submitted in response to this notice will be summarized
                and/or included in the ICR for OMB approval of the extension of the
                information collection; they will also become a matter of public
                record.
                 Approved: December 13, 2018.
                R. Joseph Durbala,
                IRS Tax Analyst.
                [FR Doc. 2018-27596 Filed 12-20-18; 8:45 am]
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