Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request Concerning Information Reporting for Hedging Transactions and Third-Party Network Transactions

 
CONTENT
Federal Register, Volume 84 Issue 146 (Tuesday, July 30, 2019)
[Federal Register Volume 84, Number 146 (Tuesday, July 30, 2019)]
[Notices]
[Pages 37007-37008]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-16189]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information Collection Request Submitted
for Public Comment; Comment Request Concerning Information Reporting
for Hedging Transactions and Third-Party Network Transactions
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 comment on proposed and/or
continuing information collections, as required by the Paperwork
Reduction Act of 1995. Currently, the IRS is soliciting comments
concerning information reporting for hedging transactions.
DATES: Written comments should be received on or before September 30,
2019 to be assured of consideration.
ADDRESSES: Direct all written comments to Laurie Brimmer, Internal
Revenue Service, Room 6129, 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 [email protected].
SUPPLEMENTARY INFORMATION:
    Title: Hedging Transactions.
    OMB Number: 1545-1480.
    Regulation Project Number: TD 8985.
    Abstract: TD 8985 contains final regulations relating to the
character of gain or loss from hedging transactions. The regulations
reflect changes to the
[[Page 37008]]
law made by the Ticket to Work and Work Incentives Improvement Act of
1999. The regulations affect businesses entering into hedging
transactions.
    Current Actions: There are no changes to the burden. We are
submitting this request for renewal purposes only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 167,100.
    Estimated Time per Respondent: 8 hours.
    Estimated Total Annual Burden Hours: 171,050.
    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: July 23, 2019.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2019-16189 Filed 7-29-19; 8:45 am]
 BILLING CODE 4830-01-P