Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices29627      SUMMARY: The Internal Revenue Service(IRS), as part of its continuing effort toreduce paperwork and respondentburden, invites the general public andother Federal agencies to take thisopportunity to comment on informationcollections, as required by thePaperwork Reduction Act of 1995. TheIRS is soliciting comments concerningapplication procedures for qualifiedintermediary status under final qualifiedintermediary withholding agreement. DATES: Written comments should bereceived on or before August 2, 2021 tobe assured of consideration. ADDRESSES: Direct all written commentsto Kinna Brewington, Internal RevenueService, Room 6526, 1111 ConstitutionAvenue NW, Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of this form 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 Martha.R.Brinson@irs.gov. SUPPLEMENTARY INFORMATION:Title: Application Procedures forQualified Intermediary Status UnderSection 1441; Final QualifiedIntermediary Withholding Agreement.OMB Number: 1545–1597. Revenue Procedure Number: 2000–12 (Revenue Procedure 2000–12 is modified by Announcement 2000–50, Revenue Procedure 2003–64, Revenue Procedure 2004–21, and Revenue Procedure 2005–77.) Abstract: This revenue procedure gives guidance for entering into a withholding agreement with the IRS to be treated as a Qualified Intermediary (QI) under regulation section 1.1441– 1(e)(5). It describes the application procedures for becoming a QI and the terms that the IRS will ordinarily require in a QI withholding agreement. The objective of a QI withholding agreement is to simplify withholding and reporting obligations with respect to payments of income made to an account holder through one or more foreign intermediaries. Current Actions: There are no changes to the paperwork burden previously approved by OMB. Type of Review: Extension of a currently approved collection. Affected Public: Business or other for-profit organizations.Estimated Number of Respondents:88,504.Estimated Number of Responses:1,097,991.Estimated Time per Respondent: 16 minutes. Estimated Time for a QI: 2,093 hours.  Estimated Total Annual Burden Hours: 301,018. 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 26, 2021. Martha R. Brinson, Tax Analyst. [FR Doc. 2021–11511 Filed 6–1–21; 8:45 am] BILLING CODE 4830–01–P  DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 5305–SEP 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 Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement.  DATES: Written comments should be received on or before August 2, 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 Martha.R.Brinson@irs.gov. SUPPLEMENTARY INFORMATION:Title: Simplified Employee Pension-Individual Retirement AccountsContribution Agreement.OMB Number: 1545–0499.Form Number: 5305–SEP.Abstract: Form 5305–SEP is used by an employer to make an agreement to provide benefits to all employees under a Simplified Employee Pension (SEP) described in Internal Revenue Code section 408(k). This form is not to be filed with the IRS but is to be retained in the employer’s records as proof of establishing a SEP and justifying a deduction for contributions to the SEP. 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:100,000.Estimated Time per Respondent: 4hr., 57 mins. Estimated Total Annual Burden Hours: 495,000. 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 29628Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices    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 26, 2021. Martha R. Brinson, Tax Analyst. [FR Doc. 2021–11509 Filed 6–1–21; 8:45 am] BILLING CODE 4830–01–P  DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Submission for OMB Review; Comment Request; Treasury International Capital AGENCY: Departmental Offices, U.S.Department of the Treasury. ACTION: Notice.  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 this request. DATES: Comments must be received on or before July 2, 2021. 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 Molly Stasko by emailing PRA@treasury.gov, calling (202) 622– 8922, or viewing the entire information collection request at www.reginfo.gov. SUPPLEMENTARY INFORMATION: Title: Treasury International Capital Form SLT, ‘‘Aggregate Holdings, Purchases and Sales, and Fair Value Changes of Long-Term Securities by U.S. and Foreign Residents.’’OMB Control Number: 1505–0235.Type of Review: Revision of a currently approved collection.  Description: Form SLT is part of the Treasury International Capital (TIC) reporting system, which is required by law (22 U.S.C. 286f; 22 U.S.C. 3103; E.O. 10033; 31 CFR 128), and is designed to collect timely information on international portfolio capital movements. Form SLT is a monthly report on cross-border portfolio investment in long-term marketable securities by U.S. and foreign residents. This information is used by the U.S. Government in the formulation of international financial and monetary policies and for the preparation of the U.S. balance of payments accounts and the U.S. international investment position.  Current Actions: (1) Justification: One important aim of this revision of the SLT data collection is to create, for the first time, a data collection of ‘‘changes in fair value’’ for the TIC securities data. Users of TIC data often compare the change in the holdings of long-term securities reported on the Form SLT, with the net purchases (purchases less sales) of long-term securities reported on the Form S. There is general agreement that the difference between the change in holding and the net purchases is due largely to the change in fair value of the securities, with less important factors making up the remainder of the difference. In mathematical terms, ‘‘Change in holdings’’ equals ‘‘purchases less sales’’ plus ‘‘change in fair value’’ plus ‘‘other factors’’. Different assessments between TIC data users often arise because each one has to create their own estimates of the ‘‘change in fair value’’ despite lacking detailed information on the holdings of, and transactions in, the many securities in the TIC system. Another aim of this revision of the SLT data collection is to obtain the three main data types (holdings, purchases and sales, and change in fair value) from the same source. The result should greatly improve the connections between the holdings data and the purchases and sales data and the ‘‘change in fair value’’ data. Lastly, while there is an increase in the reporting burden on custodians from the revision of the SLT, after 2022 it is expected that this increase in burden will be significantly offset by the decrease in burden when the Form S is discontinued. (2) No changes are made in the collection of holdings data; i.e., no changes are made in the columns and rows of the Form SLT or in the instructions regarding the holdings of long-term securities. In both the current and revised Form SLT there are eleven such columns covering three types of  foreign securities and four types of U.S. securities, where for each type of U.S. security there is a column for foreign-official-held and a separate column for other-foreign-held. (3) To accomplish the aims in (1) above, both the Form SLT and the instructions are expanded to add the collection of data on the total change in the fair (market) value over the month for all securities held at the end of the month for each type of long-term security. In the Form SLT, one column is added for each of the 11 columns of holdings mentioned in (2) above; in the instructions, sections II.F.4 and III.G are added. (4) To accomplish the aims in (1) above, both the Form SLT and the instructions are expanded to add the collection of data on U.S. purchases and U.S. sales of long-term securities by U.S.-residents with foreign-residents; in the Form SLT, two columns are added for each of the 11 columns of holdings mentioned in (2) above; in the instructions, sections II.F.3, II.F.5, III.E and III.F are added. (5) Note that while purchases and sales in the revised SLT data collection appear to be generally the same as in the Form S data collection, there are three important differences: (i) Purchases and sales in the Form SLT are reported by the custodian or issuer or end-investor that is also reporting the holdings, while in the Form S purchases and sales are reported by a trader (e.g., broker-dealer, prime broker, principal trading firm);   (ii) the Form SLT data are recorded from the U.S. point of view, while the Form S data are recorded from the foreign point-of-view (e.g., Form SLT ‘‘purchases’’ are made by U.S. residents from foreign-residents, whereas Form S ‘‘purchases’’ are made by foreign-residents from U.S.-residents); and (iii) purchases and sales of foreign securities in Form SLT are recorded opposite the foreign country that issued the security, whereas the Form S data are recorded opposite the country that purchased or sold the security. The Form SLT data are much more informative about U.S. claims on individual foreign countries. (6) The revised Form SLT no longer has Parts A and B, where previously a custodian reported data in part A and an issuer and/or end-investor reported data in part B. In the revised Form SLT the reporting firm must check one or both of the two boxes in the top-center section of the cover page to specify whether the data is from a custodian or from an issuer and/or end- investor or from both; see II.A in the instructions. So a firm that reports data for both a custodian and an issuer/end-user can combine both types of data into one report, and no longer needs to report

<p>IRS Seeks Comments on Employee Pension Agreement Form</p>

IRS Seeks Comments on Employee Pension Agreement Form

Internal Revenue Service

The IRS has requested comments on Form 5305-SEP, “Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement.” Comments are due by August 2. 

<p>The IRS has requested comments on Form 5305-SEP, “Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement.” Comments are due by August 2. </p>