Federal Register / Vol. 86, No. 92 / Friday, May 14, 2021 / Notices26603      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 Martha.R.Brinson@irs.gov. 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  DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Information Reporting for Certain Life Insurance Contract Transactions AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments.  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 the  burden related to the information reporting for certain life insurance contract transactions. 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 6529, 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: Information Reporting forCertain Life Insurance Contract Transactions.OMB Number: 1545–2281.Regulation Project/Form Number: Forms 1099–LS and 1099–SB. Abstract: The collection covers the information reporting requirements for certain life insurance contracts under IRC 6050Y, which was added by the Tax Cuts and Jobs Act (TCJA). Form 1099– LS is used by the acquirer of any interest in a life insurance contract (also known as a life insurance policy) in a reportable policy sale to report the acquisition. Form 1099–SB is used by the issuer of a life insurance contract (also known as a life insurance policy) to report the seller’s investment in the contract and surrender amount with respect to an interest in a life insurance contract transferred in a ‘‘reportable policy sale’’ or transferred to a foreign person. Current Actions: There is no change to the burden previously approved. Type of Review: Extension of a currently approved collection. Affected Public: Businesses or other for-profits.Estimated Number of Responses:6,000.Estimated Time per Respondent: 7 min. Estimated Total Annual Burden Hours: 720. 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 26604Federal Register / Vol. 86, No. 92 / Friday, May 14, 2021 / Notices    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; andMinimize 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: May 10, 2021. Ronald J. Durbala, IRS Tax Analyst. [FR Doc. 2021–10156 Filed 5–13–21; 8:45 am] BILLING CODE 4830–01–P  DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Form 1099–SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments.  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 the burden related to completing form  1099–SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA. 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 6529, 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: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA.OMB Number: 1545–1517.Regulation Project/Form Number:Form 1099–SA.Abstract: Form 1099–SA is used to report distributions made from a health savings account (HSA), Archer medical savings account (Archer MSA), or Medicare Advantage MSA (MA MSA). The distribution may have been paid directly to a medical service provider or to the account holder. A separate return must be filed for each plan type. Current Actions: There is no change to the burden previously approved. Type of Review: Extension of a currently approved collection. Affected Public: Businesses or other for-profits.Estimated Number of Responses:25,839. Estimated Time per Respondent: 11 min. Estimated Total Annual Burden Hours: 3,618. 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: May 10, 2021. Ronald J. Durbala, IRS Tax Analyst. [FR Doc. 2021–10155 Filed 5–13–21; 8:45 am] BILLING CODE 4830–01–P    DEPARTMENT OF VETERANS AFFAIRS [OMB Control No. 2900–0469] Agency Information Collection Activity: Certificate Showing Residence and Heirs of Deceased Veterans or Beneficiary AGENCY: Veterans Benefits Administration, Department of Veterans Affairs. ACTION: Notice.  SUMMARY: Veterans Benefits Administration, Department of Veterans Affairs (VA), is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act (PRA) of 1995, Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of a currently approved collection, and allow 60 days for public comment in response to the notice. This form is used by the Department of Veterans Affairs (VA) to establish entitlement to Government Life Insurance proceeds in estate cases when formal administration of the estate is not required. The information on the form is

<p>IRS Seeks Comments on Life Insurance Transaction Forms</p>

IRS Seeks Comments on Life Insurance Transaction Forms

Internal Revenue Service

The IRS has requested comments on Forms 1099-LS and 1099-SB, which are used to report certain life insurance contract transactions. Comments are due by July 13.

<p>The IRS has requested comments on Forms 1099-LS and 1099-SB, which are used to report certain life insurance contract transactions. Comments are due by July 13.</p>