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Regs Submitted for OMB Review

NOV. 3, 2000

65 F.R. 66300-66301

DATED NOV. 3, 2000
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Cross-Reference
    For a summary of T.D. 7925, see Tax Notes, Dec. 19, 1983, p. 1091.

    For a summary of T.D. 8418, see Tax Notes, May 18, 1992, p. 886; for

    the text, see Doc 92-4198 (285 pages), 92 TNT 101-1 , or H&D, May 13,

    1992, Special Supplement.
  • Code Sections
  • Subject Area/Tax Topics
  • Index Terms
    deposits, underpayments
    deposits, overstated claims
    exempt bonds, arbitrage
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 2000-28547 (2 original pages)
  • Tax Analysts Electronic Citation
    2000 TNT 215-73
Citations: 65 F.R. 66300-66301
SUBMISSION FOR OMB REVIEW; COMMENT REQUEST

 

=============== SUMMARY ===============

 

The IRS has submitted for Office of Management and Budget approval, and (as required by the Paperwork Reduction Act of 1995) has requested public comment on, information collections under final regulations (T.D. 7925) concerning the penalty for underpayment of deposits and the penalty for overstated deposit claims and concerning the time for filing information returns of owners, officers, and directors of foreign corporations, and under final regs (T.D. 8418) under section 148 relating to the arbitrage rebate requirements applicable to tax-exempt bonds issued by state and local governments. (For a summary of T.D. 7925, see Tax Notes, Dec. 19, 1983, p. 1091. For a summary of T.D. 8418, see Tax Notes, May 18, 1992, p. 886; for the text, see Doc 92-4198 (285 pages), 92 TNT 101-1 , or H&D, May 13, 1992, Special Supplement.)

To obtain copies of the submissions, call Garrick Shear at (202) 622-3869. Address comments, which are due by December 4, 2000, to Garrick Shear, Internal Revenue Service, Room 5244, 1111 Constitution Ave., NW, Washington, DC 20224; and Alexander T. Hunt, Office of Management and Budget, Room 10202, New Executive Office Building, Washington, DC 20503.

 

=============== FULL TEXT ===============

 

DEPARTMENT OF THE TREASURY

 

 

October 24, 2000

 

 

[1] The Department of the Treasury has submitted the following public information collection requirement(s) to OMB for review and clearance under the Paperwork Reduction Act of 1995, Public Law 104- 13. Copies of the submission(s) may be obtained by calling the Treasury Bureau Clearance Officer listed. Comments regarding this information collection should be addressed to the OMB reviewer listed and to the Treasury Department Clearance Officer, Department of the Treasury, Room 2110, 1425 New York Avenue, NW., Washington, DC 20220.

[2] DATES: Written comments should be received on or before December 4, 2000 to be assured of consideration.

[3] Internal Revenue Service (IRS)

[4] OMB Number: 1545-0794.

[5] Regulations Project Number: LR-311-81 Final (TD 7925).

[6] Type of Review: Extension.

[7] Title: Penalties for Underpayment of Deposits and Overstated Deposit Claims, and Time for Filing Information Returns of Owners, Officers and Directors of Foreign Corporations.

[8] Description: Section 606 requires information returns with respect to certain foreign corporations and the regulations provide the date by which these returns must be filed. Section 6656 provides penalties with respect to failure to properly satisfy tax deposit obligations and the regulations provide the method for applying for relief from these penalties.

[9] Respondents: Business or other for-profit, individuals or households.

[10] Estimated Number of Respondents: 60,000.

[11] Estimated Burden Hours Per Respondent: 30 minutes.

[12] Frequency of Response: On occasion.

[13] Estimated Total Reporting Burden: 30,000 hours.

[14] OMB Number: 1545-1098.

[15] Regulation Project Number: FI-91-86; FI-90-86; FI-90-91; and FI-1-90 Final (TD 8428).

[16] Type of Review: Extension.

[17] Title: Arbitrage Restrictions on Tax-Exempt Bonds.

[18] Description: This regulation requires state and local governmental issuers of tax-exempt bonds to rebate arbitrage profits earned on non-purpose investments acquired with the bond proceeds. Issuers are required to submit a form with the rebate. The regulations provide for several elections, all of which must be in writing.

[19] Respondents: State, local or Tribal Government; Not-for- profit institutions.

[20] Estimated Number of Respondents: 3,100.

[21] Estimated Burden Hours Per Respondent: 2 hours, 46 minutes.

[22] Frequency of Response: On occasion, Other (at most every 5 years).

[23] Estimated Total Reporting Burden: 8,550 hours.

[24] Clearance Officer: Garrick Shear, Internal Revenue Service, Room 5244, 1111 Constitution Avenue, NW., Washington, DC 20224.

[25] OMB Reviewer: Alexander T. Hunt, (202) 395-7860, Office of Management and Budget, Room 10202, New Executive Office Building, Washington, DC 20503.

Lois K. Holland,

 

Departmental Reports Management

 

Officer
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Cross-Reference
    For a summary of T.D. 7925, see Tax Notes, Dec. 19, 1983, p. 1091.

    For a summary of T.D. 8418, see Tax Notes, May 18, 1992, p. 886; for

    the text, see Doc 92-4198 (285 pages), 92 TNT 101-1 , or H&D, May 13,

    1992, Special Supplement.
  • Code Sections
  • Subject Area/Tax Topics
  • Index Terms
    deposits, underpayments
    deposits, overstated claims
    exempt bonds, arbitrage
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 2000-28547 (2 original pages)
  • Tax Analysts Electronic Citation
    2000 TNT 215-73
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