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 these requests.
DATES:
Comments should be received on or before December 28, 2023 to be assured of consideration.
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 Melody Braswell by emailing PRA@treasury.gov, calling (202) 622–1035, or viewing the entire information collection request at www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Internal Revenue Service (IRS)
1. Title: Withholding of Tax and Information Reporting With Respect to Interests in Partnerships Engaged in a U.S. Trade or Business.
OMB Control Number: 1545–2292.
Form Number: TD 9926.
Abstract: These final regulations under section 1446(f) provide guidance related to the withholding of tax and information reporting with respect to certain dispositions of interests in partnerships engaged in a trade or business within the United States. The final regulations affect certain foreign persons that recognize gain or loss from the sale or exchange of an interest in a partnership that is engaged in a trade or business within the United States, and persons that acquire those interests. The final regulations also affect partnerships that, directly or indirectly, have foreign persons as partners.
Current Actions: There is no change to existing regulation.
Type of Review: Extension without change of a currently approved collection.
Affected Public: Business or other for-profit organizations and individuals.
Estimated Number of Respondents: 76,000.
Estimated Time per Respondent: 40 minutes.
Estimated Total Annual Burden Hours: 50,920.
2. Title: Tax Return Preparer Complaint and Tax Return Preparer Fraud or Misconduct Affidavit.
OMB Number: 1545–2168.
Form Numbers: 14157 and 14157–A.
Abstract: These forms will be used by taxpayers to report allegations of misconduct by tax return preparers. The forms are created specifically for tax return preparer complaints and include items necessary for the IRS to effectively evaluate the complaint and route to the appropriate function.
Current Actions: There are no changes to the forms previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, businesses, and other for-profits.
Estimated Number of Respondents: 7,500.
Estimated Time per Respondent: 12 mins.
Estimated Total Annual Burden Hours: 1,593.
3. Title: Like-Kind Exchanges.
OMB Number: 1545–1190.
Form Number: Form 8824.
Abstract: Section 1031 of the Internal Revenue Code allows for the non-recognition of gain or loss on the exchange of business or investment property. Section 1043 allows for the non-recognition of gain from dispositions made by certain members of the executive branch of the Federal government because of a conflict of interest. Form 8824 provides taxpayers with an easy method of determining whether a transaction qualifies for like-kind exchange treatment, the gain or loss, if any recognized because of the exchange, and the basis in the new property received in the exchange.
Current Actions: Substantial changes are being made to the form and instructions, based on Regulations sections 1.1031(a)–1(a)(3) and 1.1031(a)–3 (and IRC 1031 as updated by Pub. L. 115–97 (TCJA), section 13303). These rules limit the property eligible for like-kind exchanges. Under these rules, only property meeting the definition of real property in IRC 1031 is like-kind property for purposes of like-kind exchanges.
Type of Review: Revision of a currently approved collection.
Affected Public: Individuals or households, business or other for-profit organization, and not-for-profit institution.
Estimated Number of Respondents: 137,547.
Estimated Time per Respondent: 17 hrs., 11 min.
Estimated Total Annual Burden Hours: 2,364,433.
Authority: 44 U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2023–26169 Filed 11–27–23; 8:45 am]
BILLING CODE 4830–01–P