87 FR 20 pgs. 4998-4999 - Proposed Collection; Comment Request for Reporting Requirements for Widely Held Fixed Investment Trusts
Type: NOTICEVolume: 87Number: 20Pages: 4998 - 4999
Pages: 4998, 4999FR document: [FR Doc. 2022-01879 Filed 1-28-22; 8:45 am]
Agency: Treasury Department
Sub Agency: Internal Revenue Service
Official PDF Version: PDF Version
[top]
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Reporting Requirements for Widely Held Fixed Investment Trusts
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Notice and request for comments.
SUMMARY:
[top] The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden,
DATES:
Written comments should be received on or before April 1, 2022 to be assured of consideration.
ADDRESSES:
Direct all written comments to Andres Garcia, 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 should be directed to Kerry Dennis at (202) 317-5751, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Kerry.L.Dennis@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Reporting Requirements for Widely Held Fixed Investment Trusts.
OMB Number: 1545-1540.
Regulation Project Number: TD 9308.
Abstract: Under regulation section 1.671-5, the trustee or the middleman who holds an interest in a widely held fixed investment trust for an investor will be required to provide a Form 1099 to the IRS and a tax information statement to the investor. The trust is also required to provide more detailed tax information to middlemen and certain other persons, upon request.
Current Actions: There is no change to the regulation or burden at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 1,200.
Estimated Time per Respondent: 2 hours.
Estimated Total Annual Burden Hours: 2,400 hours.
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.
Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter 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 shall have 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 respondents, including through the use of automated collection techniques 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: January 25, 2022.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2022-01879 Filed 1-28-22; 8:45 am]
BILLING CODE 4830-01-P