90 FR 31 pgs. 9802-9803 - Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Form 712
Type: NOTICEVolume: 90Number: 31Pages: 9802 - 9803
Pages: 9802, 9803FR document: [FR Doc. 2025-02672 Filed 2-14-25; 8:45 am]
Agency: Treasury Department
Sub Agency: Internal Revenue Service
Official PDF Version: PDF Version
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Form 712
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 Form 712, Life Insurance Statement.
DATES:
Written comments should be received on or before April 21, 2025 to be assured of consideration.
ADDRESSES:
[top] Written comments and recommendations for the proposed
SUPPLEMENTARY INFORMATION:
Title: Life Insurance Statement.
OMB Number: 1545-0022.
Project Number: Form 712.
Abstract: Form 712 provides taxpayers and the IRS with information to determine if insurance on the decedent's life is includible in the gross estate and to determine the value of the policy for estate and gift tax purposes. The tax is based on the value of the life insurance policy.
Current Actions: There is no change to the form previously approved by OMB. However, updates to burden calculations will result in an increase of 332,400 burden hours. This form is being submitted for renewal purposes.
Type of Review: Revision of a currently approved collection.
Affected Public: Businesses and other for-profit organizations.
Estimated Number of Respondents: 60,000.
Estimated Time per Respondent: 24 hrs. 13 min.
Estimated Total Annual Burden Hours: 1,452,600.
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: February 11, 2025.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2025-02672 Filed 2-14-25; 8:45 am]
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