Federal Register: December 26, 2001 (Volume 66, Number 247)
DOCID: FR Doc 01-31651
DEPARTMENT OF THE TREASURY
Internal Revenue Service
REG ID: [REG-120168-97]
ACTION: Agency information collection activities:
DOCUMENT ACTION: Notice and request for comments.
Proposed Collection; Comment Request for Regulation Project
DATES: Written comments should be received on or before February 25, 2002 to be assured of consideration.
The Department of the Treasury, 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 10413(44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an existing final regulation, REG12016897 (TD 8798), Preparer Due Diligence Requirements for Determining Earned Income Credit Eligibility.
Proposed collection; comment request,
Title: Preparer Due Diligence Requirements for Determining Earned Income Credit Eligibility.
OMB Number: 15451570.
Regulation Project Number: REG12016897.
Abstract: Income tax return preparers who satisfy the due diligence requirements in this regulation will avoid the imposition of the penalty section 6695(g) of the Internal Revenue Code for returns or claims for refund due after December 31, 1997. The due diligence requirements include soliciting the information necessary to determine a taxpayer's eligibility for, and amount of, the Earned Income Tax Credit and the retention of this information.
Current Actions: There are no changes being made to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other forprofit.
Estimated Number of Respondents: 100,000.
Estimated Time Per Respondent: 5 hours, 4 minutes.
Estimated Total Annual Burden Hours: 507,136.
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. 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 startup costs and costs of operation, maintenance, and purchase of services to provide information.
Approved: December 17, 2001.
IRS Reports Clearance Officer.
[FR Doc. 0131651 Filed 122101; 8:45 am] BILLING CODE 483001P
FOR FURTHER INFORMATION CONTACT
Requests for additional information or copies of the regulation should be directed to Larnice Mack, (202) 622 3179, Internal Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, DC 20224.