Public Information Collection Requirements Submitted to OMB for Review

DEPARTMENT OF THE TREASURY

Public Information Collection Requirements Submitted to OMB for

Review

August 14, 1995.

The Department of Treasury has submitted the following public

information collection requirement(s) to OMB for review and clearance

under the Paperwork Reduction Act of 1980, Public Law 96-511. 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.

Internal Revenue Service (IRS)

OMB Number: 1545-0256.

Form Number: IRS Forms 941c and 941cPR.

Type of Review: Extension.

Title: Supporting Statement to Correct Information (941c), Planilla

Para La Correccion De Informacion (941cPR).

Description: Used by employers to correct previously reported FICA

or income tax data. It may be used to support a credit or adjustment

claimed on a current return for an error in a prior return period. The

information is used to reconcile wages and taxes previously reported or

used to support claim for refund credit or adjustment of FICA or income

tax.

Respondents: Business or other for-profit, Not-for-profit

institutions, State, Local or Tribal Government.

Estimated Number of Respondents/Recordkeepers: 98,050.

Estimated Burden Hours Per Respondent/Recordkeeper

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Form 941c Form 941cPR

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Recordkeeping.......... 8 hr., 51 min.......... 7 hr., 25 min.

Preparing the form..... 8 min.................. 7 min.

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Frequency of Response: On occasion.

Estimated Total Reporting/Recordkeeping Burden: 8,528,697 hours.

OMB Number: 1545-962 .

Form Number: IRS Publication 1075.

Type of Review: Extension.

Title: Safeguard Procedures and Safeguard Activity Reports.

Description: Internal Revenue Code section 6103(p) requires that

IRS provide periodic reports to Congress describing safeguard

procedures utilized by agencies, which receive information from the

IRS, to protect the

[[Page 44380]]

confidentiality of the information. This section also requires that

these agencies furnish reports to the IRS describing their safeguards.

Respondents: State, Local or Tribal Government, Business or other

for-profit, Not-for-profit institutions, Federal Government.

Estimated Number of Respondents: 5,100.

Estimated Burden Hours Per Respondent: 5 hours.

Frequency of Response: Annually.

Estimated Total Reporting Burden: 25,500 hours.

OMB Number: 1545-1012.

Form Number: IRS Form 5305A-SEP.

Type of Review: Reinstatement.

Title: Salary Reduction and Other Elective Simplified Employee

Pension--Individual Retirement Accounts Contribution Agreement.

Description: This form is used by an employer to make an agreement

to provide benefits to all employees under a salary reduction

Simplified Employee Pension (SEP) described in section 408(k). This

form is not to be filed with IRS, but to be retained in the employers

records as proof of establishing such a plan, thereby justifying a

deduction for contributions made to this SEP. The data is used to

verify the deduction.

Respondents: Business or other for-profit.

Estimated Number of Respondents/Recordkeepers: 100,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--40 min.

Learning about the law or the form--54 min.

Preparing the form--1 hr., 5 min.

Frequency of Response: On occasion.

Estimated Total Reporting/Recordkeeping Burden: 265,000.

OMB Number: 1545-1102.

Regulation ID Number: PS-19-82 Final, Notice 89-1 and Notice 89-6.

Type of Review: Extension.

Title: Carryover Allocations and Other Rules Relating to the Low-

Income Housing Credit.

Description: The regulations provide the Service the information it

needs to ensure that low-income housing tax credits are being properly

allocated under section 42. This is accomplished through the use of

carryover allocation documents, election statements, and binding

agreements executed between taxpayers (e.g., individuals, businesses,

etc.) and housing credit agencies.

Respondents: Individuals or households, Business or other for-

profit, Not-for-profit institutions, State, Local or Tribal Government.

Estimated Number of Respondents: 2,230.

Estimated Burden Hours Per Respondent: 4 hours, 30 minutes.

Frequency of Response: Other.

Estimated Total Reporting Burden: 4,008 hours.

OMB Number: 1545-1355.

Regulation ID Number: INTL-848-89 NPRM.

Type of Review: Extension.

Title: Taxable Year of Certain Foreign Corporations Beginning After

July 10, 1989.

Description: Proposed regulations set forth the ``required year''

for ``specified foreign corporations'' for taxable years beginning

after July 10, 1989, and give guidance on which foreign corporations

must change their taxable year and how to effect the change in taxable

year. Specified foreign corporations must conform to the required year

and must state so on Form 5471.

Respondents: Business or other for-profit.

Estimated Number of Respondents: 1.

Estimated Burden Hours Per Respondent: 1 hour.

Frequency of Response: On occasion.

Estimated Total Reporting Burden: 1 hour.

Clearance Officer: Garrick Shear, (202) 622-3869, Internal Revenue

Service, room 5571, 1111 Constitution Avenue NW., Washington, DC 20224.

OMB Reviewer: Milo Sunderhauf, (202) 395-7340, Office of Management

and Budget, room 10226, New Executive Office Building, Washington, DC

20503.

Lois K. Holland,

Departmental Reports Management Officer.

[FR Doc. 95-21119 Filed 8-24-95; 8:45 am].

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