Submission for OMB Review; Comment Request

DEPARTMENT OF THE TREASURY

Submission for OMB Review; Comment Request

October 28, 1999.

The Department of the Treasury has submitted the following public

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

under the Paperwork Reduction Act of 1995, Public Law 104-13. 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.

Dates: Written comments should be received on or before December

15, 1999 to be assured of consideration.

Internal Revenue Service (IRS)

OMB Number: 1545-1421.

Regulation Project Number: IA-62-93 TEMP and NPRM.

Type of Review: Extension.

Title: Certain Elections Under the Omnibus Budget Reconciliation

Act of 1993.

Description: These regulations establish various elections enacted

by the Omnibus Budget Reconciliation Act of 1993 (Act). The regulations

provide guidance that enable taxpayers to take advantage of various

benefits provided by the Act and the Internal Revenue Code.

Respondents: Business or other for-profit, Individuals or

households, Farms.

Estimated Number of Respondents: 410,000.

Estimated Burden Hours Per Respondent: 30 minutes.

Frequency of Response: On occasion.

Estimated Total Reporting Burden: 202,500 hours.

OMB Number: 1545-1466.

Regulation Project Number: None.

Type of Review: Revision.

Title: Third-Party Disclosure Requirements in IRS Regulations.

Description: This submission contains third-party disclosure

regulations subject to the Paperwork Reduction Act of 1995.

Respondents: Business or other for-profit, Individuals or

households, Not-for-profit institutions.

Estimated Number of Respondents/Recordkeepers: 245,824,890.

Estimated Burden Hours Per Respondent/Recordkeeper: Varies.

Frequency of Response: Annually.

Estimated Total Reporting Burden: 69,927,555 hours.

OMB Number: 1545-1500.

Form Number: IRS Form 8850.

Type of Review: Extension.

Title: Work Opportunity Credit Pre-Screening Notice and

Certification Request.

Description: A job applicant completes and signs, under penalties

of perjury, the top portion of the form to indicate that he or she is a

member of a targeted group. If the employer has a belief that the

applicant is a member of a targeted group, the employer signs the other

portion of the form under penalties of perjury and submits it to the

State Employment Security Agency (SESA) as part of a written request

for certification.

Respondents: Business or other for-profit.

Estimated Number of Respondents/Recordkeepers: 400,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--2 hr., 47 min.

Learning about the law or the form--37 min.

Preparing the form and sending the form to the SESA--36 min.

Frequency of Response: On occasion.

Estimated Total Reporting/Recordkeeping Burden: 1,596,000 hours.

OMB Number: 1545-1537.

Regulation Project Number: REG-253578-96 NPRM and TEMP.

Type of Review: Extension.

Title: Health Insurance Portability for Group Health Plans (NPRM);

and Interim Rules for Health Insurance Portability for Group Health

Plans (Temporary).

Description: The regulations provide guidance for group health

plans and the employers maintaining them regarding requirements imposed

on plans relating to preexisting condition exclusions, discrimination

based on health status, and access to coverage.

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

institutions, State, Local or Tribal Government.

Estimated Number of Respondents: 1,300,000.

Estimated Burden Hours Per Response: Varies.

Estimated Total Reporting Burden: 591,561 hours.

OMB Number: 1545-1656.

Revenue Procedure Number: Revenue Procedure 99-31.

Type of Review: Extension.

Title: Employee Plans Compliance Programs--Acceptable Methods of

Self-Correction and Closing Agreements.

Description: The information requested in this revenue procedure is

required to enable the Internal Revenue Service to make determinations

on the issuance of various closing agreements and compliance statements

as well as to verify that plan participants have been notified by their

employers. The issuance of these agreements and proper notification

allows individual plans to maintain their tax-qualified status. As a

result, the favorable tax treatment of the benefits of the eligible

employees is retained.

Respondents Business or other for-profit, Individuals or

households, Not-for-profit institutions, State, Local or Tribal

Government.

Estimated Number of Respondents: 1,000.

Estimated Burden Hours Per Respondent: 10 hours, 48 minutes.

Frequency of Response: On occasion.

Estimated Total Reporting Burden: 10,800 hours.

OMB Number: 1545-1657.

Revenue Procedure Number: Revenue Procedure 99-32.

Type of Review: Extension.

Title: Conforming Adjustments Subsequent to Section 482

Allocations.

Description: This revenue procedure prescribes the applicable

procedures for the repatriation of cash by a United States taxpayer via

an interesting-bearing account receivable or payable in an amount

corresponding to the amount allocated under section 482 from, or to, a

related person with respect to a controlled transaction.

Respondents Business or other for-profit.

Estimated Number of Respondents: 180.

Estimated Burden Hours Per Respondent: 9 hours.

Frequency of Response: On occasion.

[[Page 61960]]

Estimated Total Reporting Burden: 1,620 hours.

OMB Number: 1545-1660.

Notice Number: Notice 99-43.

Type of Review: Extension.

Title: Nonrecognition Exchanges under Section 897.

Description: This notice announces a modification of the current

rules under Temporary Regulations Sec. 1.897-6T(a)(1) regarding

transfers, exchanges, and other dispositions of U.S. real property

interests in nonrecognition transactions occurring after June 18, 1980.

The new rule will be included in regulations finalizing the temporary

regulations.

Respondents Business or other for-profit, Individuals or

households.

Estimated Number of Respondents: 100.

Estimated Burden Hours Per Respondent: 2 hours.

Frequency of Response: On occasion.

Estimated Total Reporting Burden: 200 hours.

Clearance Officer: Garrick Shear, Internal Revenue Service, Room

5244, 1111 Constitution Avenue, NW, Washington, DC 20224.

OMB Reviewer: Alexander T. Hunt (202) 395-7860, Office of

Management and Budget, Room 10202, New Executive Office Building,

Washington, DC 20503.

Lois K. Holland,

Departmental Reports Management Officer.

[FR Doc. 99-29654 Filed 11-12-99; 8:45 am]

BILLING CODE 4830-01-P