[Federal Register Volume 90, Number 59 (Friday, March 28, 2025)]
[Notices]
[Pages 14189-14190]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-05344]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Multiple Internal Revenue Service (IRS)
Information Collection Requests
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
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SUMMARY: The Department of the Treasury will submit the following
information collection requests to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, on or after the date of publication of this
notice. The public is invited to submit comments on these requests.
DATES: Comments should be received on or before April 28, 2025 to be
assured of consideration.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Melody Braswell by emailing [email protected], calling
(202) 622-1035, or viewing the entire information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION: Internal Revenue Service (IRS)
1. Title: Third-Party Disclosure Requirements.
OMB Control Number: 1545-1466.
Abstract: Taxpayers must obtain third-party certification or
documentation to avail themselves of certain credits, deductions or
other benefits permitted by the Internal Revenue Code. Taxpayers will
use these documents or information to support claims for certain
credits, deductions, or tax benefits on their returns. The Internal
Revenue Service may review these documents or information during any
examination of taxpayers' returns to verify the taxpayers' entitlement
to the claimed credits, deductions, or tax benefits. This submission
contains third-party disclosure regulations subject to the Paperwork
Reduction Act of 1995.
Current Actions: There are no changes being made to this collection
at this time. However, updates in the burden estimates will result in a
burden increase of 297,453 hours.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, business or other for-
profit organizations, and not-for-profit institutions.
Estimated Number of Responses: 130,723,849.
Estimated Average Time per Respondent: 16 min.
Estimated Total Annual Burden Hours: 34,228,870.
2. Title: Distributions From an HSA, Archer MSA, or Medicare
Advantage MSA.
OMB Control Number: 1545-1517.
Form Number: 1099-SA.
Abstract: Form 1099-SA is used to report distributions made from a
health savings account (HSA), Archer medical savings account (Archer
MSA), or Medicare Advantage MSA (MA MSA). The distribution may have
been paid directly to a medical service provider or to the account
holder. A separate return must be filed for each plan type.
Current Actions: There is no change to the form, however the agency
has updated the estimated number of responses based on the most recent
filing data. The agency estimates 7,958 less responses, decreasing
overall burden by 1,114 hours.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit.
Estimated Number of Respondents: 10,500.
Estimated Time per Response: 11 min.
Estimated Total Annual Burden Hours: 3,738,643 hours.
3. Title: HSA, Archer MSA, or Medicare Advantage MSA Information.
OMB Control Number: 1545-1518.
Form Number: 5498-SA.
Abstract: This form is used to report contributions to a medical
savings account as required by Internal Revenue Code section 220(h).
Current Actions: There are no changes being made to the form at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Responses: 38,473,400.
Estimated Time per Response: 10 min.
Estimated Total Annual Burden Hours: 6,412,233.
4. Title: Foreign Account Tax Compliance Act (FATCA).
OMB Control Number: 1545-2246.
Form Numbers: 8957, 8966, 8966-C, 8809-I, and 8508-I.
[[Page 14190]]
Regulation Project Numbers: IRS Notice 2023-11, IRS Notice 2024-78,
and TD 9610.
Abstract: Internal Revenue Code (IRC) section 1471-1474 is part of
the Foreign Account Tax Compliance Act (FATCA) legislative framework to
obtain reporting from foreign financial institutions on the accounts
held in their institutions by US persons. The IRS developed forms and
regulations under these authorities of IRC. TD 9610 includes the
regulations related to the reporting on the forms and the associated
recordkeeping requirements.
Form 8957, Foreign Account Tax Compliance Act (FATCA) Registration,
information is to be used by a foreign financial institution to apply
for status as a foreign financial institution (FFI) as defined in IRC
1471(b)(2). Form 8966, FATCA Report, is used by a responsible officer
of a foreign institution to report information with respect to U.S.
accounts or persons based on their IRC chapter 4 status. Form 8966-C is
used to authenticate the paper-filed Forms 8966 and to ensure the
ability to identify discrepancies between the number of forms received
versus those claimed to have been sent by the filer. Taxpayers use Form
8508-I to request a waiver from filing Form 8966 electronically. Form
8809-I is used to request an initial or additional extension of time to
file 8966 for the current year. IRS Notice 2023-11 and IRS Notice 2024-
78 allow FFIs to obtain temporary relief from reporting missing
required U.S. taxpayer identification numbers for certain preexisting
accounts, when they comply with the procedures described within each
notice. Publication 5124 provides directions on how Model 1
Intergovernmental Agreements report information directly to the IRS.
Current Actions: IRS is adding the Publication 5124, IRS Notice
2023-11 and 2024-78 to the OMB approval for 1545-2246. There are not
changes to the requirements. This is an administrative change to count
the burden within 1545-2246.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 5,561,180.
Estimated Time per Response: 7 minutes up to 8 hours
Estimated Total Annual Burden Hours: 2,912,282.
5. Title: Information Reporting for Certain Life Insurance Contract
Transactions.
OMB Control Number: 1545-2281.
Form Number: Forms 1099-LS and 1099-SB.
Abstract: The collection covers the information reporting
requirements for certain life insurance contracts under IRC 6050Y,
which was added by the Tax Cuts and Jobs Act (TCJA). Form 1099-LS is
used by the acquirer of any interest in a life insurance contract (also
known as a life insurance policy) in a reportable policy sale to report
the acquisition. Form 1099-SB is used by the issuer of a life insurance
contract (also known as a life insurance policy) to report the seller's
investment in the contract and surrender amount with respect to an
interest in a life insurance contract transferred in a ``reportable
policy sale'' or transferred to a foreign person.
Current Actions: There is no change to the burden previously
approved.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses or other for-profits.
Estimated Number of Responses: 13,100.
Estimated Time per Respondent: 7 min.
Estimated Total Annual Burden Hours: 1,572.
6. Title: De Minimis Error Safe Harbor Exceptions to Penalties for
Failure to File Correct Information Returns or Furnish Correct Payee
Statements.
OMB Control Number: 1545-2301.
Regulation Project Number: TD 9984.
Abstract: Treasury Decision (TD) 9984 contains regulation
implementing statutory safe harbor rules that protect persons required
to file information returns or to furnish payee statement from Internal
Revenue Code penalties for failure to file correct information returns
or furnish correct payee statements. The statutory safe harbor rules
treat information returns and payee statements with erroneous dollar
amounts as correct returns or statements for certain penalty purposes
if the errors are de minimis in dollar amount. The final regulations
also prescribe the time and manner in which a payee may elect not to
have the statutory safe harbor rules apply. The collection of
information will be the election, revocation of the election,
notification of the election, and specified record retention regarding
these actions. The collection is necessary for the effective operation
of the exception and election. Respondents are payees or filers.
Current Actions: There is no change to the collection requirements
since the previous OMB approval.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or Households.
Estimated Number of Responses: 16,123,292.
Estimated Time per Response: 4 minutes.
Estimated Total Annual Burden Hours: 992,102.
Authority: 44 U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2025-05344 Filed 3-27-25; 8:45 am]
BILLING CODE 4830-01-P