88 FR 20 pg. 6372 - Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request Concerning Information Reporting for Form 7208
Type: NOTICEVolume: 88Number: 20Page: 6372
Page: 6372FR document: [FR Doc. 2023-01869 Filed 1-30-23; 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 Concerning Information Reporting for Form 7208
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 new Form 7208, Excise Tax on Repurchase of Corporate Stock.
DATES:
Written comments should be received on or before April 3, 2023 to be assured of consideration.
ADDRESSES:
Direct all written comments to Andrés Garcia, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or by email to pra.comments@irs.gov. Please include, "OMB Number: 1545-New, Form 7208-Public Comment Request Notice" in the Subject line.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or copies of the form and instructions should be directed to Ronald J. Durbala, at (202) 317-5746, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at RJoseph.Durbala@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Excise Tax on Repurchase of Corporate Stock.
OMB Number: 1545-New.
Form Project Number: Form 7208.
Abstract: Section 4501 was added to a new chapter 37 of the Code by the enactment of Public Law 117-169, 136 Stat. 1818 (August 16, 2022), commonly referred to as the Inflation Reduction Act of 2022 (IRA). Form 7208 is used to figure the excise tax on stock repurchases. If more lines for any part of the form are needed, taxpayers are to prepare a continuation sheet using the same format as the form. Form 7208 and any continuation sheet is to be attached to Form 720, Quarterly Federal Excise Tax Return.
Current Actions: This is a request for new OMB approval.
Type of Review: New Form.
Affected Public: Business or other for-profit organizations.
Estimated Number of Responses: 400
Estimated Time per Respondent: 6 Hours 30 minutes
Estimated Total Annual Burden Hours: 2,600
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: January 25, 2023.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2023-01869 Filed 1-30-23; 8:45 am]
BILLING CODE 4830-01-P