[Federal Register: October 25, 1999 (Volume 64, Number 205)]
[Notices]               
[Page 57513-57514]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr25oc99-119]                         

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DEPARTMENT OF THE TREASURY

 
Submission for OMB Review; Comment Request

October 15, 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 November 24, 
1999 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1002.
    Form Number: IRS Form 8621.
    Type of Review: Extension.
    Title: Return by a Shareholder of a Passive Foreign Investment 
Company or Qualified Electing Fund.
    Description: Form 8621 is filed by a U.S. shareholder who owns 
stock in a foreign investment company. The form is used to report 
income, make an election to extend the time for payment of tax, and to 
pay an additional tax and interest amount. The IRS uses Form 8621 to 
determine if these shareholders have correctly reported amounts of 
income, made the election correctly, and have correctly computed the 
additional tax and interest amount.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 2,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:


Recordkeeping................................  13 hr., 38 min.
Learning about the law or the form...........  6 hr., 27 min.
Preparing and sending the form to the IRS....  6 hr., 58 min.



    Frequency of Response: Annually
    Estimated Total Reporting/Recordkeeping Burden: 54,080 hours.
    OMB Number: 1545-1417.
    Form Number: IRS Form 8845.
    Type of Review: Extension.
    Title: Indian Employment Credit.
    Description: Employers can claim a credit for hiring American 
Indians or their spouses to work within an Indian reservation. The 
credit is figured by multiplying by 20% the increase in wages and 
health insurance costs over the comparable amount paid or incurred 
during calendar year 1993.

[[Page 57514]]

    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,246.
    Estimated Burden Hours Per Respondent/Recordkeeper:


Recordkeeping................................  7 hr., 25 min.
Learning about the law or the form...........  1 hr., 12 min.
Preparing and sending the form to the IRS....  1 hr., 22 min.



    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 12,423 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. 99-27707 Filed 10-22-99; 8:45 am]
BILLING CODE 4830-01-P