[Federal Register: November 18, 2002 (Volume 67, Number 222)]
[Notices]
[Page 69595-69596]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr18no02-108]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG-105606-99; REG-107184-00 REG-161424-01]
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
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, Pub. L. 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an
existing notice of proposed rulemaking, REG-105316-98, Credit for
Increasing Research Activities; REG-105316-98; REG-161424-01; and final
regulation, REG-107184-00 (TD 8992), Information Reporting for
Qualified Tuition and Related Expenses; Magnetic Media Filing
Requirements for Information Returns (Sec. Sec. 1.6050S-1, and
1.6050S-3).
DATES: Written comments should be received on or before January 17,
2003 to be assured of consideration.
ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal
Revenue Service, room 6411, 1111 Constitution Avenue NW., Washington,
DC 20224.
[[Page 69596]]
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of regulations should be directed to Carol Savage, (202) 622-
3945, or through the Internet (CAROL.A.SAVAGE@irs.gov.), Internal
Revenue Service, room 6407, 1111 Constitution Avenue NW., Washington,
DC 20224.
SUPPLEMENTARY INFORMATION: Title: REG-105316-98, Credit for Increasing
Research Activities; REG-105316-98; REG-161424-01; and REG-107184-00
(TD 8992), Information Reporting for Qualified Tuition and Related
Expenses; Magnetic Media Filing Requirements for Information Returns.
OMB Number: 1545-1678.
Regulation Project Numbers: REG-105316-98; REG-161424-01; and REG-
107184-00.
Abstract: These regulations relate to the information reporting
requirements in section 6050S of the Internal Revenue Code for payments
of qualified tuition and related expenses and interest on qualified
education loans. These regulations provide guidance to eligible
education institutions, insurers, and payees required to file
information returns and to furnish information statements under section
6050S.
Current Actions: There is no change to this existing regulation.
Type of review: Extension of OMB approval.
Affected Public: Business or other for-profit organizations, and
not-for-profit institutions.
The burden is reflected in the burdens for Form 1098-T and Form
1098E.
Estimated total annual reporting burden for 2002 for Form 1098-T:
4,848,090 hours.
Estimated average annual burden hours per response for Form 1098-T:
13 minutes.
Estimated number of responses for 2002 for Form 1098-T: 21,078,651.
Estimated total annual reporting burden for 2002 for Form 1098-E:
1,051,357 hours.
Estimated average annual burden hours per response for Form 1098-E:
7 minutes.
Estimated number of responses for 2002 for Form 1098-E: 8,761,303.
The following paragraph applies to all of 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 as long as
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.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record.
Comments are invited on: (a) Whether the collection of information
is necessary for the proper performance of the functions of the agency,
including whether the information shall have practical utility; (b) the
accuracy of the agency's estimate of the burden of the collection of
information; (c) ways to enhance the quality, utility, and clarity of
the information to be collected; (d) ways to minimize the burden of the
collection of information on respondents, including through the use of
automated collection techniques or other forms of information
technology; and (e) estimates of capital or start-up costs and costs of
operation, maintenance, and purchase of services to provide
information.
Approved: November 12, 2002.
Carol Savage,
Program Analyst.
[FR Doc. 02-29207 Filed 11-15-02; 8:45 am]
BILLING CODE 4830-01-P