[Federal Register: April 9, 2003 (Volume 68, Number 68)]
[Notices]
[Page 17425]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09ap03-109]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[EE-63-88; IA-140-86; REG-209785-95]
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, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
existing regulations, EE-63-88 (Final and temporary regulations)
Taxation of Fringe Benefits and Exclusions From Gross Income for
Certain Fringe Benefits; IA-140-86 (Temporary) Fringe Benefits; Listed
Property; and REG-209785-95 (Final) Substantiation of Business Expenses
(Sec. Sec. 1.61-2, 1.132-5, and 1.274-5).
DATES: Written comments should be received on or before June 9, 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.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of regulation should be directed to Carol Savage, (202) 622-
3945, or through the Internet at CAROL.A.SAVAGE@irs.gov., Internal
Revenue Service, room 6407, 1111 Constitution Avenue NW., Washington,
DC 20224.
SUPPLEMENTARY INFORMATION:
Title: EE-63-88 (Final and temporary regulations) Taxation of
Fringe Benefits and Exclusions From Gross Income for Certain Fringe
Benefits; IA-140-86 (Temporary) Fringe Benefits; Listed Property; and
REG-209785-95 (Final) Substantiation of Business Expenses.
OMB Number: 1545-0771.
Regulation Project Number: EE-63-88; IA-140-86; and REG-209785-95.
Abstract:
EE-63-88--This regulation provides guidance on the tax treatment of
taxable and nontaxable fringe benefits and general and specific rules
for the valuation of taxable fringe benefits in accordance with Code
sections 61 and 132. The regulation also provides guidance on
exclusions from gross income for certain fringe benefits.
IA-140-86--This regulation provides guidance relating to the
requirement that any deduction or credit with respect to business
travel, entertainment, and gift expenses be substantiated with adequate
records in accordance with Code section 274(d). The regulation also
provides guidance on the taxation of fringe benefits and clarifies the
types of records that are generally necessary to substantiate any
deduction or credit for listed property.
REG-209785-95--This regulation provides that taxpayers who deduct,
or reimburse employees for, business expenses for travel,
entertainment, gifts, or listed property are required to maintain
certain records, including receipts, for expenses of $75 or more.
Current Actions: There are no changes to these existing
regulations.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, business or other for-
profit organizations, not-for profits institutions, farms and Federal,
state, local or tribal governments.
Estimated Number of Respondents: 28,582,150.
Estimated Time Per Respondent: 1 hr., 20 min.
Estimated Total Annual Burden Hours: 37,922,688.
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: April 1, 2003.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 03-8595 Filed 4-8-03; 8:45 am]
BILLING CODE 4830-01-P