[Federal Register Volume 84, Number 240 (Friday, December 13, 2019)]
[Notices]
[Pages 68300-68301]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-26914]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request Relating to Escrow Funds and Other 
Similar Funds

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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

[[Page 68301]]

soliciting comments concerning the burden related to requirements that 
escrow accounts, settlement funds, and similar funds be subject to 
current taxation either as grantor trusts or otherwise.

DATES: Written comments should be received on or before January 13, 
2020 to be assured of consideration.

ADDRESSES: Direct all written comments to Philippe Thomas, Internal 
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be directed to R. Joseph Durbala, at Internal Revenue Service, 
Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or 
through the internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Escrow Funds and Other Similar Funds.
    OMB Number: 1545-1631.
    Regulation Project Number: TD 9249.
    Abstract: This document contains final regulations relating to the 
taxation and reporting of income earned on qualified settlement funds 
and certain other escrow accounts, trusts, and funds, and other related 
rules. The final regulations affect qualified settlement funds, escrow 
accounts established in connection with sales of property, disputed 
ownership funds, and the parties to these escrow accounts, trusts, and 
funds.
    Current Actions: There is no change to the burden previously 
approved by OMB. This form is being submitted for renewal purposes 
only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations, not-for-profit institutions and Federal, state, 
local or tribal governments.
    Estimated Number of Respondents: 9,300.
    Estimated Time per Respondent: 24 min.
    Estimated Total Annual Burden Hours: 3,720.
    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: December 10, 2019.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2019-26914 Filed 12-12-19; 8:45 am]
 BILLING CODE 4830-01-P