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Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Notices
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: February 3, 2021.
Sara L. Covington, IRS Tax Analyst.
FR Doc. 202103138 Filed 21621; 8:45 am BILLING CODE 483001P

DEPARTMENT OF THE TREASURY
Internal Revenue Service Proposed Collection; Comment Request for Form 1041A
Internal Revenue Service IRS, Treasury.
ACTION: Notice and request for comments.
AGENCY:

The Internal Revenue Service, 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 continuing information collections, as required by the Paperwork Reduction Act of 1995.
The IRS is soliciting comments concerning U.S. information return-trust accumulation of charitable amounts.
DATES: Written comments should be received on or before April 19, 2021 to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for information or copies of the form and instructions should be directed to Sara Covington 737800
6149, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Sara.L.Covington@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: U.S. Information Return-Trust Accumulation of Charitable Amounts.
OMB Number: 15450094.
Form Number: 1041A.
Abstract: Form 1041A is used to report the information required in Internal Revenue Code section 6034
concerning accumulation and distribution of charitable amounts. The data is used to verify the amounts for which a charitable deduction was allowed are used for charitable purposes.
Current Actions: There are changes reduction in filers in the paperwork burden previously approved by OMB.

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SUMMARY:

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The Tax Cuts and Jobs Act of 2017 Pub.
L. 11597 amended section 641c2.
As a result, Electing Small Business Trusts ESBTsare no longer subject to the charitable information reporting requirements under section 6034 and do not file Form 1041A. This form is being submitted for renewal purposes only.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses or other for-profit organizations, and individuals.
Estimated Number of Respondents:
6,700.
Estimated Time per Respondent: 36
hrs, 40 minutes.
Estimated Total Annual Burden Hours: 245,622.
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 agencys 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: January 27, 2021.
Sara L. Covington, IRS Tax Analyst.
FR Doc. 202103129 Filed 21621; 8:45 am BILLING CODE 483001P

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DEPARTMENT OF THE TREASURY
Internal Revenue Service Proposed Collection; Comment Request for Regulation Project Internal Revenue Service IRS, Treasury.
ACTION: Notice and request for comments.
AGENCY:

The Internal Revenue Service IRS, 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning product liability losses and accumulations for product liability losses.
DATES: Written comments should be received on or before April 19, 2021 to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or copies of the regulation should be directed to Martha R. Brinson, at 202
3175753, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Martha.R.Brinson@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Product Liability Losses and Accumulations for Product Liability Losses.
OMB Number: 15450863.
Regulation Project Number: TD 8096.
Abstract: T.D. 8096 provides final regulations relating to product liability losses and accumulations for the payment of reasonable anticipated product liability losses. Changes to the applicable tax law were made by the Revenue Act of 1978. Generally, a taxpayer who sustains a product liability loss must carry the loss back 10
years. However, a taxpayer may elect to have such loss treated as a regular net operating loss under section 172. If desired, such election is made by attaching a statement to the tax return.
This statement will enable the IRS to monitor compliance with the statutory requirements.
Current Actions: There are no changes being made to this regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other forprofit organizations.
SUMMARY:

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