[Federal Register Volume 63, Number 115 (Tuesday, June 16, 1998)]
[Notices]
[Pages 32913-32914]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-15993]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[Regulation Section 1.6001-1]


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 an 
existing final regulation, regulation section 1.6001-1, Records.

DATES: Written comments should be received on or before August 17, 1998 
to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation section should be directed to Carol Savage, 
(202) 622-3945, Internal Revenue Service, room 5569, 1111 Constitution 
Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Records.
    OMB Number: 1545-1156.
    Regulation Project Number: Regulation section 1.6001-1.

[[Page 32914]]

    Abstract: Internal Revenue Code section 6001 requires, in part, 
that every person liable for tax, or for the collection of that tax, 
keep such records and comply with such rules and regulations as the 
Secretary (of the Treasury) may from time to time prescribe. It also 
allows the Secretary, in his or her judgement, to require any person to 
keep such records that are sufficient to show whether or not that 
person is liable for tax. Under regulation section 1.6001-1, in 
general, any person subject to tax, or any person required to file an 
information return, must keep permanent books of account or records, 
including inventories, that are sufficient to establish the amount of 
gross income, deductions, credits or other matters required to be shown 
by such person in any tax return or information return. Books and 
records are to be kept available for inspection by authorized internal 
revenue officers or employees and are to be retained so long as their 
contents may become material in the administration of any internal 
revenue law.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations, not-for-profit institutions, farms, and Federal, 
state, local or tribal governments.
    The recordkeeping burden in this regulation is already reflected in 
the burden of all the tax forms.
    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: June 10, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-15993 Filed 6-15-98; 8:45 am]
BILLING CODE 4830-01-U