40138 Federal Register / Vol. 86, No. 140 / Monday, July 26, 2021 / Notices 

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. Comments 

will be 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 has 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 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: July 19, 2021. 

Martha R. Brinson, 

Tax Analyst. 

[FR Doc. 2021–15786 Filed 7–23–21; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Regulation Project 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice and request for 

comments. 

SUMMARY: 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 

Special Valuation Rules. 

DATES: Written comments should be 

received on or before September 24, 

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)317–5753, 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: Special Valuation Rules. 

OMB Number: 1545–1241. 

Regulation Project Number: TD 8395. 

Abstract: Section 2701 of the Internal 

Revenue Code allows various elections 

by family members who make gifts of 

common stock or partnership interests 

and retain senior interest. This 

regulation provides guidance on how 

taxpayers make these elections, what 

information is required, and how the 

transfer is to be disclosed on the gift tax 

return (Form 709). 

Current Actions: There are no changes 

being made to the regulation at this 

time. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Individuals or 

households. 

Estimated Number of Respondents: 

1,200. 

Estimated Time per Respondent: 25 

mins. 

Estimated Total Annual Burden 

Hours: 496. 

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. Comments 

will be 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 has 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 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: July 19, 2021. 

Martha R. Brinson, 

Tax Analyst. 

[FR Doc. 2021–15802 Filed 7–23–21; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Information Collection 

Tools Relating to the Voluntary 

Disclosure Practice and the 

Streamlined Filing Compliance 

Procedures 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice; correction. 

SUMMARY: The Internal Revenue Service 

published a document in the Federal 

Register on July 7, 2021, concerning 

requests for comments on the forms 

14452, 14453, 14454, 14457, 14467, 

14653, 14654, and 14708. The document 

was inadvertently titled Offshore 

Voluntary Disclosure Program (OVDP) 

and included forms that have been 

discontinued. Forms 14452, 14453, 

14454, 144657, and 14708 are obsolete 

and no longer in use. The correct title 

is now Voluntary Disclosure Practice 

and the Streamlined Filing Compliance 

Procedures. 

DATES: Written comments should be 

received on or before September 24, 

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 form should be directed to 

Kerry Dennis, at (202) 317–5751 or 

Internal Revenue Service, Room 6526, 

1111 Constitution Avenue NW, 

Washington, DC 20224, or through the 

internet, at Kerry.Dennis@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Voluntary Disclosure Practice 

and the Streamlined Filing Compliance 

Procedures. 

OMB Number: 1545–2241. 

Form Number(s): 14457, 14653, and 

14654. 

Abstract: The IRS offers two very 

different compliance paths to two very 

different populations of taxpayers. First, 

the Voluntary Disclosure Practice is a 

longstanding practice of IRS Criminal 

Investigation (CI). CI takes timely, 

accurate, and complete voluntary 

disclosures under consideration when 

determining whether to recommend 

criminal prosecution. A voluntary 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 140 / Monday, July 26, 2021 / Notices 40139 

disclosure will not automatically 

guarantee immunity from prosecution; 

however, a voluntary disclosure may 

result in prosecution not being 

recommended. Form 14457 is used for 

all voluntary disclosures. Second, the 

Streamlined Filing Compliance 

Procedures are available to eligible 

taxpayers who can truthfully certify that 

their failure to report foreign financial 

assets and pay all tax due in respect of 

those assets resulted from non-willful 

conduct. Forms 14653 and 14654 relate 

to the Streamlined Filing Compliance 

Procedures. 

Current Actions: There is no change 

in the paperwork burden previously 

approved by OMB procedure. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Individuals or 

Households. 

Estimated Number of Respondents: 

16,000. 

Estimated Time per Response: 25 

hours, 38 min. 

Estimated Total Annual Burden 

Hours: 410,000. 

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. 

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: July 14, 2021. 

Kerry L. Dennis, 

Tax Analyst. 

[FR Doc. 2021–15769 Filed 7–23–21; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 461 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice and request for 

comments. 

SUMMARY: 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 

Limitation on Business Losses. 

DATES: Written comments should be 

received on or before September 24, 

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 form and instructions 

should be directed to Martha R. Brinson, 

at (202) 317–5753, 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: Limitation on Business Losses. 

OMB Number: 1545–2283. 

Form Number: 461. 

Abstract: Form 461 and its separate 

instructions calculates the limitation on 

business losses, and the excess business 

losses that will be treated as net 

operating loss (NOL) carried forward to 

subsequent taxable years. In the case of 

a partnership or S corporation, the 

provision applies at the partner or 

shareholder level. This form is used by 

noncorporate taxpayers and will be 

attached to a tax return (F1040, 1040NR, 

1041, 1041–QFT, 1041–N, or 990–T). 

Current Actions: There are no changes 

being made to the form at this time. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Individuals or 

households, Business or other for-profit 

organization, and not-for-profit 

institutions. 

Estimated Number of Responses: 

2,909,026. 

Estimated Time per Response: 22 

mins. 

Estimated Total Annual Burden 

Hours: 1,105,430. 

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. Comments 

will be 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 has 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 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: July 19, 2021. 

Martha R. Brinson, 

Tax Analyst. 

[FR Doc. 2021–15787 Filed 7–23–21; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Agency Information Collection 

Activities; Submission for OMB 

Review; Comment Request; Fiscal 

Service Implementing Regulations for 

the Government Securities Act of 1986, 

as Amended 

AGENCY: Departmental Offices, U.S. 

Department of the Treasury. 

ACTION: Notice. 

SUMMARY: The Department of the 

Treasury will submit the following 

information collection requests to the 

Office of Management and Budget 

(OMB) for review and clearance in 

accordance with the Paperwork 


jbell on DSKJLSW7X2PROD with NOTICES