Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices 29627 

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 

application procedures for qualified 

intermediary status under final qualified 

intermediary withholding agreement. 

DATES: Written comments should be 

received on or before August 2, 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 this form 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: Application Procedures for 

Qualified Intermediary Status Under 

Section 1441; Final Qualified 

Intermediary Withholding Agreement. 

OMB Number: 1545–1597. 

Revenue Procedure Number: 2000–12 

(Revenue Procedure 2000–12 is 

modified by Announcement 2000–50, 

Revenue Procedure 2003–64, Revenue 

Procedure 2004–21, and Revenue 

Procedure 2005–77.) 

Abstract: This revenue procedure 

gives guidance for entering into a 

withholding agreement with the IRS to 

be treated as a Qualified Intermediary 

(QI) under regulation section 1.1441– 

1(e)(5). It describes the application 

procedures for becoming a QI and the 

terms that the IRS will ordinarily 

require in a QI withholding agreement. 

The objective of a QI withholding 

agreement is to simplify withholding 

and reporting obligations with respect to 

payments of income made to an account 

holder through one or more foreign 

intermediaries. 

Current Actions: There are no changes 

to the paperwork burden previously 

approved by OMB. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents: 

88,504. 

Estimated Number of Responses: 

1,097,991. 

Estimated Time per Respondent: 16 

minutes. 

** Estimated Time for a QI: 2,093 

hours. 

Estimated Total Annual Burden 

Hours: 301,018. 

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: May 26, 2021. 

Martha R. Brinson, 

Tax Analyst. 

[FR Doc. 2021–11511 Filed 6–1–21; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 5305–SEP 

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 

Simplified Employee PensionIndividual Retirement Accounts 

Contribution Agreement. 

DATES: Written comments should be 

received on or before August 2, 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: Simplified Employee PensionIndividual Retirement Accounts 

Contribution Agreement. 

OMB Number: 1545–0499. 

Form Number: 5305–SEP. 

Abstract: Form 5305–SEP is used by 

an employer to make an agreement to 

provide benefits to all employees under 

a Simplified Employee Pension (SEP) 

described in Internal Revenue Code 

section 408(k). This form is not to be 

filed with the IRS but is to be retained 

in the employer’s records as proof of 

establishing a SEP and justifying a 

deduction for contributions to the SEP. 

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: Business or other forprofit organizations. 

Estimated Number of Respondents: 

100,000. 

Estimated Time per Respondent: 4hr., 

57 mins. 

Estimated Total Annual Burden 

Hours: 495,000. 

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 


jbell on DSKJLSW7X2PROD with NOTICES
29628 Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices 

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: May 26, 2021. 

Martha R. Brinson, 

Tax Analyst. 

[FR Doc. 2021–11509 Filed 6–1–21; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Agency Information Collection 

Activities; Submission for OMB 

Review; Comment Request; Treasury 

International Capital 

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 

Reduction Act of 1995, on or after the 

date of publication of this notice. The 

public is invited to submit comments on 

this request. 

DATES: Comments must be received on 

or before July 2, 2021. 

ADDRESSES: Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to www.reginfo.gov/public/do/ 

PRAMain. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. 

FOR FURTHER INFORMATION CONTACT: 

Copies of the submissions may be 

obtained from Molly Stasko by emailing 

PRA@treasury.gov, calling (202) 622– 

8922, or viewing the entire information 

collection request at www.reginfo.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Treasury International Capital 

Form SLT, ‘‘Aggregate Holdings, 

Purchases and Sales, and Fair Value 

Changes of Long-Term Securities by 

U.S. and Foreign Residents.’’ 

OMB Control Number: 1505–0235. 

Type of Review: Revision of a 

currently approved collection. 

Description: Form SLT is part of the 

Treasury International Capital (TIC) 

reporting system, which is required by 

law (22 U.S.C. 286f; 22 U.S.C. 3103; E.O. 

10033; 31 CFR 128), and is designed to 

collect timely information on 

international portfolio capital 

movements. Form SLT is a monthly 

report on cross-border portfolio 

investment in long-term marketable 

securities by U.S. and foreign residents. 

This information is used by the U.S. 

Government in the formulation of 

international financial and monetary 

policies and for the preparation of the 

U.S. balance of payments accounts and 

the U.S. international investment 

position. 

Current Actions: (1) Justification: One 

important aim of this revision of the 

SLT data collection is to create, for the 

first time, a data collection of ‘‘changes 

in fair value’’ for the TIC securities data. 

Users of TIC data often compare the 

change in the holdings of long-term 

securities reported on the Form SLT, 

with the net purchases (purchases less 

sales) of long-term securities reported 

on the Form S. There is general 

agreement that the difference between 

the change in holding and the net 

purchases is due largely to the change 

in fair value of the securities, with less 

important factors making up the 

remainder of the difference. In 

mathematical terms, ‘‘Change in 

holdings’’ equals ‘‘purchases less sales’’ 

plus ‘‘change in fair value’’ plus ‘‘other 

factors’’. Different assessments between 

TIC data users often arise because each 

one has to create their own estimates of 

the ‘‘change in fair value’’ despite 

lacking detailed information on the 

holdings of, and transactions in, the 

many securities in the TIC system. 

Another aim of this revision of the SLT 

data collection is to obtain the three 

main data types (holdings, purchases 

and sales, and change in fair value) from 

the same source. The result should 

greatly improve the connections 

between the holdings data and the 

purchases and sales data and the 

‘‘change in fair value’’ data. Lastly, 

while there is an increase in the 

reporting burden on custodians from the 

revision of the SLT, after 2022 it is 

expected that this increase in burden 

will be significantly offset by the 

decrease in burden when the Form S is 

discontinued. (2) No changes are made 

in the collection of holdings data; i.e., 

no changes are made in the columns 

and rows of the Form SLT or in the 

instructions regarding the holdings of 

long-term securities. In both the current 

and revised Form SLT there are eleven 

such columns covering three types of 

foreign securities and four types of U.S. 

securities, where for each type of U.S. 

security there is a column for foreignofficial-held and a separate column for 

other-foreign-held. (3) To accomplish 

the aims in (1) above, both the Form 

SLT and the instructions are expanded 

to add the collection of data on the total 

change in the fair (market) value over 

the month for all securities held at the 

end of the month for each type of longterm security. In the Form SLT, one 

column is added for each of the 11 

columns of holdings mentioned in (2) 

above; in the instructions, sections II.F.4 

and III.G are added. (4) To accomplish 

the aims in (1) above, both the Form 

SLT and the instructions are expanded 

to add the collection of data on U.S. 

purchases and U.S. sales of long-term 

securities by U.S.-residents with 

foreign-residents; in the Form SLT, two 

columns are added for each of the 11 

columns of holdings mentioned in (2) 

above; in the instructions, sections 

II.F.3, II.F.5, III.E and III.F are added. (5) 

Note that while purchases and sales in 

the revised SLT data collection appear 

to be generally the same as in the Form 

S data collection, there are three 

important differences: (i) Purchases and 

sales in the Form SLT are reported by 

the custodian or issuer or end-investor 

that is also reporting the holdings, while 

in the Form S purchases and sales are 

reported by a trader (e.g., broker-dealer, 

prime broker, principal trading firm); 

(ii) the Form SLT data are recorded from 

the U.S. point of view, while the Form 

S data are recorded from the foreign 

point-of-view (e.g., Form SLT 

‘‘purchases’’ are made by U.S. residents 

from foreign-residents, whereas Form S 

‘‘purchases’’ are made by foreignresidents from U.S.-residents); and (iii) 

purchases and sales of foreign securities 

in Form SLT are recorded opposite the 

foreign country that issued the security, 

whereas the Form S data are recorded 

opposite the country that purchased or 

sold the security. The Form SLT data 

are much more informative about U.S. 

claims on individual foreign countries. 

(6) The revised Form SLT no longer has 

Parts A and B, where previously a 

custodian reported data in part A and an 

issuer and/or end-investor reported data 

in part B. In the revised Form SLT the 

reporting firm must check one or both 

of the two boxes in the top-center 

section of the cover page to specify 

whether the data is from a custodian or 

from an issuer and/or end- investor or 

from both; see II.A in the instructions. 

So a firm that reports data for both a 

custodian and an issuer/end-user can 

combine both types of data into one 

report, and no longer needs to report 


jbell on DSKJLSW7X2PROD with NOTICES