[Federal Register Volume 66, Number 247 (Wednesday, December 26, 2001)]
[Notices]
[Page 66497]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-31651]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-120168-97]


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, REG-120168-97 (TD 8798), Preparer Due 
Diligence Requirements for Determining Earned Income Credit 
Eligibility.

DATES: Written comments should be received on or before February 25, 
2002 to be assured of consideration.

ADDRESSES: Direct all written comments to George Freeland, Internal 
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation should be directed to Larnice Mack, (202) 622-
3179, Internal Revenue Service, room 5244, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Preparer Due Diligence Requirements for Determining Earned 
Income Credit Eligibility.
    OMB Number: 1545-1570.
    Regulation Project Number: REG-120168-97.
    Abstract: Income tax return preparers who satisfy the due diligence 
requirements in this regulation will avoid the imposition of the 
penalty section 6695(g) of the Internal Revenue Code for returns or 
claims for refund due after December 31, 1997. The due diligence 
requirements include soliciting the information necessary to determine 
a taxpayer's eligibility for, and amount of, the Earned Income Tax 
Credit and the retention of this information.
    Current Actions: There are no changes being made to this existing 
regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit.
    Estimated Number of Respondents: 100,000.
    Estimated Time Per Respondent: 5 hours, 4 minutes.
    Estimated Total Annual Burden Hours: 507,136.
    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: December 17, 2001.
George Freeland,
IRS Reports Clearance Officer.
[FR Doc. 01-31651 Filed 12-21-01; 8:45 am]
BILLING CODE 4830-01-P