[Federal Register Volume 75, Number 241 (Thursday, December 16, 2010)]
[Notices]
[Page 78804]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-31589]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Revenue Procedure 2003-
45 and Revenue Procedure 2004-48
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
Revenue Procedure 2003-45, Late Election Relief for S Corporations, and
Revenue Procedure 2004-48, Deemed Corporate Election for Late Electing
S Corporations.
DATES: Written comments should be received on or before February 14,
2011 to be assured of consideration.
ADDRESSES: Direct all written comments to Allan Hopkins, Internal
Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the revenue procedures should be directed to Elaine
Christophe, at Internal Revenue Service, Room 6129, 1111 Constitution
Avenue, NW., Washington, DC 20224, or at (202) 622-3179, or through the
Internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Revenue Procedure 2003-45, Late Election Relief for S
Corporations, and Revenue Procedure 2004-48, Deemed Corporate Election
for Late Electing S Corporations.
OMB Number: 1545-1548. Revenue Procedure Number: Revenue Procedure
2003-45 and Revenue Procedure 2004-48.
Abstract: Revenue Procedure 2003-45 provides a simplified method
for taxpayers to request relief for late S corporation elections,
Electing Small Business Trust (ESBT) elections, Qualified Subchapter S
Subsidiary (QSub) elections. Generally, this revenue procedure provides
that certain eligible entities may be granted relief for failing to
file these elections in a timely manner if the request for relief is
filed with 24 months of the due date of the election. Revenue Procedure
2004-48 provides a simplified method for taxpayers to request relief
for a late S corporation election and a late corporate classification
election which was intended to be effective on the same date that the S
corporation election was intended to be effective.
Current Actions: There are no changes being made to these revenue
procedures at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 50,000.
Estimated Average Time per Respondent: 1 hour.
Estimated Total Annual Burden Hours: 50,000.
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. 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 7, 2010.
Allan Hopkins,
IRS Reports Clearance Officer.
[FR Doc. 2010-31589 Filed 12-15-10; 8:45 am]
BILLING CODE 4830-01-P