4182 Federal Register /Vol. 86, No. 10/Friday, January 15 ...

1 4182 Federal Register / Vol. 86, No. 10 / Friday, January 15, 2021 / Notices ADDRESSES: Direct all written comments quality, utility, and clarity of the 601(d), the amount equal to the amount to Kinna Brewington, Internal Revenue information to be collected; (d) ways to of funds used in violation of such Service, room 6526, 1111 Constitution minimize the burden of the collection of subsection shall be booked as a debt of Avenue NW, Washington, DC 20224. information on respondents, including such entity owed to the Federal FOR FURTHER INFORMATION CONTACT: through the use of automated collection government. Requests for additional information or techniques or other forms of information The guidance published below is copies of the form should be directed to technology; and (e) estimates of capital unchanged from the last version of the Kerry Dennis, at (202) 317 5751 or or start-up costs and costs of operation, guidance dated September 2, 2020,1 and Internal Revenue Service, Room 6526, maintenance, and purchase of services the frequently asked questions 1111 Constitution Avenue NW, to provide information.

2 Document dated October 19, 2020,2 each Washington DC 20224, or through the Approved: January 12, 2021. of which was published on Treasury's internet, at Chakinna B. Clemons, website, except for the following SUPPLEMENTARY INFORMATION: Title: Supervisory Tax Analyst. changes. The introduction of the Sales of Business Property. [FR Doc. 2021 00841 Filed 1 14 21; 8:45 am] guidance and frequently asked OMB Number: 1545 0184. BILLING CODE 4830 01 P questions have been modified to reflect Form Number: Form 4797. this publication in the Federal Register ;. Abstract: Form 4797 is used by the guidance and frequently asked taxpayers to report sales, exchanges, or DEPARTMENT OF THE TREASURY questions have been revised throughout involuntary conversions of assets used to reflect that the end date of the period in a trade or business.

3 It is also used to Coronavirus Relief Fund for States, during which eligible expenses may be compute ordinary income from Tribal Governments, and Certain incurred has been extended to recapture and the recapture of prior year Eligible Local Governments December 31, 2021; 3 footnote 2 of the losses under section 1231 of the Internal guidance has been revised to reflect Revenue Code. AGENCY: Department of the Treasury. additional restrictions imposed by Current Actions: There is no change ACTION:Coronavirus Relief Fund section 5001(b) of Division A the in the paperwork burden previously program guidance . CARES Act; FAQ has been approved by OMB. The forms are being updated to correct the cross-reference to SUMMARY: The Department of the submitted for renewal purposes only.

4 Treasury OIG's FAQs; and the Type of Review: Extension of a Treasury (Treasury) is re-publishing in final form the guidance it previously application of FAQ has been currently approved collection. clarified. Treasury is also adding to the Affected Public: Business or other for- made available on its website regarding the Coronavirus Relief Fund for States, guidance instructions regarding the profit organizations, individuals or return to Treasury of unused households, and farms. tribal governments, and certain eligible local governments. Coronavirus Relief Fund payments. Estimated Number of Respondents: 325,000. FOR FURTHER INFORMATION CONTACT: Administrative Procedure Act Estimated Time per Response: 50 Stephen T. Milligan, Deputy Assistant hours, 38 minutes. General Counsel (Banking & Finance), The Administrative Procedure Act Estimated Total Annual Burden 202 622 4051.

5 (APA) provides that the notice, public Hours: 16,454,750. SUPPLEMENTARY INFORMATION: Section comment, and delayed effective date The following paragraph applies to all 601 of the Social Security Act, as added requirements of 5 553 do not the collections of information covered by section 5001(a) of Division A of the apply to the extent that there is by this notice. Coronavirus Aid, Relief, and Economic involved .. a matter relating to agency An agency may not conduct or Security Act ( CARES Act'') established management or personnel or to public sponsor, and a person is not required to the Coronavirus Relief Fund (the property, loans, grants, benefits, or respond to, a collection of information Fund'') and appropriated $150 billion contracts.'' 5 553(a). The rule unless the collection of information for payments by Treasury to States, involves a matter relating to public displays a valid OMB control number.

6 Tribal governments, and certain local property, loans, grants, benefits, or Books or records relating to a collection governments. contracts and is therefore exempt under of information must be retained if their The Secretary of the Treasury has the terms of the APA. contents may become material in the adopted this guidance for recipients of administration of any internal revenue payments from the Fund pursuant to his 1 As noted previously on Treasury's website, on law. Generally, tax returns and tax authority under the Social Security Act June 30, 2020, the guidance provided under Costs incurred during the period that begins on March 1, return information are confidential, as to adopt rules and regulations as may be 2020, and ends on December 30, 2020'' was required by 26 6103.

7 Necessary to the efficient administration updated. On September 2, 2020, the Supplemental Request for Comments: Comments of the functions with which he is guidance on Use of Funds to Cover Payroll and submitted in response to this notice will charged under the Social Security Act. Benefits of Public Employees'' and Supplemental guidance on Use of Funds to Cover Administrative be summarized and/or included in the 42 1302(a). This guidance Costs'' sections were added. request for OMB approval. All primarily concerns the use of payments 2 As noted previously on Treasury's website, on comments will become a matter of from the Fund set forth in section 601(d) August 10, 2020, the frequently asked questions public record. Comments are invited on: of the Social Security Act.

8 Treasury's were revised to add Questions 52. On (a) Whether the collection of Office of Inspector General (OIG) will September 2, 2020, Questions 56 were added and Questions and were revised. On information is necessary for the proper use this guidance in its audits of October 19, 2020, Questions 59 and were performance of the functions of the recipients' use of funds. Section added and Questions , 49, and 53 were revised. agency, including whether the 601(f)(2) of the Social Security Act 3 Section 1001 of Division N of the Consolidated information shall have practical utility; provides that if the Treasury OIG Appropriations Act, 2021 amended section 601(d)(3) of the Social Security Act by extending (b) the accuracy of the agency's estimate determines that a recipient of payments the end of the covered period for Coronavirus Relief of the burden of the collection of from the Fund has failed to comply with Fund expenditures from December 30, 2020 to information; (c) ways to enhance the the use of funds provisions of section December 31, 2021.

9 VerDate Sep<11>2014 05:39 Jan 15, 2021 Jkt 253001 PO 00000 Frm 00196 Fmt 4703 Sfmt 4703 E:\FR\FM\ 15 JAN1. Federal Register / Vol. 86, No. 10 / Friday, January 15, 2021 / Notices 4183. Regulatory Flexibility Analysis These may include expenditures 601(d) may be summarized as providing The Regulatory Flexibility Act does incurred to allow the State, territorial, that a State, local, or tribal government not apply to a rulemaking when a local, or Tribal government to respond may use payments from the Fund only general notice of proposed rulemaking directly to the emergency, such as by to cover previously unbudgeted costs of is not required. addressing medical or public health necessary expenditures incurred due to needs, as well as expenditures incurred the COVID 19 public health emergency Paperwork Reduction Act to respond to second-order effects of the during the covered period.

10 The final rule contains no emergency, such as by providing Initial guidance released on April 22, requirements subject to the Paperwork economic support to those suffering 2020, provided that the cost of an Reduction Act. from employment or business expenditure is incurred when the interruptions due to COVID 19-related recipient has expended funds to cover Authority and Issuance business closures. Funds may not be the cost. Upon further consideration and 42 1302(a). used to fill shortfalls in government informed by an understanding of State, revenue to cover expenditures that local, and tribal government practices, Coronavirus Relief Fund guidance for would not otherwise qualify under the Treasury is clarifying that for a cost to State, Territorial, Local, and Tribal statute.