Rev Proc 2006-XX (RP-155431-05) Revenue Procedure Regarding 6707/6707A Rescission Request Procedures

Forms and Documents

Document Name	Status
6707-6707A 16 Rescission RevProc(checked).doc Supplementary Document	2006-11-07
OMB Supporting Statement - 6707A-6707 RP.doc Supporting Statement A	2006-11-07

IC Document Collections

IC ID	Document Title	Status
45924	Rev Proc 2006-XX (RP-155431-05) Revenue Procedure Regarding 6707/6707A Rescission Request Procedures	New

ICR Details

OMB Control No: 1545-2047	ICR Reference No: 200611-1545-006
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-XXXX-006
Title: Rev Proc 2006-XX (RP-155431-05) Revenue Procedure Regarding 6707/6707A Rescission Request Procedures
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 11/13/2006
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/21/2006
	Date Received in OIRA: 11/08/2006
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2007	6 Months From Approved
Responses	859	0	0
Time Burden (Hours)	430	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This revenue procedure provides guidance to persons who are assessed a penalty under section 6707A or 6707 of the Internal Revenue Code, and who may request rescission of those penalties from the Commissioner.

Emergency Justfication: The publication of this revenue procedure sets forth new guidance for persons on whom a penalty under section 6707A or 6707 of the Internal Revenue Code is assessed, and who may request rescission of those penalties from the Commissioner if the violation is with respect to a reportable transaction other than a listed transaction. It is necessary to alert taxpayers as soon as possible to these procedures because section 6707A is effective for returns and statements the due date for which is after October 22, 2004 and, section 6707, as amended, is effective for returns the due date for which is after October 22, 2004; thus, these code sections are already effective and taxpayers need guidance on rescission before the Service may assess the penalty under section 6707A or 6707.

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Authorizing Statute(s): US Code: 26 USC 6103 Name of Law: null
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Rev Proc 2006-XX (RP-155431-05) Revenue Procedure Regarding 6707/6707A Rescission Request Procedures

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	859	0	0	859	0	0
Annual Time Burden (Hours)	430	0	0	430	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 11/08/2006

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