SUPPORTING STATEMENT
1. CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION
Form 8874-A, Notice of Qualified Equity Investment for new
Markets Credit was developed because qualified CDEs must
Provide taxpayers holding a qualified equity investment with
A completed Form 8874-A when a qualified equity investment
is received. Regulations section 1.45D-1(g)(2)(i)(A).
2. USE OF DATA
Form 8874-A will be filed with the IRS.
USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN
We plan to offer electronic filing for Form 8874-A.
4. EFFORTS TO IDENTIFY DUPLICATION
We have attempted to eliminate duplication within the agency wherever possible.
5. METHODS TO MINIMIZE BURDEN ON SMALL BUSINESSES OR OTHER SMALL ENTITIES
The form was designed for requirements of Regulations section 1/45D-1(g)(2)(i)(A).
6. CONSEQUENCES OF LESS FREQUENT COLLECTION ON FEDERAL PROGRAMS OR POLICY ACTIVITIES
Not applicable.
7. SPECIAL CIRCUMSTANCES REQUIRING DATA COLLECTION TO BE
INCONSISTENT WITH GUIDELINES IN 5 CFR 1320.5(d)(2)
Not applicable.
8. CONSULTATION WITH INDIVIDUALS OUTSIDE OF THE AGENCY ON
AVAILABILITY OF DATA, FREQUENCY OF COLLECTION, CLARITY
OF INSTRUCTIONS AND FORMS, AND DATA ELEMENTS
Periodic meetings are held between IRS personnel and representatives of various professional groups to discuss tax law and tax forms. During these meetings, there is an opportunity for those attending to make comments regarding the collection requirements under this notice.
In response to the Federal Register Notice dated April 19, 2007 (72 F.R. 19762), we received no comments during the comment period regarding form 8874-A.
9. EXPLANATION OF DECISION TO PROVIDE ANY PAYMENT OR GIFT TO
RESPONDENTS
Not applicable.
10. ASSURANCE OF CONFIDENTIALITY OF RESPONSES
Generally, tax returns and tax return information are confidential as required by 26 USC 6103.
11. JUSTIFICATION OF SENSITIVE QUESTIONS
Not applicable.
12. ESTIMATED BURDEN OF INFORMATION COLLECTION
Number of Time per Total
Responses Response Hours
Form 8874-A 500 5.43 2,715
Estimates of the annualized cost to respondents for the hour burdens shown are not available at this time.
13. ESTIMATED TOTAL ANNUAL COST BURDEN TO RESPONDENTS
As suggested by OMB, our Federal Register Notice dated April
19, 2007, requested public comments on estimates of cost of
burden that are not captured in the estimates of burden
hours, i.e., estimates of capital or start-up costs and
costs of operation, maintenance, and purchase of services to
provide information. However, we did not receive any
response from taxpayers on this subject. As a result,
estimates of the cost burdens are not available at this
time.
14. ESTIMATED ANNUALIZED COST TO THE FEDERAL GOVERNMENT
Not applicable.
15. REASONS FOR CHANGE IN BURDEN
Changes have been made to the total burden to reflect errors in previous computation and recordation in ROCIS system. These corrections resulted in an increase in total burden of 205 hours.
We are making this submission to renew the OMB approval.
16. PLANS FOR TABULATION, STATISTICAL ANALYSIS AND PUBLICATION
Not applicable.
17. REASONS WHY DISPLAYING THE OMB EXPIRATION DATE IS
INAPPROPRIATE
See attached.
18. EXCEPTIONS TO THE CERTIFICATION STATEMENT ON OMB FORM 83-I
Not applicable.
Note: The following paragraph applies to all of the collections of information in this submission:
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.
| File Type | application/msword |
| Author | Carol |
| Last Modified By | DURBALA7 |
| File Modified | 2007-07-04 |
| File Created | 2007-07-04 |