Foreign Asset Disclosure Initiative(RP 2008-68)

Forms and Documents

Document Name	Status
Form 13982 RP 2008-XX - Foreign Asset Disclosure Initiative Form and Instruction	Modified
Summary of Changes 11-07.doc Justification for No Material/Nonsubstantive Change	2008-11-09
FADI-JUSTIFICATION FOR EMERGENCY APPROVAL-Revised 10 29(checked).doc Supplementary Document	2008-11-04
FADI- Rev Proc-Revised 10 30(checked).doc Supplementary Document	2008-11-04
FADI-PRA Supporting Statement -Revised 10 29(checked).doc Supporting Statement A	2008-11-04

IC Document Collections

IC ID	Document Title	Status
187084	RP 2008-XX - Foreign Asset Disclosure Initiative Form and Instruction	Modified

ICR Details

OMB Control No: 1545-2124	ICR Reference No: 200811-1545-005
Status: Historical Active	Previous ICR Reference No: 200811-1545-002
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Foreign Asset Disclosure Initiative(RP 2008-68)
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 11/05/2008
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/24/2009
	Date Received in OIRA: 12/23/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2009	05/31/2009	05/31/2009
Responses	1	0	1
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Revenue Procedure 2008-68 describes the Foreign Asset Disclosure Initiative, which is directed at taxpayers who have undisclosed interests in foreign accounts, foreign entities, or both and may have used these accounts or entities in a manner that facilitated the nonreporting or underreporting of their United States tax liabilities. Eligible taxpayers who elect to participate in this initiative and provide the information and material specified in the revenue procedure as a prerequisite for participating in the initiative can avoid certain penalties that otherwise could be imposed against them.

Emergency Justfication: Emergency approval is requested by the Commissioner of Internal Revenue under 44 U.S.C § 3507(j)(1) for the Foreign Asset Disclosure Initiative, included in the attached revenue procedure. The two requirements of § 3507(j)(1)(A) are satisfied. The attached revenue procedure addresses, in part, the problem of United States taxpayers who use foreign accounts and entities in order to understate their tax liability to the United States.

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Authorizing Statute(s): None

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
RP 2008-XX - Foreign Asset Disclosure Initiative	13982, 13982-A	Request to Participate in Rev. Proc. 2008-68 Foreign Asset Disclosure Initiative ,   Foreign Asset Disclosure Initiative 30 Day Information Request

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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	1	1	0	0	0	0
Annual Time Burden (Hours)	0	0	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government:

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: 12/23/2008

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