SUPPORTING STATEMENT
1. CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION
This new form 8621-A is necessary for certain
taxpayer/investors to request ending of their treatment as
investing in passive foreign investment companies. New
regulations (attached) are being drafted to facilitate the
offering of the option to end such treatment under various
scenarios. The regulations under IRC section
1298(b)(1)(also attached)are expected to be published in
July, 2005, and the new form and its instructions to be
published shortly thereafter; probably in August, 2005.
2. USE OF DATA
The information from this form will be used by the taxpayers/investors to request ending of their treatment as investing in passive foreign investment companies.
USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN
We have no plans at this time to offer electronic filing because of the low volume compared to the cost of electronic enabling.
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
Not applicable.
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 the American Bar Association, the
Society of Public Accountants, the American
Institute of Certified Public Accountants, and other
Professional groups to discuss tax law and tax forms.
During these meetings, there is an opportunity for those
Attending to make comments regarding Form 8621-A.
In response to the Federal Register notice dated September 24, 2008 (73 FR 55210), we received no comments during the comment period regarding Form 8621-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
The burden estimate is as follows:
Number of Time per Total
Form Responses Response Hours
8621-A 667 65.40 43,622
Estimates of the annualized cost to respondents for the hour burdens shown are not available at this time.
13. ESTIMATED TOTAL ANNUAL COST TO RESPONDENTS
As suggested by OMB, our Federal Register notice dated September 24, 2008 (73 FR 55210), requested public comments on estimates of cost 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
This form will not be printed. IT will be available on line
only. There will be no additional cost to the government
for printing this form.
15. REASONS FOR CHANGE IN BURDEN
There is no change to the form. However, we did correct the number of responses to properly reflect the number of business filers only. This did not result in a change in overall burden. We believe the previous number of filers was erroneously input in ROCIS. 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 attachment.
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 | J11FB |
| File Modified | 2008-12-11 |
| File Created | 2005-06-06 |