F8621-A supporting statement for OMB

F8621-A supporting statement for OMB.doc

Return by a Shareholder Making Certain Late Elections To End Treatment as a Passive Foreign Investment Company

OMB: 1545-1950

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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.

  1. 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.





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AuthorCarol
Last Modified ByJ11FB
File Modified2008-12-11
File Created2005-06-06

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