Rev Proc 2007-21_Sup Stmnt

Rev Proc 2007-21_Sup Stmnt.doc

Rev Proc 2007-21 - Revenue Procedure Regarding 6707/6707A Rescission Request Procedures

OMB: 1545-2047

Document [doc]
Download: doc | pdf

SUPPORTING STATEMENT

(Rev. Proc. 2007-21)


1. CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION


The collection of information the revenue procedure requires is necessary to administer the provisions of section 6707(c) and 6707A(d) and determine whether the IRS should rescind penalties otherwise applicable.


2. USE OF DATA


The IRS will use the information in determining whether to rescind the section 6707 or section 6707A penalty.


3. USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN


IRS Publications, Regulations, Notices and Letters are to be electronically enabled on an as practicable basis in accordance with the IRS Reform and Restructuring Act of 1998.


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


Revenue Procedure 2007-21 was published in the Internal Revenue Bulletin on February 26, 2007 (2007-9 IRB 613).


In response to the Federal Register Notice dated March 11, 2010 (75 FR 11631), we received no comments during the comment period regarding Revenue Procedure 2007-21.


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


Rev. Proc. 2007-21: To comply with Revenue Procedure 2007-21, a person must request rescission in writing within a certain period of time. The written request for rescission must include all of the information specified. It is estimated that the above requirements will affect 859 taxpayers per year, with a burden of approximately 0.25 to 0.75 hour per respondent, with an average of 0.5 hour, for an annual burden of 429.50 hours.


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 March 10, 2010 (75 FR 11631), 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


Not applicable.


15. REASONS FOR CHANGE IN BURDEN


Not applicable.


16. PLANS FOR TABULATION, STATISTICAL ANALYSIS AND PUBLICATION


Not applicable.


17. REASONS WHY DISPLAYING THE OMB EXPIRATION DATE IS INAPPROPRIATE


We believe that displaying the OMB expiration date is inappropriate because it could cause confusion by leading taxpayers to believe that the regulations sunset as of the expiration date. Taxpayers are not likely to be aware that the Service intends to request renewal of the OMB approval and obtain a new expiration date before the old one expires.


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.

File Typeapplication/msword
File TitleSUPPORTING STATEMENT
AuthorAudra Dineen
Last Modified Byqhrfb
File Modified2010-07-15
File Created2010-02-26

© 2024 OMB.report | Privacy Policy