Form 8938, Statement of Foreign Financial Assets

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 8938 Form 8938, Statement of Foreign Financial Assets	Form	New	Available
SSSREGS-OMB_REV.doc	Supporting Statement A	Uploaded 2010-09-21	Available
Expiration Explanation.rtf	Supplementary Document	Uploaded 2010-09-15	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
194558	Form 8938, Statement of Foreign Financial Assets	Form	New

ICR Details

OMB Control No: 1545-2195	ICR Reference No: 201009-1545-008
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-XXXX-008
Title: Form 8938, Statement of Foreign Financial Assets
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 09/23/2010
OIRA Conclusion Action: Approved with change	Conclusion Date: 10/01/2010
	Date Received in OIRA: 09/21/2010
Terms of Clearance: Burden was reclassified from reporting burden to disclosure burden.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2011	6 Months From Approved
Responses	350,000	0	0
Time Burden (Hours)	378,000	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The collection of information in new Form 8938 will be the means by which taxpayers will comply with self-reporting obligations imposed under section 6038D with respect to foreign financial assets. The IRS will use the information to determine whether to audit this taxpayer or transaction, including whether to impose penalties. The information is also required to begin the running of the statute of limitations under section 6501.

Emergency Justfication: On March 18, 2010, the President signed into law the “Hiring Incentives to Restore Employment Act” (the “Act”). Chapter 5 of the Act sets forth new Section 6038D, which requires reporting by U.S. persons of specified foreign financial assets. The Act is effective for taxable years beginning after March 18, 2010, and, therefore will impact the 2012 filing season for the 2011 taxable year. A draft of the form is currently in composition with Forms and Publication. The Act mandates that this form be available for electronic filing. We have been informed by MITS that in order for the form to be available electronically for the 2012 filing season, MITS must have the form by December 1, 2010. In order for MITS to accept the form, it must have an OMB number.

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Authorizing Statute(s): US Code: 26 USC 6038D Name of Law: Information with Respect to Foreign Financial Assets
  

Citations for New Statutory Requirements: US Code: 26 USC 6038D Name of Law: Information with Respect to Foreign Financial Assets

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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

table that charts list of burden

IC Title	Form No.	Form Name
Form 8938, Statement of Foreign Financial Assets	8938	Statement of Foreign Financial Assets

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ICR Summary of Burden

table that charts list 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	350,000	0	350,000	0	0	0
Annual Time Burden (Hours)	378,000	0	378,000	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: This is a new form relative to new code section 6038D

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Annual Cost to Federal Government: $0

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]? No

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)? No

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: 09/21/2010

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