26 CFR 1.932-1 (Formerly Not-2007-19 As Amended by Not- 2007-31), Statute of Limitations and Exchange of Information Concerning Certain Individuals Filing Income Tax Returns with the U.S. VI.

Forms and Documents

Document Name	Status
REG 26 CFR 1.932-1.doc Supplementary Document	2010-10-08
Notice 2007-31 - 16 IRB 971.pdf Supplementary Document	2010-10-08
Supporting Statement 26 CFR 1.932-1.doc Supporting Statement A	2010-10-08
Notice 2007-19.pdf Supplementary Document	2007-06-11

IC Document Collections

IC ID	Document Title	Status
178505	26 CFR 1.932-1 (Formerly Not-2007-19 As Amended by Not- 2007-31), Statute of Limitations and Exchange of Information Concerning Certain Individuals Filing Income Tax Returns with the U.S. VI.	Modified

ICR Details

OMB Control No: 1545-2063	ICR Reference No: 201010-1545-016
Status: Historical Active	Previous ICR Reference No: 200706-1545-024
Agency/Subagency: TREAS/IRS	Agency Tracking No: jg-2063-016
Title: 26 CFR 1.932-1 (Formerly Not-2007-19 As Amended by Not- 2007-31), Statute of Limitations and Exchange of Information Concerning Certain Individuals Filing Income Tax Returns with the U.S. VI.
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/27/2011
	Date Received in OIRA: 11/30/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2014	36 Months From Approved	01/31/2011
Responses	8,500	0	8,500
Time Burden (Hours)	42,500	0	42,500
Cost Burden (Dollars)	0	0	0

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Abstract: This Regulation concerns the statute of limitations on assessment of the U.S. income tax liability, if any, of U.S. citizens or resident aliens who are bona fide residents of the USVI. In general, the Regulation provides rules allowing bona fide residents of the USVI to start the period of limitations by properly filing a return with the USVI tax administration and, in the case of individuals with $75,000 or more of gross income during the taxable year, by filing an income tax return with the IRS reporting no gross income and no taxable income on lines 22 and 43 (in addition to a proper USVI filing). The Regulation provides for a new collection of information in the form of an annual information statement, under sections 932(c) and 7654, for U.S. citizens or residents with $75,000 or more of gross income who claim bona fide residency status in the USVI. Taxpayers subject to the new collection of information must attach a statement to their US 1040 return, for taxable years ending on or after December 31, 2006, that answers several questions relating to their claim of bona fide residency status in the USVI.

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Authorizing Statute(s): US Code: 26 USC 932(c) Name of Law: Coordination of United States and Virgin Islands income taxes
   US Code: 26 USC 7654 Name of Law: Coordination of United States and certain possession individual income taxes
  

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
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 36476	06/25/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 70775	11/18/2010
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
26 CFR 1.932-1 (Formerly Not-2007-19 As Amended by Not- 2007-31), Statute of Limitations and Exchange of Information Concerning Certain Individuals Filing Income Tax Returns with the U.S. VI.

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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	8,500	8,500	0	0	0	0
Annual Time Burden (Hours)	42,500	42,500	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: $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]? No

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: 11/30/2010

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