Form 8886 - Reportable Transaction Disclosure Statement and Pre-CAP/CAP Application Form

Forms and Documents

Document	Type	Status	Availability
Form 8886 Reportable Transaction Disclosure Statement	Form	Modified	Available
Pre-CAP and CAP Application Form	Form	Modified	Available
Non-Display Expiration Date Statement.docx	Supplementary Document	Uploaded 2011-04-29	Repair queued
f8886_SS_2011_OMB_1800_REV.doc	Supporting Statement A	Uploaded 2011-04-29	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
43887	Reportable Transaction Disclosure Statement	Form	Modified
194813	Pre-CAP and CAP Application Form	Form	Modified

ICR Details

OMB Control No: 1545-1800	ICR Reference No: 201103-1545-014
Status: Historical Active	Previous ICR Reference No: 201010-1545-015
Agency/Subagency: TREAS/IRS	Agency Tracking No: rt-1800-015
Title: Form 8886 - Reportable Transaction Disclosure Statement and Pre-CAP/CAP Application Form
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/01/2011
	Date Received in OIRA: 04/29/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2014	36 Months From Approved	07/31/2011
Responses	42,521	0	512
Time Burden (Hours)	913,698	0	9,112
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8886 is used to disclose participation in reportable transactions by taxpayers as described in regulations 1.6011-4. The Compliance Assurance Process (CAP) is a strictly voluntary program available to LMSB taxpayers that meet the selection criteria. CAP is a real-time review of completed business transactions during the CAP year with the goal of providing certainty of the tax return within 90 days of the filing. The Pre-CAP/CAP Application Form is used by taxpayers wanting to join the program each year. Participation in the CAP program is completely voluntary and is only available for LMSB Taxpayers.

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Authorizing Statute(s): US Code: 26 USC 6011 Name of Law: General requirement of return, statement or list.
  

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 77046	12/10/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 20448	04/12/2011
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Reportable Transaction Disclosure Statement	8886	Reportable Transaction Disclosure Statement
Pre-CAP and CAP Application Form	N/A	Pre-CAP/CAP Application Form

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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	42,521	512	0	0	42,009	0
Annual Time Burden (Hours)	913,698	9,112	0	-288	904,874	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: Yes

Burden Reduction Due to: Changing Forms

Short Statement: Revisions to Form 8886 resulted in a reduction of 288 hours attributed to program change. Also, a more accurate accounting of the number of files (respondents) was provided by the Office of the Tax Shelter Analyst (OTSA), which increased responses by 42,009, for a total of 42,521. The total burden for this collection is 913,698.

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Annual Cost to Federal Government: $400

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: 04/29/2011

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