Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund

Forms and Documents

Document	Type	Status	Availability
Form 8621 Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund	Form	Modified	Available
ombat1.doc	Supplementary Document	Uploaded 2008-10-09	Available
8621.SUP.doc	Supporting Statement A	Uploaded 2011-09-26	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
39950	Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund	Form	Modified

ICR Details

OMB Control No: 1545-1002	ICR Reference No: 201109-1545-031
Status: Historical Active	Previous ICR Reference No: 200810-1545-002
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
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: 12/29/2011
	Date Received in OIRA: 12/28/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2014	36 Months From Approved	12/31/2011
Responses	1,333	0	1,333
Time Burden (Hours)	62,172	0	42,003
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8621 is Filed by a U.S. shareholder who owns stock in a foreign investment company. The form is used to report income, make an election to extend the time for payment of tax, and to pay an additional tax and interest amount. The IRS uses Form 8621 to determine if these shareholders have correctly reported amounts of income, made the election correctly, and have correctly computed the additional tax and interest amount.

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Authorizing Statute(s): US Code: 26 USC 1295 Name of Law: Qualified electing fund
  

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:
	76 FR 40774	07/11/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 81557	12/28/2011
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund	8621	Return by a shareholder of a Passive Foreign Investment Company or Qualified Electing Fund

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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	1,333	1,333	0	0	0	0
Annual Time Burden (Hours)	62,172	42,003	0	20,169	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Form 8621 is Filed by a U.S. shareholder who owns stock in a foreign investment company. The form is used to report income, make an election to extend the time for payment of tax, and to pay an additional tax and interest amount. Changes have been made to the form to comply with regulations. Taxpayers can now indicate, in Part I, a timely deemed dividend election with respect to a Section 1297(e) PFIC or former PFIC. Part III of the form is being modified to enable the reporting of dispositions of section 1296 stock during the tax year. The result of these changes will increase the total burden by 20,169 hours.

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Annual Cost to Federal Government: $273

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: 12/28/2011

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