Form 8957 - Foreign Account Tax Compliance Act (FATCA) Registration

Forms and Documents

Document Name	Status
Form Form 8957 Form 8957 - Foreign Account Tax Compliance Act (FATCA) Registration Form	New
Supporting_Statement_[8957][1].doc Supporting Statement A	2013-07-31
ombat1.doc Supplementary Document	2013-03-20

IC Document Collections

IC ID	Document Title	Status
206206	Form 8957 - Foreign Account Tax Compliance Act (FATCA) Registration Form	New

ICR Details

OMB Control No: 1545-2246	ICR Reference No: 201303-1545-019
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 8957 - Foreign Account Tax Compliance Act (FATCA) Registration
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 08/02/2013
	Date Received in OIRA: 07/02/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2016	36 Months From Approved
Responses	260,000	0	0
Time Burden (Hours)	2,116,400	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8957 is to be used by a foreign financial institution to apply for status as a foreign financial institution as defined in IRC 1471(b)(2).

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Authorizing Statute(s): US Code: 16 USC 1471(b)(2) Name of Law: Withholdable payments to foreign financial institutions
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 147 Title V, Subtitle A, Sec 501 Name of Law: Hiring Incentives to Restore Employment Act

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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:
	77 FR 49060	08/15/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 20389	04/04/2013
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
Form 8957 - Foreign Account Tax Compliance Act (FATCA) Registration	Form 8957	Foreign Account Tax Compliance Act (FATCA) Registration

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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	260,000	0	260,000	0	0	0
Annual Time Burden (Hours)	2,116,400	0	2,116,400	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: Form 8957 is to be used by a foreign financial institution to apply for status as a foreign financial institution as defined in IRC 1471(b)(2). When a foreign financial institution meets the requirements to be a Foreign Financial Institution (FFI) described in IRC 1471(b)(2), it gets the same relief from FATCA withholding as an FFI that meets the agreement requirements of IRC 1471(b)(1).New Code Section 1471 provides a mechanism to try to get foreign financial institutions (FFIs) to report to the IRS any of their account holders that are U.S. persons, in order to prevent foreign accounts from being used to evade US taxes.IRC 1471 does this by requiring persons (referred to as "withholding agents") that pay interest, dividends, royalties, and many other types of U.S. income (referred to as "withholdable payments") to an FFI to deduct and withhold 30 percent of the payment, unless the FFI meets certain requirements set out in IRC 1471(b). Withholding agents are generally U.S. financial institutions, but the term also includes other US and foreign institutions that pay US-sourced income to an FFI. An FFI will NOT be subjected to FATCA withholding under 1471(a) if the FFI meets the requirements of IRC 1471(b), by either entering an agreement with the IRS to identify and report its US account holders to the IRS, or by meeting the requirements of one of several categories of FIs described in Treasury regulations as not subject to FATCA withholding The creation of this new form will result in an estimated burden increase of 260,000 responses and 2,116,400 estimated hours.

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Annual Cost to Federal Government: $1,300,000

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: 07/02/2013

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