Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts

Forms and Documents

Document	Type	Status	Availability
Form 3520 Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts	Form	Modified	Available
ombat2[1].rtf	Supplementary Document	Uploaded 2013-07-12	Repair queued
Supporting Statement.doc	Supporting Statement A	Uploaded 2013-07-12	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
39650	Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts	Form	Modified

ICR Details

OMB Control No: 1545-0159	ICR Reference No: 201307-1545-012
Status: Historical Active	Previous ICR Reference No: 201005-1545-004
Agency/Subagency: TREAS/IRS	Agency Tracking No: yl
Title: Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts
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: 08/21/2013
	Date Received in OIRA: 07/22/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2016	36 Months From Approved	08/31/2013
Responses	1,320	0	1,320
Time Burden (Hours)	71,742	0	72,059
Cost Burden (Dollars)	0	0	0

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Abstract: Form 3520 is filed by U.S. persons who create a foreign trust, transfer property to a foreign trust, receive a distribution from a foreign trust, or receive a large gift from a foreign source. IRS uses the form to identify the U.S. persons who may have transactions that may trigger a taxable event in the future.

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Authorizing Statute(s): None

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:
	78 FR 27296	05/09/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 43274	07/19/2013
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
Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts	3520	Annual Return TO Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts

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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	1,320	1,320	0	0	0	0
Annual Time Burden (Hours)	71,742	72,059	0	-317	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: Yes

Burden Reduction Due to: Changing Forms

Short Statement: IRS determined that information previously captured in line 57 was also captured in lines 24 and 55. Therefore, line 57 was deleted. The change resulted in a burden decrease of 317 burden hours. Burden calculation is imposed on non-individual filers for this Control Number.

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Annual Cost to Federal Government: $10,100

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: 07/22/2013

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