SUPPORTING STATEMENT
(Form 926)
OMB No. 1545-0026
CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION
Form 926 is filed by any U.S. citizen or resident, a domestic corporation, or a domestic estate or trust, to report certain transfers of tangible or intangible property to a foreign corporation required by section 6038B.
USE OF DATA
IRS uses Form 926 to determine whether corporations have correctly figured their foreign tax credits.
USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN
Form 926 is electronically enabled for 1120 returns (U.S. Corporation Income Tax Return).
EFFORTS TO IDENTIFY DUPLICATION
We have attempted to eliminate duplication within the agency wherever possible.
METHODS TO MINIMIZE BURDEN ON SMALL BUSINESSES OR OTHER SMALL ENTITIES
Not applicable.
CONSEQUENCES OF LESS FREQUENT COLLECTION ON FEDERAL PROGRAMS OR POLICY ACTIVITIES
Not applicable.
SPECIAL CIRCUMSTANCES REQUIRING DATA COLLECTION TO BE INCONSISTENT WITH GUIDELINES IN 5 CFR 1320.5(d)(2)
Not applicable.
CONSULTATION WITH INDIVIDUALS OUTSIDE OF THE AGENCY ON AVAILABILITY OF DATA, FREQUENCY OF COLLECTION, CLARITY OF INSTRUCTIONS AND FORMS, AND DATA ELEMENTS
Periodic meetings are held between IRS personnel and representatives of the American Bar Association, the National Society of Public Accountants, the American Institute of Certified Public Accountants, and other professional groups to discuss tax law and tax forms. During these meetings, there is an opportunity for those attending to make comments regarding Form 926.
In response to the Federal Register notice dated May 17, 2013, (78 FR 29205), we received no comments during the comment period regarding Form 926.
EXPLANATION OF DECISION TO PROVIDE ANY PAYMENT OR GIFT TO RESPONDENTS
Not applicable.
ASSURANCE OF CONFIDENTIALITY OF RESPONSES
Generally, tax returns and tax return information are confidential as required by 26 USC 6103.
JUSTIFICATION OF SENSITIVE QUESTIONS
No personally identifiable information (PII) is collected. Individual reporting is covered under OMB No. 1545-0074.
ESTIMATED BURDEN OF INFORMATION COLLECTION
No. of Time per
Responses Response Total hours
Form 926 667 45 hr. 17 min. 30,196
Estimates of the annualized cost to respondents for the hour burdens shown above are not available at this time.
The following are related regulations which impose no additional burden. Please continue to assign OMB number 1545-0026 to these regulations.
7.0 7.367(b)-1, 3, 7, 9, 10 1.367(a)-2T
1.367(b)-1(c) 1.6038B-1T(b)
7.367(b)-1(d) 1.367(a)-8
7.367(b)-3(d) 1.367(a)-3(c)
We have reviewed these regulations and have determined that the reporting requirements contained in them are entirely reflected on the form. The justification appearing in item 1 of the supporting statement applies to both these regulations and Form 926.
ESTIMATED TOTAL ANNUAL COST BURDEN TO RESPONDENTS
As suggested by OMB, our Federal Register notice dated May 17, 2013 (78 FR 29205), requested public comments on estimates of cost burden that are not captured in the estimates of burden hours, i.e., estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. However, we did not receive any responses from taxpayers on this subject. As a result, estimates of these cost burdens are not available at this time.
ESTIMATED ANNUALIZED COST TO THE FEDERAL GOVERNMENT
After consultation with various functions within the Service, we have determined that the cost of developing, printing, processing, distributing, and overhead for this form is $700.
REASONS FOR CHANGE IN BURDEN
One line item (requesting a Reference ID number of the transferee foreign corporation) and one code reference are being added to his collection. This will incur a slight increase in total burden, by 293 hours.
PLANS FOR TABULATION, STATISTICAL ANALYSIS AND PUBLICATION
Not applicable.
REASONS WHY DISPLAYING THE OMB EXPIRATION DATE IS INAPPROPRIATE
See attachment.
EXCEPTIONS TO THE CERTIFICATION STATEMENT ON OMB FORM 83-I
Not applicable.
Note: The following paragraph applies to all of the collections of information in this submission:
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.
OMB EXPIRATION DATE
We believe the public interest will be better served by not printing an expiration date on the form(s) in this package.
Printing the expiration date on the form will result in increased costs because of the need to replace inventories that become obsolete by passage of the expiration date each time OMB approval is renewed. Without printing the expiration date, supplies of the form could continue to be used.
The time period during which the current edition of the form(s) in this package will continue to be usable cannot be predicted. It could easily span several cycles of review and OMB clearance renewal. In addition, usage fluctuates unpredictably. This makes it necessary to maintain a substantial inventory of forms in the supply line at all times. This includes supplied owned by both the Government and the public. Reprinting of the form cannot be reliably scheduled to coincide with an OMB approval expiration date. This form may be privately printed by users at their own expense. Some businesses print complex and expensive marginally punched continuous versions, their expense, for use in their computers. The form may be printed by commercial printers and stocked for sale. In such cases, printing the expiration date on the form could result in extra costs to the users.
Not printing the expiration date on the form(s) will also avoid confusion among taxpayers who may have identical forms with different expiration dates in their possession.
For the above reasons we request authorization to omit printing the expiration date on the form(s) in this package.
| File Type | application/msword |
| File Title | SUPPORTING STATEMENT |
| Author | Department of Treasury |
| Last Modified By | Wolfgang, Dawn |
| File Modified | 2013-11-12 |
| File Created | 2013-11-12 |