Form 8957 - Foreign Account Tax Compliance Act (FATCA) Registration, Form 8966 - FATCA Report

Forms and Documents

Document Name	Status
Form 8966 Form 8966 Form	New
Form Form 8957 Form 8957 - Foreign Account Tax Compliance Act (FATCA) Registration Form	Unchanged
Supporting_Statement 8957 and 8966.doc Supporting Statement A	2013-12-23
ombat1.doc Supplementary Document	2013-03-20

IC Document Collections

IC ID	Document Title	Status
209774	Form 8966 Form	New
206206	Form 8957 - Foreign Account Tax Compliance Act (FATCA) Registration Form	Unchanged

ICR Details

OMB Control No: 1545-2246	ICR Reference No: 201312-1545-021
Status: Historical Active	Previous ICR Reference No: 201303-1545-019
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 8957 - Foreign Account Tax Compliance Act (FATCA) Registration, Form 8966 - FATCA Report
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 01/02/2014
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/18/2014
	Date Received in OIRA: 12/31/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2014	6 Months From Approved	08/31/2016
Responses	4,896,800	0	260,000
Time Burden (Hours)	4,063,856	0	2,116,400
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) Form 8966 is for reporting purposes and is to be filed by foreign financial institutions to report foreign reportable amounts paid to their current account holders that are nonparticipating FFIs. Form 8966 is further to be filed by a withholding agent to report US owners of certain foreign entities regarding withholdable payments made to these entities.

Emergency Justfication: Form 8957 is an OMB approved registration form. Form 8966 is a new form related to the 8957, in which FFI data must be reported in 2014. Failure to approve Form 8966 will lead to undue adverse hardship for these filers.

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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

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
Form 8957 - Foreign Account Tax Compliance Act (FATCA) Registration	Form 8957	Foreign Account Tax Compliance Act (FATCA) Registration
Form 8966	8966	FATCA Report

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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	4,896,800	260,000	0	4,636,800	0	0
Annual Time Burden (Hours)	4,063,856	2,116,400	0	1,947,456	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: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: We are adding a new form to this collection. This results in an additional 4,636,800 filers with a net burden increase of 1,947,456 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: 12/31/2013

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