Dividend Equivalents (REG-120282-10)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Supporting Statement for Form 83-I (2013 NPRM) (2).doc	Supporting Statement A	Uploaded 2015-08-07	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
217807	Dividend Equivalents From Sources		New

ICR Details

OMB Control No:	ICR Reference No: 201508-1545-006
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Dividend Equivalents (REG-120282-10)
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OIRA Conclusion Action: Withdrawn	Conclusion Date: 08/13/2015
	Date Received in OIRA: 08/10/2015
Terms of Clearance: Given that this was not submitted to OMB when the proposed rule was published in 2013, the agency will resubmit this as an emergency associated with a final rule.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The NPRM (REG-120282-10), proposes regulations under section 871(m) regarding dividend equivalent payments that are treated as U.S. source income. These regulations will provide guidance regarding when payments made pursuant to certain financial instruments will be treated as U.S. -source income and subject to U.S. withholding tax. The information provided on the forms (1042 and 1042-S) is necessary to permit withholding agents to determine whether U.S. withholding tax is due with respect to a payment of a dividend equivalent and the amount of the tax. The information will also be used for audit and examination purposes. The burden for the forms is being reported under OMB #1545-0096. With respect to section 1.871-15(0), any party to a section 871(m) transaction may request information regarding that transaction from another party to that transaction. There is no prescribed form required. Any statement required by section 1.871-15(o) may be provided in paper or electronic form. The rule allows taxpayers to share information in any reasonable manner. The burden for third party reporting is reported under this Infromation Collection Request (ICR).

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Authorizing Statute(s): US Code: 26 USC 871 Name of Law: Tax on nonresident alien individuals
   US Code: 26 USC 1441 Name of Law: Withholding of tax on nonresident aliens
   US Code: 26 USC 1442 Name of Law: Withholding of tax on nonresident aliens
   US Code: 26 USC 1461 Name of Law: Liability for withheld tax
   US Code: 26 USC 6001 Name of Law: Notice or regulations requiring records, statement, and special returns
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BJ56	Proposed rulemaking	78 FR 73079	12/05/2013

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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: 1

table that charts list of burden

IC Title	Form No.	Form Name
Dividend Equivalents From Sources

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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: This is a new submission, therefore there is an increase in burden. We are making this submission to report burden estimates for third party reporting associated with the NPRM. The burden with respect to the information collected pursuant to section 1.871-15(o) and Forms 1042 and 1042-S is expected to be the same as described in relationship to the NPRM published in the Federal Register at 78 FR 73079.

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Annual Cost to Federal Government: $0

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: 08/10/2015

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