INTL-21-91 (TD 8656 - Final) Section 6662 - Imposition of the Accuracy-Related Penalty

ICR 201512-1545-010

OMB: 1545-1426

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2015-12-10
IC Document Collections
ICR Details
1545-1426 201512-1545-010
Historical Active 201211-1545-035
TREAS/IRS Ready
INTL-21-91 (TD 8656 - Final) Section 6662 - Imposition of the Accuracy-Related Penalty
Extension without change of a currently approved collection   No
Regular
Approved without change 05/15/2016
Retrieve Notice of Action (NOA) 01/29/2016
  Inventory as of this Action Requested Previously Approved
05/31/2019 36 Months From Approved 05/31/2016
2,500 0 2,500
20,125 0 20,125
0 0 0

These regulations provide guidance about substantial and gross valuation misstatements as defined in sections 6662(e) and 6662(h). They also provide guidance about the reasonable cause and good faith exclusion. The regulations apply to taxpayers who have transactions between persons described in section 482 and not section 482 transfer price adjustments.

US Code: 26 USC 6662 (e) Name of Law: Substantial valuation misstatement under chapter 1
   US Code: 26 USC 6662 (a) Name of Law: Imposition of Penalty
  
None

Not associated with rulemaking

  80 FR 66618 10/29/2015
81 FR 5032 01/29/2016
No

1
IC Title Form No. Form Name
INTL-21-91 (TD 8656 - Final) Section 6662 - Imposition of the Accuracy-Related Penalty

  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 2,500 2,500 0 0 0 0
Annual Time Burden (Hours) 20,125 20,125 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
Gregory Spring 202 435-5265 [email protected]

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
01/29/2016


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