Information with Respect to Certain Foreign- Owned Corporations - IRC Section 6038A (TD 8353 and REG-127199-15)

Forms and Documents

Document Name	Status
SuppStmnt. 1545-1191 2016May.doc Supporting Statement A	2016-05-05

IC Document Collections

IC ID	Document Title	Status
221398	REG-127199-15 - Treatment of Certain Domestic Entities Disregarded as Separate From Their Owners as Corporations for Purposes of Section 6038A	New
17936	(TD 8353) Information with Respect to Certain Foreign- Owned Corporations	Modified

ICR Details

OMB Control No: 1545-1191	ICR Reference No: 201605-1545-002
Status: Historical Active	Previous ICR Reference No: 201508-1545-020
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Information with Respect to Certain Foreign- Owned Corporations - IRC Section 6038A (TD 8353 and REG-127199-15)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 05/06/2016
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/06/2016
	Date Received in OIRA: 05/06/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2016	6 Months From Approved	10/31/2018
Responses	64,000	0	63,000
Time Burden (Hours)	640,000	0	630,000
Cost Burden (Dollars)	0	0	0

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Abstract: The regulations require record maintenance, annual information filing, and the authorization of the U.S. corporation to act as an agent for IRS summons purposes. These requirements allow IRS International examiners to better audit the returns of U.S. corporations engaged in crossborder transactions with a related party.

Emergency Justfication: Expedited clearance is being requested due to the public’s urgent need for the guidance contained in these regulations. Many of the transactions addressed by these regulations are motivated by tax avoidance, and the expedited release of these regulations is necessary to prevent such avoidance. Taxpayers have an urgent need for this guidance, which is included in these regulations.

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Authorizing Statute(s): US Code: 26 USC 6038A Name of Law: Information with respect to certain foreign-owned corporations.
  

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

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
(TD 8353) Information with Respect to Certain Foreign- Owned Corporations
REG-127199-15 - Treatment of Certain Domestic Entities Disregarded as Separate From Their Owners as Corporations for Purposes of Section 6038A

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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	64,000	63,000	0	1,000	0	0
Annual Time Burden (Hours)	640,000	630,000	0	10,000	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: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The change in likely respondents (foreign owned domestic entities that are disregarded as separate from their owners) with the proposed regulations (REG-127199-15), results in an estimated increase of 1,000 recordkeepers. The amount of time that it takes each recordkeeper to comply with the regulations remains the same at 10 hours per recordkeeper. The increase in the number of recordkeepers increases the total estimated annual burden hours for this information collection by 10,000 for a total of 640,000 burden hours.

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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: 05/06/2016

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