Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund

ICR 202109-1545-003

OMB: 1545-1002

Federal Form Document

ICR Details
1545-1002 202109-1545-003
Received in OIRA 201805-1545-007
TREAS/IRS
Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
Extension without change of a currently approved collection   No
Regular 12/31/2021
  Requested Previously Approved
36 Months From Approved 12/31/2021
1,333 1,333
65,304 65,304
0 0

Form 8621 is filed by a U.S. shareholder who owns stock in a foreign investment company. The form is used to report income, make an election to extend the time for payment of tax, and to pay an additional tax and interest amount. The IRS uses Form 8621 to determine if these shareholders have correctly reported amounts of income, made the election correctly, and have correctly computed the additional tax and interest amount.

US Code: 26 USC 1297 Name of Law: Passive foreign investment company
   US Code: 26 USC 1298 Name of Law: Special rules
   US Code: 26 USC 1295 Name of Law: Qualified electing fund
  
None

Not associated with rulemaking

  86 FR 42978 08/05/2021
86 FR 73851 12/28/2021
No

  Total Request 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 1,333 1,333 0 0 0 0
Annual Time Burden (Hours) 65,304 65,304 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$23,434
No
    Yes
    Yes
No
No
No
No
Milannie Molina 559 454-6915

  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.
12/31/2021


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