Form 8886-Reportable Transaction Disclosure Statement

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 8886 Reportable Transaction Disclosure Statement	Form	Modified	Repair queued
Form 8886 Reportable Transaction Disclosure Statement	Form	Modified	Repair queued
Form 14234 Pre-CAP/CAP Application Form	Form	Removed	Repair queued
Form 14234 Compliance Assurance Process (CAP) Application	Form	Modified	Repair queued
2022-04-21_SS_1545-1800sc.docx	Supporting Statement A	Uploaded 2022-06-27	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
43887	Reportable Transaction Disclosure Statement	Form	Modified	Reportable Transaction Disclosure Statement
43887	Reportable Transaction Disclosure Statement	Form	Modified
43887	Reportable Transaction Disclosure Statement	Instruction	Modified
194813	Pre-CAP and CAP Application Form	Form	Removed	Pre-CAP/CAP Application Form
194813	Compliance Assurance Process (CAP) Application	Form	Modified

ICR Details

OMB Control No: 1545-1800	ICR Reference No: 202203-1545-022
Status: Active	Previous ICR Reference No: 201903-1545-017
Agency/Subagency: TREAS/IRS	Agency Tracking No: Comment ends 6/13 Ready for Review
Title: Form 8886-Reportable Transaction Disclosure Statement
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 12/14/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 06/29/2022
Terms of Clearance: Supporting statement modified during review.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2026	36 Months From Approved	12/31/2023
Responses	21,353	0	42,578
Time Burden (Hours)	459,944	0	915,631
Cost Burden (Dollars)	0	0	0

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Abstract: Section 6011(a) provides that any person made liable for any tax imposed by the Code, or with respect to the collection thereof, shall make a return or statement according to the forms and regulations prescribed by the Secretary of the Treasury. The American Jobs Creation Act of 2004, Public Law 108–357, (118 Stat. 1418), (AJCA) was enacted on October 22, 2004. The AJCA revised sections 6111 and 6112, thereby necessitating changes to the rules under section 6011. Form 8886: Regulations section 1.6011-4 provides that certain taxpayers must disclose their direct or indirect participation in reportable transactions when they file their Federal income tax return. Form 8886 is used to comply with these regulations.

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Authorizing Statute(s): US Code: 26 USC 6011 Name of Law: General requirement of return, statement or list.
   PL: Pub.L. 108 - 357 102 Name of Law: American Jobs Creation Act of 2004
  

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
60-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 21700	04/12/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 38831	06/29/2022
Did the Agency receive public comments on this ICR? Yes

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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
Pre-CAP and CAP Application Form	14234	Pre-CAP/CAP Application Form
Reportable Transaction Disclosure Statement	8886	Reportable Transaction Disclosure Statement

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ICR Summary of Burden

table that charts list 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	21,353	42,578	0	-169	-21,056	0
Annual Time Burden (Hours)	459,944	915,631	0	-2,141	-453,546	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The change in burden previously approved by OMB, resulted from an adjustment to estimates made by the Department based on the most current filing data. The number of responses decreased by -21,056 and burden hours by – 453,546. IRS is removing the burden for the CAP application forms from 1545-1800, as these are approved under 1545-2132. This is a burden change due to Agency Discretion, which decreases the responses by -169 and the burden hours by -2,141.

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Annual Cost to Federal Government: $22,682

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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? No

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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: 06/29/2022

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