Disclosure of Reportable Transactions

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form Form 8918 Material Advisor Disclosure Statement	Form	Modified	Available
Form Form 8918 Form 8918--Material Advisor Disclosure Statement	Form	Modified	Repair queued
2022-04-28_SS_1545-0865-FINAL.docx	Supporting Statement A	Uploaded 2022-07-28	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
17463	Form 8918--Material Advisor Disclosure Statement	Form	Modified	Material Advisor Disclosure Statement
17463	Form 8918--Material Advisor Disclosure Statement	Form	Modified
17463	Form 8918--Material Advisor Disclosure Statement	Instruction	Modified

ICR Details

OMB Control No: 1545-0865	ICR Reference No: 202204-1545-008
Status: Historical Active	Previous ICR Reference No: 201902-1545-004
Agency/Subagency: TREAS/IRS	Agency Tracking No: Ready for Treas. Review
Title: Disclosure of Reportable Transactions
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 without change	Conclusion Date: 09/21/2022
Retrieve Notice of Action (NOA)	Date Received in OIRA: 07/29/2022
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2025	36 Months From Approved	09/30/2022
Responses	2,279	0	35
Time Burden (Hours)	37,627	0	510
Cost Burden (Dollars)	0	0	0

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Abstract: Internal Revenue Code (IRC) 6111 requires a sub-set of promoters called “material advisors” to disclose information about the promotion of certain types of transactions called “reportable transactions.” Material advisors to any reportable transaction must disclose certain information about the reportable transaction by filing a Form 8918 with the IRS. Material advisors who file a Form 8918 will receive a reportable transaction number from the IRS. Material advisors must provide the reportable transaction number to all taxpayers and material advisors for whom the material advisor acts as a material advisor.

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Authorizing Statute(s): US Code: 26 USC 6111 Name of Law: Disclosure of reportable transactions
  

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 22627	04/15/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 45423	07/28/2022
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
Form 8918--Material Advisor Disclosure Statement	Form 8918	Material Advisor 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	2,279	35	0	0	2,244	0
Annual Time Burden (Hours)	37,627	510	0	0	37,117	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: No

Burden Reduction Due to:

Short Statement: The change in burden previously approved by OMB, resulted from an adjustment to estimates made by the Agency based on the most current filing data. The number of responses increased by 2,244 and burden hours by 37,117. The additional of the 2D barcode is not expected to affect the burden on the respondents.

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Annual Cost to Federal Government: $21,950

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.     No

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.     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? 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: 07/29/2022

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