80 FR 51873 - Proposed Collection; Comment Request for Form 5735

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 80, Issue 165 (August 26, 2015)

Page Range		51873-51874
FR Document		2015-21086

The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 5735, American Samoa Economic Development Credit.

Federal Register, Volume 80 Issue 165 (Wednesday, August 26, 2015)

[Federal Register Volume 80, Number 165 (Wednesday, August 26, 2015)]
[Notices]
[Pages 51873-51874]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-21086]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 5735

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 5735, American Samoa Economic Development Credit.

DATES: Written comments should be received on or before October 26, 
2015 to be assured of consideration.

ADDRESSES: Direct all written comments to Christie Preston, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to R. Joseph 
Durbala, at (202) 317-5746, or at Internal Revenue Service, Room 6129, 
1111 Constitution Avenue NW., Washington, DC 20224, or through the 
Internet at RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: American Samoa Economic Development Credit.
    OMB Number: 1545-0217.
    Form Number: Form 5735.
    Abstract: Form 5735 is used to figure the American Samoa economic 
development credit under section 30A. The credit is generally allowed 
against income tax imposed by Chapter 1. The credit is not allowed 
against the following taxes:
    1. Tax on accumulated earnings (section 531).
    2. Personal holding company tax (section 541).
    3. Additional tax for recovery of foreign expropriation losses 
(section 1351).
    4. Recapture of investment credit (section 50).
    5. Recapture of low-income housing credit (section 42(j)(4)(D)).
    6. Recapture of Indian employment credit (section 45A).
    Current Actions: There are no changes being made to the forms at 
this time.

[[Page 51874]]

    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 10.
    Estimated Time per Respondent: 12 hours, 42 minutes.
    Estimated Total Annual Burden Hours: 127.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: August 18, 2015.
R. Joseph Durbala,
IRS, Tax Analyst.
[FR Doc. 2015-21086 Filed 8-25-15; 8:45 am]
 BILLING CODE 4830-01-P

Federal Register / Vol. 80, No. 165 / Wednesday, August 26, 2015 / Notices 51873

techniques or other forms of information business location, or the identity of your DEPARTMENT OF THE TREASURY
technology; and (e) estimates of capital responsible party.
or start-up costs and costs of operation, Internal Revenue Service
Current Actions: There are no changes
maintenance, and purchase of services being made to the form at this time.
to provide information. Proposed Collection; Comment
Type of Review: Extension of a Request for Form 5735
Approved: August 18, 2015.
currently approved collection.
R. Joseph Durbala, AGENCY: Internal Revenue Service (IRS),
IRS, Tax Analyst.
Affected Public: Individuals or Treasury.
households, business or other for-profit ACTION: Notice and request for
[FR Doc. 2015–21085 Filed 8–25–15; 8:45 am]
organizations, not-for-profit institutions, comments.
BILLING CODE 4830–01–P
farms, and Federal, state, local or tribal
governments. SUMMARY: The Department of the
Treasury, as part of its continuing effort
DEPARTMENT OF THE TREASURY Estimated Number of Respondents:
to reduce paperwork and respondent
1,000,000.
Internal Revenue Service burden, invites the general public and
Estimated Time per Respondent: 16 other Federal agencies to take this
Proposed Collection; Comment min. opportunity to comment on proposed
Request for Form 8822 and 8822–B Estimated Total Annual Burden and/or continuing information
Hours: 264,792. collections, as required by the
AGENCY: Internal Revenue Service (IRS), Paperwork Reduction Act of 1995,
Treasury. The following paragraph applies to all Public Law 104–13 (44 U.S.C.
ACTION: Notice and request for of the collections of information covered 3506(c)(2)(A)). Currently, the IRS is
comments. by this notice: soliciting comments concerning Form
An agency may not conduct or 5735, American Samoa Economic
SUMMARY: The Department of the
sponsor, and a person is not required to Development Credit.
Treasury, as part of its continuing effort
to reduce paperwork and respondent respond to, a collection of information DATES: Written comments should be
burden, invites the general public and unless the collection of information received on or before October 26, 2015
other Federal agencies to take this displays a valid OMB control number. to be assured of consideration.
opportunity to comment on proposed Books or records relating to a collection ADDRESSES: Direct all written comments
and/or continuing information of information must be retained as long to Christie Preston, Internal Revenue
collections, as required by the as their contents may become material Service, Room 6129, 1111 Constitution
Paperwork Reduction Act of 1995, in the administration of any internal Avenue NW., Washington, DC 20224.
Public Law 104–13 (44 U.S.C. revenue law. Generally, tax returns and FOR FURTHER INFORMATION CONTACT:
3506(c)(2)(A)). Currently, the IRS is tax return information are confidential, Requests for additional information or
soliciting comments concerning Form as required by 26 U.S.C. 6103. copies of the form and instructions
8822, Change of Address and Form Request for Comments: Comments should be directed to R. Joseph Durbala,
8822–B, Change of Address or submitted in response to this notice will at (202) 317–5746, or at Internal
Responsible Party—Business. be summarized and/or included in the Revenue Service, Room 6129, 1111
DATES: Written comments should be request for OMB approval. All Constitution Avenue NW., Washington,
received on or before October 26, 2015 comments will become a matter of DC 20224, or through the Internet at
to be assured of consideration. RJoseph.Durbala@irs.gov.
public record. Comments are invited on:
ADDRESSES: Direct all written comments SUPPLEMENTARY INFORMATION:
(a) Whether the collection of
to Christie Preston, Internal Revenue Title: American Samoa Economic
information is necessary for the proper
Service, Room 6129, 1111 Constitution Development Credit.
performance of the functions of the OMB Number: 1545–0217.
Avenue NW., Washington, DC 20224. agency, including whether the Form Number: Form 5735.
FOR FURTHER INFORMATION CONTACT: information shall have practical utility; Abstract: Form 5735 is used to figure
Requests for additional information or (b) the accuracy of the agency’s estimate the American Samoa economic
copies of the form and instructions of the burden of the collection of development credit under section 30A.
should be directed to R. Joseph Durbala, information; (c) ways to enhance the The credit is generally allowed against
(202) 317–5746, Internal Revenue quality, utility, and clarity of the income tax imposed by Chapter 1. The
Service, Room 6129, 1111 Constitution information to be collected; (d) ways to credit is not allowed against the
Avenue NW., Washington, DC 20224, or minimize the burden of the collection of following taxes:
through the Internet at information on respondents, including 1. Tax on accumulated earnings
RJoseph.Durbala@irs.gov. through the use of automated collection (section 531).
SUPPLEMENTARY INFORMATION: techniques or other forms of information 2. Personal holding company tax
Title: Change of Address, Change of technology; and (e) estimates of capital (section 541).
Address or Responsible Party— or start-up costs and costs of operation, 3. Additional tax for recovery of
Business. maintenance, and purchase of services foreign expropriation losses (section
OMB Number: 1545–1163. 1351).
to provide information.
Form Number: Form 8822, 8822–B. 4. Recapture of investment credit
rmajette on DSK7SPTVN1PROD with NOTICES

Abstract: Form 8822 is used by Approved: August 18, 2015. (section 50).
taxpayers to notify the Internal Revenue R. Joseph Durbala, 5. Recapture of low-income housing
Service that they have changed their IRS, Tax Analyst. credit (section 42(j)(4)(D)).
home or business address or business [FR Doc. 2015–21058 Filed 8–25–15; 8:45 am] 6. Recapture of Indian employment
location. Use Form 8822–B to notify the credit (section 45A).
BILLING CODE 4830–01–P
Internal Revenue Service if you changed Current Actions: There are no changes
your business mailing address, your being made to the forms at this time.

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51874 Federal Register / Vol. 80, No. 165 / Wednesday, August 26, 2015 / Notices

Type of Review: Extension of a ACTION: Correction to the notice and compliant, avoid substantial civil
currently approved collection. request for comments. penalties and generally eliminate the
Affected Public: Business or other for- risk of criminal prosecution. The
profit organizations. SUMMARY: This document contains a objective is to bring taxpayers that have
Estimated Number of Respondents: correction to the notice and request for used undisclosed foreign accounts and
10. comments which was published in the undisclosed foreign entities to avoid or
Federal Register on Monday, August 10, evade tax into compliance with United
Estimated Time per Respondent: 12
2015 (80 FR 47998). As part of the States tax laws.’’ is corrected to read
hours, 42 minutes.
continuing effort to reduce paperwork ‘‘The IRS offers taxpayers with
Estimated Total Annual Burden
and respondent burden, the notice undisclosed offshore income,
Hours: 127.
invites the general public and other undisclosed foreign financial accounts/
The following paragraph applies to all Federal agencies to take this
of the collections of information covered assets, and other offshore arrangements
opportunity to comment on proposed opportunities to participate in programs
by this notice: and/or continuing information
An agency may not conduct or and procedures to come into
collections, as required by the compliance with their tax and FBAR
sponsor, and a person is not required to Paperwork Reduction Act of 1995,
respond to, a collection of information compliance requirements. Broadly,
Public Law 104–13 (44 U.S.C. OVDP provides taxpayers with potential
unless the collection of information 3506(c)(2)(A)).
displays a valid OMB control number. criminal liability or substantial civil
Books or records relating to a collection DATES: Effective Date: August 26, 2015. liabilities resulting from offshore
of information must be retained as long FOR FURTHER INFORMATION CONTACT: noncompliance an avenue to avoid
as their contents may become material Christie Preston, (202) 317–4207 (not a criminal prosecution and come into
in the administration of any internal toll-free number). compliance. Whereas the Streamlined
revenue law. Generally, tax returns and Filing Compliance Procedures provide
SUPPLEMENTARY INFORMATION:
tax return information are confidential, filing procedures for taxpayers whose
as required by 26 U.S.C. 6103. Background offshore noncompliance resulted from
Request for Comments: Comments Currently, the IRS is soliciting non-willful conduct.’’
submitted in response to this notice will comments concerning the Offshore On page 47998, column 2, under
be summarized and/or included in the Voluntary Disclosure Program (OVDP) SUPPLEMENTARY INFORMATION, the
request for OMB approval. All and the Streamlined Filing Compliance Current Actions: ‘‘In September 2012,
comments will become a matter of Procedures. the IRS announced a new offshore
public record. Comments are invited on: initiative entitled the Streamlined Non-
Need for Correction filer program. This program was
(a) Whether the collection of
information is necessary for the proper As published, the notice and request developed specifically for US citizens
performance of the functions of the for comments contain errors which may with income solely from non-us sources.
agency, including whether the prove to be misleading and is in need Although this program was successful at
information shall have practical utility; of clarification. closing the non-filer loop, this program
(b) the accuracy of the agency’s estimate did not allow for amended returns to be
Correction of Publication filed reporting previously unreported
of the burden of the collection of
information; (c) ways to enhance the Accordingly, the publication of the foreign sourced income. As a result, an
quality, utility, and clarity of the notice and request for comments which enhanced process was developed in
information to be collected; (d) ways to is the subject of FR Doc. 2015–19521 is which taxpayers will be allowed to file
minimize the burden of the collection of corrected as follows: amended returns in order to report
information on respondents, including On page 47998, column 2, under previously unreported foreign source
through the use of automated collection SUMMARY, the sentence ‘‘Currently, the income while allowing a relief from
techniques or other forms of information IRS is soliciting comments concerning penalties. Forms 14653, 14654, and the
technology; and (e) estimates of capital the Offshore Voluntary Disclosure new Form 14708 have replaced the need
or start-up costs and costs of operation, Program (OVDP). ’’ is corrected to read for Form 14438. The net result is a
maintenance, and purchase of services ‘‘Currently, the IRS is soliciting burden increase of 15,500 estimated
to provide information. comments concerning the Offshore responses and 30,500 estimated annual
Voluntary Disclosure Program (OVDP) hours per year.’’ is corrected to read ‘‘In
Approved: August 18, 2015.
and the Streamlined Filing Compliance September 2012, the IRS announced the
R. Joseph Durbala, Procedures.’’. Streamlined Filing Compliance
IRS, Tax Analyst. On page 47998, column 2, under Procedures (2012 Streamlined
[FR Doc. 2015–21086 Filed 8–25–15; 8:45 am] SUPPLEMENTARY INFORMATION, the Title Procedures). The 2012 Streamlined
BILLING CODE 4830–01–P ‘‘Offshore Voluntary Disclosure Program Procedures were available only to non-
(OVDP)’’ is corrected to read ‘‘Offshore resident non-filers and had very specific
Voluntary Disclosure Program (OVDP) criteria. In June 2014, the IRS
DEPARTMENT OF THE TREASURY and Streamlined Filing Compliance announced new Streamlined Filing
Procedures’’. Compliance Procedures (2014
Internal Revenue Service On page 47998, column 2, under Streamlined Procedures). The 2014
Proposed Collection; Comment SUPPLEMENTARY INFORMATION, the Streamlined Procedures are available to
rmajette on DSK7SPTVN1PROD with NOTICES

Request on Information Collection Abstract: ‘‘The IRS is offering people a wider population of U.S. taxpayers
Tools Relating to the Offshore with undisclosed income from offshore living outside the country and, for the
Voluntary Disclosure Program (OVDP); accounts an opportunity to get current first time, to certain U.S. taxpayers
Correction with their tax returns. Taxpayers with residing in the United States. See,
undisclosed foreign accounts or entities announcement IR–2014–73 (June 18,
AGENCY: Internal Revenue Service, should make a voluntary disclosure 2014). Forms 14653, 14654 replaced the
Treasury. because it enables them to become now obsolete Form 14438. Additionally,

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Document Created: 2015-12-15 10:58:53
Document Modified: 2015-12-15 10:58:53

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice and request for comments.
Dates		Written comments should be received on or before October 26, 2015 to be assured of consideration.
Contact		Requests for additional information or copies of the form and instructions should be directed to R. Joseph Durbala, at (202) 317-5746, or at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet at [email protected]
FR Citation		80 FR 51873

80 FR 51873 - Proposed Collection; Comment Request for Form 5735

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 80, Issue 165 (August 26, 2015)

DEPARTMENT OF THE TREASURY
Internal Revenue Service