80 FR 51874 - Proposed Collection; Comment Request on Information Collection Tools Relating to the Offshore Voluntary Disclosure Program (OVDP); Correction

DEPARTMENT OF THE TREASURY
Internal Revenue Service

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

Page Range		51874-51875
FR Document		2015-21057

This document contains a correction to the notice and request for comments which was published in the Federal Register on Monday, August 10, 2015 (80 FR 47998). As part of the continuing effort to reduce paperwork and respondent burden, the notice 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)).

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

[Federal Register Volume 80, Number 165 (Wednesday, August 26, 2015)]
[Notices]
[Pages 51874-51875]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-21057]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request on Information Collection 
Tools Relating to the Offshore Voluntary Disclosure Program (OVDP); 
Correction

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correction to the notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: This document contains a correction to the notice and request 
for comments which was published in the Federal Register on Monday, 
August 10, 2015 (80 FR 47998). As part of the continuing effort to 
reduce paperwork and respondent burden, the notice 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)).

DATES:  Effective Date: August 26, 2015.

FOR FURTHER INFORMATION CONTACT: Christie Preston, (202) 317-4207 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    Currently, the IRS is soliciting comments concerning the Offshore 
Voluntary Disclosure Program (OVDP) and the Streamlined Filing 
Compliance Procedures.

Need for Correction

    As published, the notice and request for comments contain errors 
which may prove to be misleading and is in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice and request for comments 
which is the subject of FR Doc. 2015-19521 is corrected as follows:
    On page 47998, column 2, under SUMMARY, the sentence ``Currently, 
the IRS is soliciting comments concerning the Offshore Voluntary 
Disclosure Program (OVDP). '' is corrected to read ``Currently, the IRS 
is soliciting comments concerning the Offshore Voluntary Disclosure 
Program (OVDP) and the Streamlined Filing Compliance Procedures.''.
    On page 47998, column 2, under SUPPLEMENTARY INFORMATION, the Title 
``Offshore Voluntary Disclosure Program (OVDP)'' is corrected to read 
``Offshore Voluntary Disclosure Program (OVDP) and Streamlined Filing 
Compliance Procedures''.
    On page 47998, column 2, under SUPPLEMENTARY INFORMATION, the 
Abstract: ``The IRS is offering people with undisclosed income from 
offshore accounts an opportunity to get current with their tax returns. 
Taxpayers with undisclosed foreign accounts or entities should make a 
voluntary disclosure because it enables them to become compliant, avoid 
substantial civil penalties and generally eliminate the risk of 
criminal prosecution. The objective is to bring taxpayers that have 
used undisclosed foreign accounts and undisclosed foreign entities to 
avoid or evade tax into compliance with United States tax laws.'' is 
corrected to read ``The IRS offers taxpayers with undisclosed offshore 
income, undisclosed foreign financial accounts/assets, and other 
offshore arrangements opportunities to participate in programs and 
procedures to come into compliance with their tax and FBAR compliance 
requirements. Broadly, OVDP provides taxpayers with potential criminal 
liability or substantial civil liabilities resulting from offshore 
noncompliance an avenue to avoid criminal prosecution and come into 
compliance. Whereas the Streamlined Filing Compliance Procedures 
provide filing procedures for taxpayers whose offshore noncompliance 
resulted from non-willful conduct.''
    On page 47998, column 2, under SUPPLEMENTARY INFORMATION, the 
Current Actions: ``In September 2012, the IRS announced a new offshore 
initiative entitled the Streamlined Non- filer program. This program 
was developed specifically for US citizens with income solely from non-
us sources. Although this program was successful at closing the non-
filer loop, this program did not allow for amended returns to be filed 
reporting previously unreported foreign sourced income. As a result, an 
enhanced process was developed in which taxpayers will be allowed to 
file amended returns in order to report previously unreported foreign 
source income while allowing a relief from penalties. Forms 14653, 
14654, and the new Form 14708 have replaced the need for Form 14438. 
The net result is a burden increase of 15,500 estimated responses and 
30,500 estimated annual hours per year.'' is corrected to read ``In 
September 2012, the IRS announced the Streamlined Filing Compliance 
Procedures (2012 Streamlined Procedures). The 2012 Streamlined 
Procedures were available only to non-resident non-filers and had very 
specific criteria. In June 2014, the IRS announced new Streamlined 
Filing Compliance Procedures (2014 Streamlined Procedures). The 2014 
Streamlined Procedures are available to a wider population of U.S. 
taxpayers living outside the country and, for the first time, to 
certain U.S. taxpayers residing in the United States. See, announcement 
IR-2014-73 (June 18, 2014). Forms 14653, 14654 replaced the now 
obsolete Form 14438. Additionally,

[[Page 51875]]

the IRS created Form 14708 to allow taxpayers who paid a penalty on the 
value of Canadian registered retirement savings plans (RRSP), 
registered retirement income funds (RRIF), or other similar Canadian 
retirement plans to request penalty reconsideration. See Streamlined 
Domestic Offshore Procedures FAQ # 12.
    In June 2014 the IRS announced significant revisions to the 2012 
OVDP. See, announcement IR-2014-73 (June 18, 2014). The significantly 
revised offshore voluntary disclosure program is commonly called the 
2014 OVDP. In conjunction with the announcement of the 2014 OVDP, the 
IRS updated Forms 14452, 14453, 14454, 14457 and 14467.
    The net result is a burden increase of 15,500 estimated responses 
and 30,500 estimated annual hours per year.''

R. Joseph Durbala,
IRS, Tax Analyst.
[FR Doc. 2015-21057 Filed 8-25-15; 8:45 am]
 BILLING CODE 4830-01-P

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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Federal Register / Vol. 80, No. 165 / Wednesday, August 26, 2015 / Notices 51875

the IRS created Form 14708 to allow SUPPLEMENTARY INFORMATION: ways to minimize the burden of the
taxpayers who paid a penalty on the Title: Deemed IRAs in Qualified collection of information on
value of Canadian registered retirement Retirement Plans. respondents, including through the use
savings plans (RRSP), registered OMB Number: 1545–1841. of automated collection techniques or
retirement income funds (RRIF), or Form Number: REG–157302–02; TD other forms of information technology;
other similar Canadian retirement plans 9142. and (e) estimates of capital or start-up
to request penalty reconsideration. See Abstract: Section 408(q), added to the costs and costs of operation,
Streamlined Domestic Offshore Internal Revenue Code by section 602 of maintenance, and purchase of services
Procedures FAQ # 12. the Economic Growth and Tax Relief to provide information.
In June 2014 the IRS announced Reconciliation Act of 2001, provides
Approved: August 19, 2015.
significant revisions to the 2012 OVDP. that separate accounts and annuities
may be added to qualified employer Allan Hopkins,
See, announcement IR–2014–73 (June
plans and deemed to be individual Tax Analyst.
18, 2014). The significantly revised
offshore voluntary disclosure program is retirement accounts and individual [FR Doc. 2015–21060 Filed 8–25–15; 8:45 am]
commonly called the 2014 OVDP. In retirement annuities if certain BILLING CODE 4830–01–P

conjunction with the announcement of requirements are met. Section 1.408(q)–
the 2014 OVDP, the IRS updated Forms 1(f)(2) provides that these deemed IRAs
14452, 14453, 14454, 14457 and 14467. must be held in a trust or annuity DEPARTMENT OF THE TREASURY
The net result is a burden increase of contract separate from the trust or
annuity contract of the qualified Special Inspector General for Troubled
15,500 estimated responses and 30,500 Asset Relief Program; Delegation of
estimated annual hours per year.’’ employer plan. This collection of
information is required to ensure that Authorities
R. Joseph Durbala, the separate requirements of qualified AGENCY: Office of the Special Inspector
IRS, Tax Analyst. employer plans and IRAs are met. General of the Troubled Asset Relief
[FR Doc. 2015–21057 Filed 8–25–15; 8:45 am] Current Actions: There is no change Program, Treasury.
BILLING CODE 4830–01–P in the paperwork burden previously ACTION: Notice of delegation of
approved by OMB. authorities.
Type of Review: Extension of a
DEPARTMENT OF THE TREASURY currently approved collection. SUMMARY: This notice delegates the
Affected Public: Businesses or other authority of the Special Inspector
Internal Revenue Service for-profit organizations, Not-for-profit General of the Office of the Inspector
Institutions, and State, local or Tribal General of the Troubled Asset Relief
Proposed Collection; Comment government. Program (SIGTARP) to issue subpoenas
Request for REG–157302–02 (Final), Estimated Number of Respondents: to the SIGTARP Chief of Staff, SIGTARP
TD 9142 800. Deputy Special Inspector General,
AGENCY: Internal Revenue Service (IRS), Estimated Time per Respondent: 50 SIGTARP Deputy Special Inspector
Treasury. hours. General for Audit, SIGTARP Deputy
Estimated Total Annual Burden Special Inspector General for
ACTION: Notice and request for
Hours: 40,000. Investigations, and SIGTARP General
comments. The following paragraph applies to all Counsel. This notice also delegates to
SUMMARY: The Department of the of the collections of information covered the SIGTARP Chief of Staff, SIGTARP
Treasury, as part of its continuing effort by this notice: Deputy Special Inspector General,
to reduce paperwork and respondent An agency may not conduct or
SIGTARP Deputy Special Inspector
burden, invites the general public and sponsor, and a person is not required to
General for Investigations, and
other Federal agencies to take this respond to, a collection of information
SIGTARP General Counsel, the
opportunity to comment on proposed unless the collection of information
authority of the Special Inspector
and/or continuing information displays a valid OMB control number.
General to request information under 5
collections, as required by the Books or records relating to a collection
U.S.C. 552a(b)(7).
Paperwork Reduction Act of 1995, of information must be retained as long
as their contents may become material DATES: Effective date: August 26, 2015.
Public Law 104–13 (44 U.S.C. FOR FURTHER INFORMATION CONTACT: B.
3506(c)(2)(A)). Currently, the IRS is in the administration of any internal
revenue law. Generally, tax returns and Chad Bungard, General Counsel,
soliciting comments concerning deemed SIGTARP, at (202) 622–1419.
IRAs in qualified retirement plans. tax return information are confidential,
as required by 26 U.S.C. 6103. SUPPLEMENTARY INFORMATION: The
DATES: Written comments should be Request for Comments: Comments Emergency Economic Stabilization Act
received on or before October 26, 2015 submitted in response to this notice will of 2008 (ESSA), created SIGTARP at
to be assured of consideration. be summarized and/or included in the section 121. 12 U.S.C. 5231. Section
ADDRESSES: Direct all written comments request for OMB approval. All 121(d)(1) of EESA endows the Special
to Christie Preston, Internal Revenue comments will become a matter of Inspector General with the authorities
Service, Room 6129, 1111 Constitution public record. Comments are invited on: set forth at section 6 of the Inspector
Avenue NW., Washington, DC 20224. (a) whether the collection of information General Act of 1978, as amended (the
FOR FURTHER INFORMATION CONTACT: is necessary for the proper performance Act), 5 U.S.C. App. 3. Section 6(a)(4) of
rmajette on DSK7SPTVN1PROD with NOTICES

Requests for additional information or of the functions of the agency, including the Act authorizes the Special Inspector
copies of the form and instructions whether the information shall have General to require by subpoena the
should be directed to Allan Hopkins, at practical utility; (b) the accuracy of the production of all information,
Internal Revenue Service, Room 6129, agency’s estimate of the burden of the documents, reports, answers, records,
1111 Constitution Avenue NW., collection of information; (c) ways to accounts, papers, and other data and
Washington, DC 20224, or through the enhance the quality, utility, and clarity documentary evidence deemed
Internet at Allan.M.Hopkins@irs.gov. of the information to be collected; (d) necessary in the performance of the

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Document Created: 2015-12-15 10:58:19
Document Modified: 2015-12-15 10:58:19

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		Correction to the notice and request for comments.
Contact		Christie Preston, (202) 317-4207 (not a toll-free number).
FR Citation		80 FR 51874

80 FR 51874 - Proposed Collection; Comment Request on Information Collection Tools Relating to the Offshore Voluntary Disclosure Program (OVDP); Correction

DEPARTMENT OF THE TREASURYInternal Revenue Service

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

DEPARTMENT OF THE TREASURY
Internal Revenue Service