81 FR 35446 - Proposed Collection; Comment Request for Form 3520
DEPARTMENT OF THE TREASURY
Internal Revenue Service Federal Register Volume 81, Issue 106 (June 2, 2016)
Internal Revenue Service
Federal Register Volume 81, Issue 106 (June 2, 2016)
| Page Range | 35446-35447 | |
| FR Document | 2016-13001 |
[Federal Register Volume 81, Number 106 (Thursday, June 2, 2016)] [Notices] [Pages 35446-35447] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-13001] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 3520 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. ----------------------------------------------------------------------- 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 3520, Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts. DATES: Written comments should be received on or before August 1, 2016 to be assured of consideration. ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal Revenue Service, Room 6526, 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 Sara Covington, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet at [email protected]. SUPPLEMENTARY INFORMATION: Title: Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts. OMB Number: 1545-0159. Form Number: Form 3520. Abstract: U.S. persons who create a foreign trust or transfer property to a foreign trust must file Form 3520 to report the establishment of the trust or the transfer of property to the trust. Form 3520 must also be filed by U.S. persons who are treated as owners of any part of the assets of a trust under subpart E of Part I or subchapter J of Chapter 1; who received a distribution from a foreign trust; or who received large gifts during the tax year from a foreign person. Current Actions: There is no change in the paperwork burden previously approved by OMB. This form is being submitted for renewal purposes only. Type of Review: Extension of a currently approved collection. Affected Public: Businesses and other for-profit organizations. Estimated Number of Respondents: 1,320. Estimated Time per Respondent: 54 hours 35 minutes. Estimated Total Annual Burden Hours: 71,742. 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 [[Page 35447]] 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: May 25, 2016. Sara Covington, IRS Tax Analyst. [FR Doc. 2016-13001 Filed 6-1-16; 8:45 am] BILLING CODE 4830-01-P
![35446 Federal Register / Vol. 81, No. 106 / Thursday, June 2, 2016 / Notices
C. Whether the United States Has a under UNSCRs 1718 and 2270 in March DATES: Written comments should be
Mutual Legal Assistance Treaty With 2016.43 Examples of Office 39 activity received on or before August 1, 2016 to
That Jurisdiction, and the Experience of include collecting a significant portion be assured of consideration.
U.S. Law Enforcement Officials and of loyalty funds paid by DPRK officials ADDRESSES: Direct all written comments
Regulatory Officials in Obtaining to the regime annually, and using to Tuawana Pinkston, Internal Revenue
Information About Transactions deceptive financial practices such as Service, Room 6526, 1111 Constitution
Originating in or Routed Through or to smuggling U.S. dollars into North Korea. Avenue NW., Washington, DC 20224.
That Jurisdiction To support its efforts, Office 39 FOR FURTHER INFORMATION CONTACT:
The United States and North Korea do controls Korea Daesong Bank (KDB), Requests for additional information or
not have diplomatic relations. North which is used to facilitate financial copies of the form and instructions
Korea has no mutual legal assistance transactions supporting the should be directed to Sara Covington, at
treaty with the United States and does procurement of luxury goods. Treasury Internal Revenue Service, Room 6526,
not cooperate with U.S. law designated KDB under E.O. 13551 in 1111 Constitution Avenue NW.,
enforcement officials and regulatory November 2010 as an instrumentality of Washington, DC 20224, or through the
officials in obtaining information about Office 39.44 In spite of its designation, internet at Sara.L.Covington@irs.gov.
transactions originating in, or routed KDB continues to conduct illicit SUPPLEMENTARY INFORMATION:
through or to, North Korea.38 transactions on behalf of the regime, Title: Annual Return To Report
including by operating front companies Transactions With Foreign Trusts and
D. The Extent To Which That
on behalf of organizations such as Office Receipts of Certain Foreign Gifts.
Jurisdiction Is Characterized by High
39 abroad; by using an overseas branch OMB Number: 1545–0159.
Levels of Official or Institutional
office to both pay a number of overseas Form Number: Form 3520.
Corruption
companies that provide labor and Abstract: U.S. persons who create a
The North Korean government has services on behalf of North Korea, and foreign trust or transfer property to a
long demonstrated institutional and to remit funds to Pyongyang; and by foreign trust must file Form 3520 to
official corruption. According to utilizing KDB representatives abroad to report the establishment of the trust or
Transparency International’s Corruption make payments for goods imported into the transfer of property to the trust.
Perceptions Index, which ranks North Korea. Form 3520 must also be filed by U.S.
countries and territories based on how
Jamal El-Hindi, persons who are treated as owners of
corrupt their public sectors are
Acting Director, Financial Crimes any part of the assets of a trust under
perceived to be, North Korea ranks 167
Enforcement Network. subpart E of Part I or subchapter J of
out of 168.39 As noted above, UNSCRs
Chapter 1; who received a distribution
1718, 2094, and 2270 require UN [FR Doc. 2016–13038 Filed 6–1–16; 8:45 am]
from a foreign trust; or who received
member states to prohibit the provision BILLING CODE 4810–02–P
to North Korea of luxury goods, which large gifts during the tax year from a
are used by North Korean leaders to foreign person.
DEPARTMENT OF THE TREASURY Current Actions: There is no change
consolidate power and appease
members of the political elite by in the paperwork burden previously
increasing their personal wealth. North Internal Revenue Service approved by OMB. This form is being
Korea has also utilized Office 39 of the submitted for renewal purposes only.
Proposed Collection; Comment Type of Review: Extension of a
Korean Workers’ Party (KWP) to
Request for Form 3520 currently approved collection.
influence and maintain the support of
Affected Public: Businesses and other
North Korea’s elite citizens.40 AGENCY: Internal Revenue Service (IRS),
Office 39 was listed for an asset for-profit organizations.
Treasury. Estimated Number of Respondents:
blocking by the President in the Annex
ACTION: Notice and request for 1,320.
to E.O. 13551 in August 2010,41 and is
the branch of the North Korean comments. Estimated Time per Respondent: 54
Government that provides illicit hours 35 minutes.
SUMMARY: The Department of the Estimated Total Annual Burden
economic support to North Korean Treasury, as part of its continuing effort
leadership, including managing slush Hours: 71,742.
to reduce paperwork and respondent The following paragraph applies to all
funds for North Korean government burden, invites the general public and of the collections of information covered
officials.42 The UN listed Office 39 other Federal agencies to take this by this notice:
38 See ‘‘U.S. Relations with North Korea,’’
opportunity to comment on proposed An agency may not conduct or
(www.state.gov/r/pa/ei/bgn/2792.htm). and/or continuing information sponsor, and a person is not required to
39 See ‘‘North Korea: Facts & Figures,’’ collections, as required by the respond to, a collection of information
Transparency International (https:// Paperwork Reduction Act of 1995, unless the collection of information
www.transparency.org/country/#PRK). Public Law 104–13 (44 U.S.C. displays a valid OMB control number.
40 See ‘‘Defectors Detail How North Korea’s Office
3506(c)(2)(A)). Currently, the IRS is Books or records relating to a collection
39 Feeds Leader’s Slush Fund: Private Fund
Underwrites Comfortable Lifestyles for Pyongyang’s soliciting comments concerning Form of information must be retained as long
Elite,’’ Wall Street Journal, September 15, 2014 3520, Annual Return To Report as their contents may become material
(www.wsj.com/articles/defectors-detail-how-north- Transactions With Foreign Trusts and in the administration of any internal
asabaliauskas on DSK3SPTVN1PROD with NOTICES
koreas-office-39-filters-money-to-kims-private- Receipts of Certain Foreign Gifts.
slush-fund-1410823969); see also ‘‘Criminal
revenue law. Generally, tax returns and
Sovereignty: Understanding North Korea’s Illicit tax return information are confidential,
International Activities,’’ Strategic Studies Institute, November 18, 2010 (https://www.treasury.gov/ as required by 26 U.S.C. 6103.
March 2010. press-center/press-releases/Pages/tg962.aspx). Request for Comments: Comments
(www.strategicstudiesinstitute.army.mil/pdffiles/ 43 See UNSCR 1718; UNSCR 2270.
pub975.pdf) 44 See ‘‘Treasury Designates Key Nodes of the
submitted in response to this notice will
41 See E.O. 13551.
Illicit Financing Network of North Korea’s Office
be summarized and/or included in the
42 ‘‘Treasury Designates Key Nodes of the Illicit 39,’’ November 18, 2010 (https://www.treasury.gov/ request for OMB approval. All
Financing Network of North Korea’s Office 39,’’ press-center/press-releases/Pages/tg962.aspx). comments will become a matter of
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![Federal Register / Vol. 81, No. 106 / Thursday, June 2, 2016 / Notices 35447
public record. Comments are invited on: ACTION: Meeting notice. tax and information returns. The
(a) Whether the collection of ETAAC members convey the public’s
information is necessary for the proper SUMMARY: An open meeting of the perceptions of the IRS electronic tax
performance of the functions of the Electronic Tax Administration Advisory administration activities, offer
agency, including whether the Committee (ETAAC) will be conducted constructive observations about current
information shall have practical utility; at the Internal Revenue Service Building or proposed policies, programs, and
(b) the accuracy of the agency’s estimate in Washington, DC. The ETAAC will
procedures, and suggest improvements.
of the burden of the collection of discuss recommendations for electronic
The ETAAC’s duties are to research,
information; (c) ways to enhance the tax administration which will be
published in their Annual Report to analyze, consider, and make
quality, utility, and clarity of the
Congress by June 30, 2016. The IRS will recommendations on a wide range of
information to be collected; (d) ways to
respond to these recommendations. electronic tax administrative issues and
minimize the burden of the collection of
information on respondents, including Meeting Date: The meeting will be to provide input into the development
through the use of automated collection held on Tuesday, June 21, 2016, and implementation of the strategic plan
techniques or other forms of information beginning at 9:00 a.m. eastern time, for electronic tax administration.
technology; and (e) estimates of capital ending at approximately 11:30 a.m. Meeting Access: The meeting will be
or start-up costs and costs of operation, FOR FURTHER INFORMATION CONTACT: open to the public. Interested members
maintenance, and purchase of services Sean Parman at 202–317–6247 or Rose of the public may attend ETAAC’s
to provide information. Smith at 202–317–6559, or email etaac@ discussion of their recommendations.
Approved: May 25, 2016. irs.gov to receive the meeting The public may also submit written
Sara Covington, information. Please spell out all names comments about issues in electronic tax
IRS Tax Analyst. if you leave a voice message. administration for the committee to
[FR Doc. 2016–13001 Filed 6–1–16; 8:45 am] SUPPLEMENTARY INFORMATION: consider analyzing later this fall to
BILLING CODE 4830–01–P Background: The Internal Revenue etaac@irs.gov no later than 12 p.m.
Service established the Electronic Tax eastern on June 15, 2016. Written
Administration Advisory Committee statements received after this date may
DEPARTMENT OF THE TREASURY (ETAAC) in 1998 as a result of the not be provided to or considered by the
Restructuring and Reform Act of 1998 ETAAC until its next meeting.
Internal Revenue Service (RRA’98). The primary purpose of Dated: May 24, 2016.
ETAAC is to provide an organized
Open Meeting for the Electronic Tax Vicki L. Price,
public forum for discussion of
Administration Advisory Committee Acting Director, Strategic and Analytic
electronic tax administration issues in
(ETAAC) Services, Office of Online Services.
support of the overriding goal that
AGENCY: Internal Revenue Service (IRS), paperless filing should be the preferred [FR Doc. 2016–13002 Filed 6–1–16; 8:45 am]
Treasury. and most convenient method of filing BILLING CODE 4830–01–P
asabaliauskas on DSK3SPTVN1PROD with NOTICES
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Document Created: 2016-06-02 01:22:49
Document Modified: 2016-06-02 01:22:49
| 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 August 1, 2016 to be assured of consideration. | |
| Contact | Requests for additional information or copies of the form and instructions should be directed to Sara Covington, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet at [email protected] | |
| FR Citation | 81 FR 35446 |
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