81 FR 66742 - Proposed Collection; Comment Request on Information Collection Tools Relating to the Offshore Voluntary Disclosure Program (OVDP)

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 188 (September 28, 2016)

Page Range		66742-66743
FR Document		2016-23403

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 the Offshore Voluntary Disclosure Program (OVDP).

Federal Register, Volume 81 Issue 188 (Wednesday, September 28, 2016)

[Federal Register Volume 81, Number 188 (Wednesday, September 28, 2016)]
[Notices]
[Pages 66742-66743]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-23403]


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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)

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 
the Offshore Voluntary Disclosure Program (OVDP).

DATES: Written comments should be received on or before November 28, 
2016 to be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue Service, Room 6527, 1111 Constitution Avenue NW., Washington, 
DC 20224. Please send separate comments for each specific information 
collection listed below. You must reference the information 
collection's title, form number, reporting or record-keeping 
requirement number, and OMB number (if any) in your comment.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the collection tools should be directed to R. Joseph Durbala, 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 317-5746, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Currently, the IRS is seeking comments concerning the following 
information collection tools, reporting, and record-keeping 
requirements:
    Title: Offshore Voluntary Disclosure Program (OVDP).
    OMB Number: 1545-2241.
    Form Number(s): 14452, 14453, 14454, 14457, 14467, 14653, 14654, 
and 14708.
    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.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Responses: 474,000.
    Estimated Time per Respondent: 1 hour 40 mins.
    Estimated Total Annual Burden Hours: 757,000.
    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,

[[Page 66743]]

maintenance, and purchase of services to provide information.

    Approved: September 21, 2016.
R. Joseph Durbala,
IRS, Tax Analyst.
[FR Doc. 2016-23403 Filed 9-27-16; 8:45 am]
 BILLING CODE 4830-01-P

66742 Federal Register / Vol. 81, No. 188 / Wednesday, September 28, 2016 / Notices

NW., Washington, DC 20224, or through or start-up costs and costs of operation, OMB Number: 1545–2241.
the internet at RJoseph.Durbala@irs.gov. maintenance, and purchase of services Form Number(s): 14452, 14453,
SUPPLEMENTARY INFORMATION: to provide information. 14454, 14457, 14467, 14653, 14654, and
Title: Disclosure Requirements With Approved: September 21, 2016. 14708.
Respect to Prohibited Tax Shelter Abstract: The IRS is offering people
R. Joseph Durbala,
Transactions. with undisclosed income from offshore
IRS, Tax Analyst. accounts an opportunity to get current
OMB Number: 1545–2079. [FR Doc. 2016–23404 Filed 9–27–16; 8:45 am]
Form Number: TD 9334. with their tax returns. Taxpayers with
Abstract: This document contains
BILLING CODE 4830–01–P undisclosed foreign accounts or entities
final regulations that provide guidance should make a voluntary disclosure
under section 4965 of the Internal because it enables them to become
DEPARTMENT OF THE TREASURY compliant, avoid substantial civil
Revenue Code (‘‘Code’’), relating to
excise taxes with respect to prohibited penalties and generally eliminate the
Internal Revenue Service
tax shelter transactions to which tax- risk of criminal prosecution. The
exempt entities are parties, and sections Proposed Collection; Comment objective is to bring taxpayers that have
6033(a)(2) and 6011(g) of the Code, Request on Information Collection used undisclosed foreign accounts and
relating to certain disclosure obligations Tools Relating to the Offshore undisclosed foreign entities to avoid or
with respect to such transactions. Voluntary Disclosure Program (OVDP) evade tax into compliance with United
Current Actions: There is no change States tax laws.
AGENCY: Internal Revenue Service (IRS), Current Actions: There is no change
in the paperwork burden previously
Treasury. in the paperwork burden previously
approved by OMB.
Type of Review: Extension of a ACTION: Notice and request for approved by OMB.
comments. Type of Review: Extension of
currently approved collection.
currently approved collection.
Affected Public: Individuals and SUMMARY: The Department of the Affected Public: Individuals or
Households, Businesses and other for- Treasury, as part of its continuing effort households.
profit organizations. to reduce paperwork and respondent Estimated Number of Responses:
Estimated Number of Respondents: burden, invites the general public and 474,000.
6,500. other Federal agencies to take this Estimated Time per Respondent: 1
Estimated Time per Respondent: 15 opportunity to comment on proposed hour 40 mins.
hours 9 minutes. and/or continuing information Estimated Total Annual Burden
Estimated Total Annual Burden collections, as required by the Hours: 757,000.
Hours: 98,500. Paperwork Reduction Act of 1995, The following paragraph applies to all
The following paragraph applies to all Public Law 104–13 (44 U.S.C. of the collections of information covered
of the collections of information covered 3506(c)(2)(A)). Currently, the IRS is by this notice:
by this notice: soliciting comments concerning the An agency may not conduct or
An agency may not conduct or Offshore Voluntary Disclosure Program sponsor, and a person is not required to
sponsor, and a person is not required to (OVDP). respond to, a collection of information
respond to, a collection of information unless the collection of information
DATES: Written comments should be
unless the collection of information displays a valid OMB control number.
received on or before November 28,
displays a valid OMB control number. Books or records relating to a collection
2016 to be assured of consideration.
Books or records relating to a collection of information must be retained as long
of information must be retained as long ADDRESSES: Direct all written comments as their contents may become material
as their contents may become material to Tuawana Pinkston, Internal Revenue in the administration of any internal
in the administration of any internal Service, Room 6527, 1111 Constitution revenue law. Generally, tax returns and
revenue law. Generally, tax returns and Avenue NW., Washington, DC 20224. tax return information are confidential,
tax return information are confidential, Please send separate comments for each as required by 26 U.S.C. 6103.
as required by 26 U.S.C. 6103. specific information collection listed Request for Comments: Comments
Request for Comments: Comments below. You must reference the submitted in response to this notice will
submitted in response to this notice will information collection’s title, form be summarized and/or included in the
be summarized and/or included in the number, reporting or record-keeping request for OMB approval. All
request for OMB approval. All requirement number, and OMB number comments will become a matter of
comments will become a matter of (if any) in your comment. public record. Comments are invited on:
public record. Comments are invited on: FOR FURTHER INFORMATION CONTACT: (a) Whether the collection of
(a) Whether the collection of Requests for additional information or information is necessary for the proper
information is necessary for the proper copies of the collection tools should be performance of the functions of the
performance of the functions of the directed to R. Joseph Durbala, Internal agency, including whether the
agency, including whether the Revenue Service, Room 6129, 1111 information shall have practical utility;
information shall have practical utility; Constitution Avenue NW., Washington, (b) the accuracy of the agency’s estimate
(b) the accuracy of the agency’s estimate DC 20224, or at (202) 317–5746, or of the burden of the collection of
of the burden of the collection of through the internet at information; (c) ways to enhance the
information; (c) ways to enhance the RJoseph.Durbala@irs.gov. quality, utility, and clarity of the
mstockstill on DSK3G9T082PROD with NOTICES

quality, utility, and clarity of the SUPPLEMENTARY INFORMATION: information to be collected; (d) ways to
information to be collected; (d) ways to Currently, the IRS is seeking minimize the burden of the collection of
minimize the burden of the collection of comments concerning the following information on respondents, including
information on respondents, including information collection tools, reporting, through the use of automated collection
through the use of automated collection and record-keeping requirements: techniques or other forms of information
techniques or other forms of information Title: Offshore Voluntary Disclosure technology; and (e) estimates of capital
technology; and (e) estimates of capital Program (OVDP). or start-up costs and costs of operation,

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Federal Register / Vol. 81, No. 188 / Wednesday, September 28, 2016 / Notices 66743

maintenance, and purchase of services Change in PRA Approval of Forms previous methodology. When the prior
to provide information. Used by Business Taxpayers model was developed in the mid-1980s,
Approved: September 21, 2016. Under the PRA, OMB assigns a almost all tax returns were prepared
R. Joseph Durbala, control number to each ‘‘collection of manually, either by the taxpayer or a
information’’ that it reviews and paid provider. In this context, it was
IRS, Tax Analyst.
approves for use by an agency. A single determined that estimating burden on a
[FR Doc. 2016–23403 Filed 9–27–16; 8:45 am] form-by-form basis was an appropriate
information collection may consist of
BILLING CODE 4830–01–P
one or more forms, recordkeeping methodology. Today, over 90 percent of
requirements, and/or third-party all business entity tax returns are
disclosure requirements. Under the PRA prepared using software or with
DEPARTMENT OF THE TREASURY preparer assistance. In this
and OMB regulations, agencies have the
Internal Revenue Service discretion to seek separate OMB environment, in which many taxpayers’
activities are no longer as directly
approvals for business forms,
Proposed Collection; Comment associated with particular forms,
recordkeeping requirements, and third-
Request for Forms 1065, 1065–B, 1066, estimating burden on a form-by-form
party reporting requirements or to
1120, 1120–C, 1120–F, 1120–H, 1120– basis is not an appropriate measurement
combine any number of forms,
ND, 1120–S, 1120–SF, 1120–FSC, of taxpayer burden. The new model,
recordkeeping requirements, and/or
1120–L, 1120–PC, 1120–REIT, 1120– which takes into account broader and
third-party disclosure requirements
RIC, 1120–POL and Related more comprehensive taxpayer
(usually related in subject matter) under
Attachments characteristics and activities, provides a
one OMB Control Number. Agency
much more accurate and useful estimate
decisions on whether to group
AGENCY: Internal Revenue Service (IRS), of taxpayer burden.
individual requirements under a single Currently, there are 206 forms used by
Treasury.
OMB Control Number or to disaggregate business taxpayers. These include
ACTION: Notice and request for them and request separate OMB Control Forms 1065, 1065–B, 1066, 1120, 1120–
comments. Numbers are based largely on C, 1120–F, 1120–H, 1120–ND, 1120–S,
considerations of administrative 1120–SF, 1120–FSC, 1120–L, 1120–PC,
SUMMARY: The Internal Revenue Service, practicality.
as part of its continuing effort to reduce 1120–REIT, 1120–RIC, 1120–POL, and
The PRA also requires agencies to their schedules and all the forms
paperwork and respondent burden, estimate the burden for each collection
invites the general public and other business entity taxpayers attach to their
of information. Accordingly, each OMB tax returns (see the Appendix to this
Federal agencies to take this Control Number has an associated
opportunity to comment on proposed notice). For most of these forms, IRS has
burden estimate. The burden estimates in the past obtained separate OMB
and continuing information collections, for each control number are displayed
as required by the Paperwork Reduction approvals under unique OMB Control
in (1) the PRA notices that accompany Numbers and separate burden estimates.
Act of 1995 (PRA), Public Law 104–13 collections of information, (2) Federal The BTBM estimates the aggregate
(44 U.S.C. 3506(c)(2)(A)). This notice Register notices such as this one, and burden imposed on business taxpayers,
requests comments on all forms used by (3) in OMB’s database of approved based upon their tax-related
business entity taxpayers: Forms 1065, information collections. If more than characteristics and activities. IRS
1065–B, 1066, 1120, 1120–C, 1120–F, one form, recordkeeping requirement, therefore will seek OMB approval of all
1120–H, 1120–ND, 1120–S, 1120–SF, and/or third-party disclosure 206 business-related tax forms as a
1120–FSC, 1120–L, 1120–PC, 1120– requirement is approved under a single single ‘‘collection of information.’’ The
REIT, 1120–RIC, 1120–POL; and all control number, then the burden aggregate burden of these tax forms will
attachments to these forms (see the estimate for that control number reflects be accounted for under OMB Control
Appendix to this notice). With this the burden associated with all of the Number 1545–0123, which is currently
notice, the IRS is also announcing approved forms, recordkeeping assigned to Form 1120 and its
significant changes to (1) the manner in requirements, and/or third-party schedules. OMB Control Number 1545–
which tax forms used by business disclosure requirements. 0123 will be displayed on all business
taxpayers will be approved under the As described below under the heading tax forms and other information
PRA and (2) its method of estimating the ‘‘New Burden Model,’’ the IRS’s new collections. As a result of this change,
paperwork burden imposed on all Business Taxpayer Burden Model burden estimates for business taxpayers
business taxpayers. (BTBM) estimates of taxpayer burden will now be displayed differently in
DATES: Written comments should be are based on taxpayer characteristics PRA Notices on tax forms and other
received on or before November 28, and activities, taking into account, information collections, and in Federal
2016 to be assured of consideration. among other things, the forms and Register notices. This new way of
ADDRESSES: Direct all written comments
schedules generally used by those displaying burden is presented below
to Tuawana Pinkston, Internal Revenue groups of business taxpayers and the under the heading ‘‘Proposed PRA
Service, Room 6526, 1111 Constitution recordkeeping and other activities Submission to OMB.’’ Because 44 of the
Avenue NW., Washington, DC 20224. needed to complete those forms. The 206 forms used by business taxpayers
BTBM represents the second phase of a are also used by tax-exempt
FOR FURTHER INFORMATION CONTACT: long-term effort to improve the ability of organizations, trusts and estates and
Requests for additional information or IRS to measure the burden imposed on other kinds of taxpayers, there will be
mstockstill on DSK3G9T082PROD with NOTICES

copies of the form and instructions various groups of taxpayers by the a transition period during which IRS
should be directed to Allan Hopkins, at federal tax system. While the new will report different burden estimates
Internal Revenue Service, Room 6129, methodology provides a more accurate for individual taxpayers (OMB Control
1111 Constitution Avenue NW., and comprehensive description of Number 1545–0074), business taxpayers
Washington, DC 20224, or through the business taxpayer burden, it will not (OMB Control Number 1545–0123), and
internet, at Allan.M.Hopkins@irs.gov. provide burden estimates on a form-by- another OMB Control Number for other
SUPPLEMENTARY INFORMATION: form basis, as has been done under the taxpayers using the same forms. For

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Document Created: 2016-09-28 01:08:00
Document Modified: 2016-09-28 01:08:00

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 November 28, 2016 to be assured of consideration.
Contact		Requests for additional information or copies of the collection tools should be directed to R. Joseph Durbala, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202) 317-5746, or through the internet at [email protected]
FR Citation		81 FR 66742

81 FR 66742 - Proposed Collection; Comment Request on Information Collection Tools Relating to the Offshore Voluntary Disclosure Program (OVDP)

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 81, Issue 188 (September 28, 2016)

DEPARTMENT OF THE TREASURY
Internal Revenue Service