82 FR 60276 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 242 (December 19, 2017)

The Internal Revenue Service, 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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning information returns of U.S. persons with respect to foreign disregarded entities, and transactions between foreign disregarded entity of a foreign tax owner and the filer on other related entities.

[Federal Register Volume 82, Number 242 (Tuesday, December 19, 2017)]
[Notices]
[Pages 60276-60277]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-27319]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, 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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning 
information returns of U.S. persons with respect to foreign disregarded 
entities, and transactions between foreign disregarded entity of a 
foreign tax owner and the filer on other related entities.

DATES: Written comments should be received on or before February 20, 
2018 to be assured of consideration.

ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue 
Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the revenue procedure should be directed to Kerry Dennis, at 
(202) 317-5751 or Internal Revenue Service, Room 6529, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet, 
at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Information Return of U.S. Persons With Respect To Foreign 
Disregarded Entities and Transaction Between Foreign Disregarded Entity 
of a Foreign Tax Owner and the Filer on Other Related Entities.
    OMB Number: 1545-1910.
    Form Number: Form 8858 and Form 8858 Sch M.
    Abstract: Form 8858 and Schedule M are used by certain U.S. persons 
that own a foreign disregarded entity (FDE) directly or, in certain 
circumstances, indirectly or constructively.
    Current Actions: There are no changes being made to these forms at 
this time. However, the agency has updated the number of respondents 
based on most recent data. This figure only represents all ``other 
filers'', as individual filing data is being reported under 1545-0074 
and business data is being reported under 1545-0123.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals or households.
    Form 8858:
    Estimated Number of Respondents: 20,000.
    Estimated Time per Respondent: 26.75 hours.
    Estimated Total Annual Burden Hours: 535,000 hours.
    Form 8858 (Sch M):
    Estimated Number of Respondents: 8,000.
    Estimated Time per Respondent: 24.75 hours.
    Estimated Total Annual Burden Hours: 198,000 hours.
    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

[[Page 60277]]

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: December 13, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-27319 Filed 12-18-17; 8:45 am]
BILLING CODE 4830-01-P