83 FR 12074 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 53 (March 19, 2018)

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 application procedures for qualified intermediary status under final qualified intermediary withholding agreement.

[Federal Register Volume 83, Number 53 (Monday, March 19, 2018)]
[Notices]
[Pages 12074-12075]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-05556]


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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 
application procedures for qualified intermediary status under final 
qualified intermediary withholding agreement.

DATES: Written comments should be received on or before May 18, 2018 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Laurie 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 form 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: Application Procedures for Qualified Intermediary Status 
Under Section 1441; Final Qualified Intermediary Withholding Agreement.
    OMB Number: 1545-1597.
    Revenue Procedure Number: 2000-12 (Revenue Procedure 2000-12 is 
modified by Announcement 2000-50, Revenue Procedure 2003-64, Revenue 
Procedure 2004-21, and Revenue Procedure 2005-77.)
    Abstract: This revenue procedure gives guidance for entering into a 
withholding agreement with the IRS to be treated as a Qualified 
Intermediary (QI) under regulation section 1.1441-1(e)(5). It describes 
the application procedures for becoming a QI and the terms that the IRS 
will ordinarily require in a QI withholding agreement. The objective of 
a QI withholding agreement is to simplify withholding and reporting 
obligations with respect to payments of income made to an account 
holder through one or more foreign intermediaries.
    Current Actions: There are no changes to the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 88,504.
    Estimated Number of Responses: 1,097,991.
    Estimated Time per Respondent: 16 minutes.
    **Estimated Time for a QI: 2,093 hours.
    Estimated Total Annual Burden Hours: 301,018.

[[Page 12075]]

    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: March 12, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-05556 Filed 3-16-18; 8:45 am]
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