83 FR 58690 - Proposed Collection; Comment Request for Form 8621-A

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 224 (November 20, 2018)

Page Range		58690-58690
FR Document		2018-25271

The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Return by a Shareholder Making Certain Late Elections To End Treatment as a Passive Foreign Investment Company.

Federal Register, Volume 83 Issue 224 (Tuesday, November 20, 2018)

[Federal Register Volume 83, Number 224 (Tuesday, November 20, 2018)]
[Notices]
[Page 58690]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-25271]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8621-A

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning Return by a 
Shareholder Making Certain Late Elections To End Treatment as a Passive 
Foreign Investment Company.

DATES: Written comments should be received on or before January 22, 
2019 to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, 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 Martha R. 
Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Return by a Shareholder Making Certain Late Elections To End 
Treatment as a Passive Foreign Investment Company.
    OMB Number: 1545-1950.
    Form Number: 8621-A.
    Abstract: Form 8621-A is necessary for certain taxpayers/
shareholders who are investors in passive foreign investment companies 
(PFIC's) to request late deemed sale or late deemed dividend elections 
(late purging elections) under Reg. 1.1298-3(e). The form provides a 
taxpayer/shareholder the opportunity to fulfill the requirements of the 
regulation in making the election by asserting the following: (i) The 
election is being made before an IRS agent has raised on audit the PFIC 
status of the foreign corporation for any taxable year of the taxpayer/
shareholder; (ii) the taxpayer/shareholder is agreeing by submitting 
Form 8621-A) to eliminate any prejudice to the interests of the U.S. 
government on account of the taxpayer/shareholder's inability to make 
timely purging elections; and (iii) the taxpayer/shareholder shows as a 
balance due on Form 8621-A an amount reflecting tax plus interest as 
determined under Reg. 1.1298(e)(3).
    Current Actions: There are no changes being made to the format this 
time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals and Households, Businesses and other 
for-profit organizations.
    Estimated Number of Respondents: 12.
    Estimated Time per Respondent: 65 hours, 24 minutes.
    Estimated Total Annual Burden Hours: 785.
    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. 
Comments will be 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 has 
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 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: October 25, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-25271 Filed 11-19-18; 8:45 am]
BILLING CODE 4830-01-P

58690 Federal Register / Vol. 83, No. 224 / Tuesday, November 20, 2018 / Notices

displays a valid OMB control number. Service, Room 6526, 1111 Constitution in the administration of any internal
Books or records relating to a collection Avenue NW, Washington, DC 20224. revenue law. Generally, tax returns and
of information must be retained as long FOR FURTHER INFORMATION CONTACT: tax return information are confidential,
as their contents may become material Requests for additional information or as required by 26 U.S.C. 6103.
in the administration of any internal copies of the form and instructions Request for Comments: Comments
revenue law. Generally, tax returns and should be directed to Martha R. Brinson, submitted in response to this notice will
tax return information are confidential, at (202) 317–5753, or at Internal be summarized and/or included in the
as required by 26 U.S.C. 6103. Revenue Service, Room 6526, 1111 request for OMB approval. Comments
Request for Comments: Comments Constitution Avenue NW, Washington, will be of public record. Comments are
submitted in response to this notice will DC 20224, or through the internet at invited on: (a) Whether the collection of
be summarized and/or included in the Martha.R.Brinson@irs.gov. information is necessary for the proper
request for OMB approval. All SUPPLEMENTARY INFORMATION: performance of the functions of the
comments will become a matter of Title: Return by a Shareholder Making agency, including whether the
public record. Comments are invited on: Certain Late Elections To End Treatment information has practical utility; (b) the
(a) Whether the collection of as a Passive Foreign Investment accuracy of the agency’s estimate of the
information is necessary for the proper Company. burden of the collection of information;
performance of the functions of the OMB Number: 1545–1950. (c) ways to enhance the quality, utility,
agency, including whether the Form Number: 8621–A. and clarity of the information to be
information shall have practical utility; Abstract: Form 8621–A is necessary collected; (d) ways to minimize the
(b) the accuracy of the agency’s estimate for certain taxpayers/shareholders who burden of the collection of information
of the burden of the collection of are investors in passive foreign on or other forms of information
information; (c) ways to enhance the investment companies (PFIC’s) to technology; and (e) estimates of capital
quality, utility, and clarity of the request late deemed sale or late deemed or start-up costs and costs of operation,
information to be collected; (d) ways to dividend elections (late purging maintenance, and purchase of services
minimize the burden of the collection of elections) under Reg. 1.1298–3(e). The to provide information.
information on respondents, including form provides a taxpayer/shareholder Approved: October 25, 2018.
through the use of automated collection the opportunity to fulfill the Laurie Brimmer,
techniques or other forms of information requirements of the regulation in Senior Tax Analyst.
technology; and (e) estimates of capital making the election by asserting the [FR Doc. 2018–25271 Filed 11–19–18; 8:45 am]
or start-up costs and costs of operation, following: (i) The election is being made BILLING CODE 4830–01–P
maintenance, and purchase of services before an IRS agent has raised on audit
to provide information. the PFIC status of the foreign
Approved: November 14, 2018. corporation for any taxable year of the
taxpayer/shareholder; (ii) the taxpayer/ DEPARTMENT OF VETERANS
Laurie Brimmer,
shareholder is agreeing by submitting AFFAIRS
Senior Tax Analyst.
[FR Doc. 2018–25230 Filed 11–19–18; 8:45 am]
Form 8621–A) to eliminate any [OMB Control No. 2900–0747]
prejudice to the interests of the U.S.
BILLING CODE 4830–01–P
government on account of the taxpayer/ Agency Information Collection
shareholder’s inability to make timely Activity: Application for Disability
DEPARTMENT OF THE TREASURY purging elections; and (iii) the taxpayer/ Compensation and Related
shareholder shows as a balance due on Compensation Benefits
Internal Revenue Service Form 8621–A an amount reflecting tax
plus interest as determined under Reg. AGENCY: Veterans Benefits
Proposed Collection; Comment 1.1298(e)(3). Administration, Department of Veterans
Request for Form 8621–A Current Actions: There are no changes Affairs.
being made to the format this time. ACTION: Notice.
AGENCY: Internal Revenue Service (IRS),
Type of Review: Extension of a
Treasury. SUMMARY: Veterans Benefits
currently approved collection.
ACTION: Notice and request for Affected Public: Individuals and Administration, Department of Veterans
comments. Households, Businesses and other for- Affairs (VA), is announcing an
profit organizations. opportunity for public comment on the
SUMMARY: The Internal Revenue Service proposed collection of certain
Estimated Number of Respondents:
(IRS), as part of its continuing effort to information by the agency. Under the
12.
reduce paperwork and respondent Paperwork Reduction Act (PRA) of
Estimated Time per Respondent: 65
burden, invites the general public and 1995, Federal agencies are required to
hours, 24 minutes.
other Federal agencies to take this publish notice in the Federal Register
Estimated Total Annual Burden
opportunity to comment on information concerning each proposed collection of
Hours: 785.
collections, as required by the The following paragraph applies to all information, including each proposed
Paperwork Reduction Act of 1995. The of the collections of information covered revision of a currently approved
IRS is soliciting comments concerning by this notice: collection, and allow 60 days for public
Return by a Shareholder Making Certain An agency may not conduct or comment in response to the notice.
Late Elections To End Treatment as a sponsor, and a person is not required to DATES: Written comments and
Passive Foreign Investment Company. respond to, a collection of information recommendations on the proposed
DATES: Written comments should be unless the collection of information collection of information should be
received on or before January 22, 2019 displays a valid OMB control number. received on or before January 22, 2019.
to be assured of consideration. Books or records relating to a collection ADDRESSES: Submit written comments
ADDRESSES: Direct all written comments of information must be retained as long on the collection of information through
to Laurie Brimmer, Internal Revenue as their contents may become material Federal Docket Management System

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Document Created: 2018-11-20 07:59:17
Document Modified: 2018-11-20 07:59:17

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 January 22, 2019 to be assured of consideration.
Contact		Requests for additional information or copies of the form and instructions should be directed to Martha R. Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at [email protected]
FR Citation		83 FR 58690

83 FR 58690 - Proposed Collection; Comment Request for Form 8621-A

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 83, Issue 224 (November 20, 2018)

DEPARTMENT OF THE TREASURY
Internal Revenue Service