Document
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Forms 3921 and 3922
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity ...
SUPPLEMENTARY INFORMATION:
Title:
Information Reporting Requirements under Code sec. 6039.
OMB Number:
1545-2129.
Document Number:
Forms 3921 and 3922.
Abstract:
Form 3921 is a copy of the information return filed with the Internal Revenue Service by the corporation which transferred shares of stock to a recipient. Form 3922 is used by the corporation to record a transfer of the legal title of a share of stock acquired by the employee where the stock was acquired pursuant to the exercise of an option described in Internal Revenue Code section 423(c). Treasury Decision 9470 contains the final regulations relating to the return and information statement requirements under Internal Revenue Code section 6039. These regulations reflect changes to section 6039 made by section 403 of the Tax Relief and Health Care Act of 2006.
Current Actions:
There are no changes to the burden previously approved by OMB. This request is to extend the current approval for another 3 years.
Type of Review:
Extension of a currently approved collection.
Affected Public:
Business and other for-profit organizations.
Estimated Number of Respondents:
51,000.
Estimated Time per Respondent:
29 min.
Estimated Total Annual Burden Hours:
25,505.
The following paragraph applies to all 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 if 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.
Desired Focus of Comments:
The Internal Revenue Service (IRS) is particularly interested in comments that:
- Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility.
- Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used.
- Enhance the quality, utility, and clarity of the information to be collected; and
- Minimize the burden of the collection of information on those who are to respond, including using appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology,e.g.,
by permitting electronic submissions of responses.
Comments submitted in response to this notice will be summarized and/or included in the ICR for OMB approval of the extension of the information collection; they will also become a matter of public record.
Approved: February 27, 2024.
Ronald J. Durbala,
IRS Tax Analyst.