Proposed Collection; Comment Request for Regulation Project, 47241 [2018-20220]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 83, Number 181 (Tuesday, September 18, 2018)]
[Notices]
[Page 47241]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-20220]



[[Page 47241]]

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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 
Foreign Account Tax Compliance Act (FATCA) registration.

DATES: Written comments should be received on or before November 19, 
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 for Foreign Account Tax Compliance Act (FATCA) 
Registration, FATCA Report, Cover Sheet for Paper Submissions, Request 
for Waiver From filing Information Returns Electronically, and 
Application for Extension of Time To File Information Returns.
    OMB Number: 1545-2246.
    Form Numbers: 8966, 8957, 8966-C, 8809-I, and 8508-I.
    Abstract: The IRS developed these forms under the authority of IRC 
section 1471(b), which was added by Public Law 111-47, section 501(a). 
Section 1471 is part of the Foreign Account Tax Compliance Act (FATCA) 
legislative framework to obtain reporting from foreign financial 
institutions on the accounts held in their institutions by US persons. 
Form 8957, Foreign Account Tax Compliance Act (FATCA) Registration 
information is to be used by a foreign financial institution to apply 
for status as a foreign financial institution as defined in IRC 
1471(b)(2).
    The information from Form 8966, FATCA Report, is to be used by a 
responsible officer of a foreign institution to apply for a foreign 
account tax compliance Act individual identification number as defined 
in IRC 1471(b)(2). Form 8966-C is used to authenticate the Form 8966, 
U.S. Income Tax Return for Estates and Trusts, and to ensure the 
ability to identify discrepancies between the number of forms received 
versus those claimed to have been sent by the filer. Taxpayers use Form 
8508-I to request a waiver from filing Form 8966 electronically. Form 
8809-I is used to request an initial or additional extension of time 
for file 8966 for the current year.
    Current Actions: There are changes to the previously approved 
burden of this existing collection. The agency has updated the number 
of respondents based on the most recent filing data.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.

Form 8957

    Estimated Number of Respondents: 30,620.
    Estimated Time per Response: 8 hours, 7 minutes.
    Estimated Total Annual Burden Hours: 249,247.

Form 8966

    Estimated Number of Respondents: 5,429,560.
    Estimated Time per Response: 25 minutes.
    Estimated Total Annual Burden Hours: 2,280,415.

Form 8966-C

    Estimated Number of Respondents: 1,000.
    Estimated Time per Response: 7 minutes.
    Estimated Total Annual Burden Hours: 120.

Form 8508-I

    Estimated Number of Respondents: 100.
    Estimated Time per Response: 4 hrs., 17 minutes.
    Estimated Total Annual Burden Hours: 429.

Form 8809-I

    Estimated Number of Respondents: 5,000.
    Estimated Time per Response: 3 hrs., 22 minutes.
    Estimated Total Annual Burden Hours: 16,800.

Totals for This Collection (All Five Forms)

    Estimated Number of Respondents: 5,466,280.
    Estimated Total Annual Burden Hours: 2,547,011.
    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: September 10, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-20220 Filed 9-17-18; 8:45 am]
BILLING CODE 4830-01-P