Proposed Collection; Comment Request for Information Collection Tools Relating to the Offshore Voluntary Disclosure Program (OVDP), 35868 [2021-14375]

Download as PDF 35868 Federal Register / Vol. 86, No. 127 / Wednesday, July 7, 2021 / Notices the Order, or any other sanctions program implemented by the Office of Foreign Assets Control. Except to the extent otherwise provided by law or unless licensed or otherwise authorized by the Office of Foreign Assets Control, the following are also prohibited: (1) Any transaction that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate any of the prohibitions contained in this Directive; and (2) any conspiracy formed to violate any of the prohibitions in this Directive. April 15, 2021. Dated: June 30, 2021. Bradley T. Smith, Acting Director, Office of Foreign Assets Control. [FR Doc. 2021–14339 Filed 7–6–21; 8:45 am] BILLING CODE 4810–AL–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Information Collection Tools Relating to the Offshore Voluntary Disclosure Program (OVDP) Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: 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 the offshore voluntary disclosure program. DATES: Written comments should be received on or before September 7, 2021 to be assured of consideration. ADDRESSES: Direct all written comments to Kinna Brewington, 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 should be directed to Kerry Dennis, at (202) 317–5751 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Kerry.Dennis@irs.gov. SUPPLEMENTARY INFORMATION: Title: Offshore Voluntary Disclosure Program (OVDP). OMB Number: 1545–2241. khammond on DSKJM1Z7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 17:44 Jul 06, 2021 Jkt 253001 Form Number(s): 14452, 14453, 14454, 14457, 14467, 14653, 14654, and 14708. Abstract: The IRS is offering people with undisclosed income from offshore accounts an opportunity to get current with their tax returns. Taxpayers with undisclosed foreign accounts or entities should make a voluntary disclosure because it enables them to become compliant, avoid substantial civil penalties and generally eliminate the risk of criminal prosecution. The objective is to bring taxpayers that have used undisclosed foreign accounts and undisclosed foreign entities to avoid or evade tax into compliance with United States tax laws. Current Actions: There is no change in the paperwork burden previously approved by OMB procedure. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or Households. Estimated Number of Respondents: 474,569. Estimated Time per Response: 1 hour, 49 min. Estimated Total Annual Burden Hours: 863,638. 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. 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, PO 00000 Frm 00140 Fmt 4703 Sfmt 4703 maintenance, and purchase of services to provide information. Approved: June 30, 2021. Kerry L. Dennis, Tax Analyst. [FR Doc. 2021–14375 Filed 7–6–21; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request on Reduction of Tax Attributes Due to Discharge of Indebtedness Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: 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 reduction of tax attributes due to discharge of indebtedness. DATES: Written comments should be received on or before September 7, 2021 to be assured of consideration. ADDRESSES: Direct all written comments to Kinna Brewington, 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 should be directed to Kerry Dennis, at (202) 317–5751 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Kerry.Dennis@irs.gov. SUPPLEMENTARY INFORMATION: Title: Reduction of Tax Attributes Due to Discharge of Indebtedness. OMB Number: 1545–0046. Form Number(s): 982. Abstract: Reduction of Tax Attributes Due to Discharge of Indebtedness. Internal Revenue Code (IRC) section 108 allows taxpayers to exclude from gross income amounts attributable to discharge of indebtedness in title 11 cases, insolvency or a qualified farm indebtedness. Section 1081(b) allows corporations to exclude from gross income amounts attributable to certain transfers of property. The data is used to verify adjustments to basis of property and reduction of tax attributes. Current Actions: There is no change in the form or paperwork burden previously approved by OMB. SUMMARY: E:\FR\FM\07JYN1.SGM 07JYN1

Agencies

[Federal Register Volume 86, Number 127 (Wednesday, July 7, 2021)]
[Notices]
[Page 35868]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-14375]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Information Collection 
Tools Relating to the Offshore Voluntary Disclosure Program (OVDP)

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 the 
offshore voluntary disclosure program.

DATES: Written comments should be received on or before September 7, 
2021 to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, 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 should be directed to Kerry Dennis, at (202) 317-
5751 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue 
NW, Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Offshore Voluntary Disclosure Program (OVDP).
    OMB Number: 1545-2241.
    Form Number(s): 14452, 14453, 14454, 14457, 14467, 14653, 14654, 
and 14708.
    Abstract: The IRS is offering people with undisclosed income from 
offshore accounts an opportunity to get current with their tax returns. 
Taxpayers with undisclosed foreign accounts or entities should make a 
voluntary disclosure because it enables them to become compliant, avoid 
substantial civil penalties and generally eliminate the risk of 
criminal prosecution. The objective is to bring taxpayers that have 
used undisclosed foreign accounts and undisclosed foreign entities to 
avoid or evade tax into compliance with United States tax laws.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB procedure.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or Households.
    Estimated Number of Respondents: 474,569.
    Estimated Time per Response: 1 hour, 49 min.
    Estimated Total Annual Burden Hours: 863,638.
    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.
    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: June 30, 2021.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2021-14375 Filed 7-6-21; 8:45 am]
BILLING CODE 4830-01-P