Proposed Collection; Requesting Comments on Form 8865, 36188-36189 [2021-14557]

Download as PDF 36188 Federal Register / Vol. 86, No. 128 / Thursday, July 8, 2021 / Notices 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. Sara L. Covington, IRS Tax Analyst. [FR Doc. 2021–14552 Filed 7–7–21; 8:45 am] DEPARTMENT OF THE TREASURY Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel’s Toll-Free Phone Lines Project Committee Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. AGENCY: An open meeting of the Taxpayer Advocacy Panel’s Toll-Free Phone Lines Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service. DATES: The meeting will be held Tuesday, August 10, 2021. FOR FURTHER INFORMATION CONTACT: Rosalind Matherne at 1–888–912–1227 or 202–317–4115. SUPPLEMENTARY INFORMATION: Notice is hereby given pursuant to Section 10(a)(2) of the Federal Advisory Committee Act, 5 U.S.C. App. (1988) that an open meeting of the Taxpayer Advocacy Panel Toll-Free Phone Lines Project Committee will be held Tuesday, August 10, 2021 at 11:00 a.m. Eastern Time. The public is invited to make oral comments or submit written statements for consideration. Due to limited time and structure of meeting, notification of lotter on DSK11XQN23PROD with NOTICES1 SUMMARY: 16:47 Jul 07, 2021 Dated: July 1, 2021. Kevin Brown, Acting Director, Taxpayer Advocacy Panel. [FR Doc. 2021–14507 Filed 7–7–21; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Requesting Comments on Form 8865 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 Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships. 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. Please send separate comments for each specific information collection listed below. You must reference the information collection’s title, form number, reporting or record-keeping requirement number, and OMB number in your comment. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions should be directed to Jon Callahan, (737) 800–7639, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at jon.r.callahan@ irs.gov. SUMMARY: BILLING CODE 4830–01–P VerDate Sep<11>2014 intent to participate must be made with Rosalind Matherne. For more information please contact Rosalind Matherne at 1–888–912–1227 or 202– 317–4115, or write TAP Office, 1111 Constitution Ave. NW, Room 1509, Washington, DC 20224 or contact us at the website: http://www.improveirs.org. The agenda will include various IRS issues. Jkt 253001 Currently, the IRS is seeking comments concerning the following information collection SUPPLEMENTARY INFORMATION: PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 tools, reporting, and record-keeping requirements: Title: Return of U.S. Persons With Respect to Certain Foreign Partnerships. OMB Number: 1545–1668. Form Number: Form 8865, Schedules A, A–1, A–2, A–3, B, G, H, K, K–1, K– 2, K–3, L, M, M–1, M–2, N, O, P, and Form 8838 P. Abstract: The Taxpayer Relief Act of 1997 significantly modified the information reporting requirements with respect to foreign partnerships. The Act made the following three changes: (1) Expanded section 6038B to require U.S. persons transferring property to foreign partnerships in certain transactions to report those transfers, (2) expanded section 6038 to require certain U.S. Partners of controlled foreign partnerships to report information about the partnerships, and (3) modified the reporting required under section 6046A with respect to acquisitions and dispositions of foreign partnership interests. Form 8865 is used by U.S. persons to fulfill their reporting obligations under sections 6038B, 6038, and 6046A. Form 8838–P is used to extend the statute of limitations for U.S. persons who transfers appreciated property to partnerships with foreign partners related to the transferor. The form is filed when the transferor makes a gain recognition agreement. This agreement allows the transferor to defer the payment of tax on the transfer. Current Actions: There are changes to the existing collection: (1) The number of responses for each form and schedule is being reduced to account for filers (individuals, businesses and tax-exempt organizations) being reported under OMB numbers 1545–0123 and 1545– 0074, (2) additional information is being collected to comply with the Tax Cuts and Jobs Act, Public Law 115–97, and new section 250, (3) information about the number of foreign partners subject to section 864(c)(8) is being collected, (4) information about section 721(c) partnerships is being collected, (5) information is being collected for disclosure requirements under Treasury Regulations 1.703–3, 1.707–6, and 1.707–8, and (6) new Schedules K–2 and K–3 replace, supplement, and clarify certain amounts formerly reported on Schedules K and K–1 of Form 8865. Type of Review: Revision of a currently approved collection. Affected Public: Business or other forprofit organizations, individuals, and not-for-profit institutions. Estimated Number of Respondents: 3,695. Estimated Time per Respondent: 22 hours, 45 minutes. E:\FR\FM\08JYN1.SGM 08JYN1 Federal Register / Vol. 86, No. 128 / Thursday, July 8, 2021 / Notices Estimated Total Annual Burden Hours: 84,057. 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: July 2, 2021. Jon R. Callahan, Tax Analyst. [FR Doc. 2021–14557 Filed 7–7–21; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Interest Rate Paid on Cash Deposited To Secure U.S. Immigration and Customs Enforcement Immigration Bonds Departmental Offices, Treasury. Notice. AGENCY: ACTION: For the period beginning July 1, 2021, and ending on September 30, 2021, the U.S. Immigration and Customs Enforcement Immigration Bond interest rate is .02 per centum per annum. DATES: Rates are applicable July 1, 2021 to September 30, 2021. ADDRESSES: Comments or inquiries may be mailed to Will Walcutt, Supervisor, Funds Management Branch, Funds lotter on DSK11XQN23PROD with NOTICES1 SUMMARY: VerDate Sep<11>2014 16:47 Jul 07, 2021 Jkt 253001 Management Division, Fiscal Accounting, Bureau of the Fiscal Services, Parkersburg, West Virginia 26106–1328. You can download this notice at the following internet addresses: http:// www.treasury.gov or http:// www.federalregister.gov. FOR FURTHER INFORMATION CONTACT: Ryan Hanna, Manager, Funds Management Branch, Funds Management Division, Fiscal Accounting, Bureau of the Fiscal Service, Parkersburg, West Virginia 261006–1328 (304) 480–5120; Will Walcutt, Supervisor, Funds Management Branch, Funds Management Division, Fiscal Accounting, Bureau of the Fiscal Services, Parkersburg, West Virginia 26106–1328, (304) 480–5117. Federal law requires that interest payments on cash deposited to secure immigration bonds shall be ‘‘at a rate determined by the Secretary of the Treasury, except that in no case shall the interest rate exceed 3 per centum per annum.’’ 8 U.S.C. 1363(a). Related Federal regulations state that ‘‘Interest on cash deposited to secure immigration bonds will be at the rate as determined by the Secretary of the Treasury, but in no case will exceed 3 per centum per annum or be less than zero.’’ 8 CFR 293.2. Treasury has determined that interest on the bonds will vary quarterly and will accrue during each calendar quarter at a rate equal to the lesser of the average of the bond equivalent rates on 91-day Treasury bills auctioned during the preceding calendar quarter, or 3 per centum per annum, but in no case less than zero. [FR Doc. 2015–18545]. In addition to this Notice, Treasury posts the current quarterly rate in Table 2b— Interest Rates for Specific Legislation on the TreasuryDirect website. The Deputy Assistant Secretary for Public Finance, Gary Grippo, having reviewed and approved this document, is delegating the authority to electronically sign this document to Heidi Cohen, Federal Register Liaison for the Department, for purposes of publication in the Federal Register. SUPPLEMENTARY INFORMATION: Heidi Cohen, Federal Register Liaison. [FR Doc. 2021–14487 Filed 7–7–21; 8:45 am] BILLING CODE 4810–AS–P PO 00000 36189 DEPARTMENT OF VETERANS AFFAIRS National Research Advisory Council, Notice of Meeting The Department of Veterans Affairs (VA) gives notice under the Federal Advisory Committee Act, 5 U.S.C. App. 2, that the National Research Advisory Council (NRAC) will hold a meeting on Wednesday, September 1, 2021, by Webex. The teleconference number is 1– 404–397–1596, conference ID 199 811 6717 or the meeting link is: https:// veteransaffairs.webex.com/ veteransaffairs/j.php?MTID= mee580294d1ca4b86e69b617fd028f134. The meeting will convene at 11:00 a.m. and end at 2:00 p.m. Eastern Daylight Time. This meeting is open to the public. The purpose of the National Research Advisory Council is to advise the Secretary on research conducted by the Veterans Health Administration, including policies and programs targeting the high priority of Veterans’ health care needs. On September 1, 2021, the agenda will include a discussion of new research initiatives for fiscal year 2023, follow up discussion of diversity, equity, and inclusion activities in response to the NRAC recommendations; and discussion of a white paper on best practices in collaborating with academic affiliates and non-profit corporations in response to a Government Accountability Report on extramural funding. No time will be allocated at this meeting for receiving oral presentations from the public. Members of the public wanting to attend, have questions or presentations to present may contact Ms. Rashelle Robinson, Designated Federal Officer, Office of Research and Development (14RD), Department of Veterans Affairs, 810 Vermont Avenue NW, Washington, DC 20420, at 202–443–5768 or Rashelle.Robinson@va.gov no later than close of business on August 27, 2021. All questions and presentations will be presented during the public comment section of the meeting. Any member of the public seeking additional information should contact Rashelle Robinson at the above phone number or email address noted above. Dated: July 2, 2021. LaTonya L. Small, Federal Advisory Committee Management Officer. [FR Doc. 2021–14599 Filed 7–7–21; 8:45 am] BILLING CODE P Frm 00115 Fmt 4703 Sfmt 9990 E:\FR\FM\08JYN1.SGM 08JYN1

Agencies

[Federal Register Volume 86, Number 128 (Thursday, July 8, 2021)]
[Notices]
[Pages 36188-36189]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-14557]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Requesting Comments on Form 8865

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 Form 
8865, Return of U.S. Persons with Respect to Certain Foreign 
Partnerships.

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. Please send separate comments for each specific information 
collection listed below. You must reference the information 
collection's title, form number, reporting or record-keeping 
requirement number, and OMB number in your comment.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Jon Callahan, 
(737) 800-7639, at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: Currently, the IRS is seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    Title: Return of U.S. Persons With Respect to Certain Foreign 
Partnerships.
    OMB Number: 1545-1668.
    Form Number: Form 8865, Schedules A, A-1, A-2, A-3, B, G, H, K, K-
1, K-2, K-3, L, M, M-1, M-2, N, O, P, and Form 8838 P.
    Abstract: The Taxpayer Relief Act of 1997 significantly modified 
the information reporting requirements with respect to foreign 
partnerships. The Act made the following three changes: (1) Expanded 
section 6038B to require U.S. persons transferring property to foreign 
partnerships in certain transactions to report those transfers, (2) 
expanded section 6038 to require certain U.S. Partners of controlled 
foreign partnerships to report information about the partnerships, and 
(3) modified the reporting required under section 6046A with respect to 
acquisitions and dispositions of foreign partnership interests. Form 
8865 is used by U.S. persons to fulfill their reporting obligations 
under sections 6038B, 6038, and 6046A. Form 8838-P is used to extend 
the statute of limitations for U.S. persons who transfers appreciated 
property to partnerships with foreign partners related to the 
transferor. The form is filed when the transferor makes a gain 
recognition agreement. This agreement allows the transferor to defer 
the payment of tax on the transfer.
    Current Actions: There are changes to the existing collection: (1) 
The number of responses for each form and schedule is being reduced to 
account for filers (individuals, businesses and tax-exempt 
organizations) being reported under OMB numbers 1545-0123 and 1545-
0074, (2) additional information is being collected to comply with the 
Tax Cuts and Jobs Act, Public Law 115-97, and new section 250, (3) 
information about the number of foreign partners subject to section 
864(c)(8) is being collected, (4) information about section 721(c) 
partnerships is being collected, (5) information is being collected for 
disclosure requirements under Treasury Regulations 1.703-3, 1.707-6, 
and 1.707-8, and (6) new Schedules K-2 and K-3 replace, supplement, and 
clarify certain amounts formerly reported on Schedules K and K-1 of 
Form 8865.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals, and not-for-profit institutions.
    Estimated Number of Respondents: 3,695.
    Estimated Time per Respondent: 22 hours, 45 minutes.

[[Page 36189]]

    Estimated Total Annual Burden Hours: 84,057.
    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: July 2, 2021.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2021-14557 Filed 7-7-21; 8:45 am]
BILLING CODE 4830-01-P