Proposed Collection; Comment Request for Information Collection Tool Relating to the Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund, 77239-77240 [2024-21515]

Download as PDF Federal Register / Vol. 89, No. 183 / Friday, September 20, 2024 / Notices DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 1116 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning, Foreign Tax Credit (Individual, Estate, or Trust). DATES: Written comments should be received on or before November 19, 2024 to be assured of consideration. ADDRESSES: Direct all written comments to Andres Garcia, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or by email to pra.comments@irs.gov. Include OMB Control No. 1545–0121 in the subject line of the message. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions should be directed to LaNita Van Dyke, at (202)–317–6009, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at lanita.vandyke@ irs.gov. SUPPLEMENTARY INFORMATION: Title: Foreign Tax Credit (Individual, Estate, or Trust). OMB Number: 1545–0121. Form Number: 1116, Schedules B and Schedule C. Abstract: Form 1116, Schedules B and Schedule C are used by individuals (including nonresident aliens), estates, or trusts who paid foreign income taxes on U.S. taxable income, to compute the foreign tax credit. This information is used by the IRS to determine if the foreign tax credit is properly computed. Current Actions: There are no changes being made to the form at this time. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households. Estimated Number of Responses: 454,326. Estimated Time per Respondent: 7.30 hours. Estimated Total Annual Burden Hours: 2,531,600. ddrumheller on DSK120RN23PROD with NOTICES1 SUMMARY: VerDate Sep<11>2014 16:44 Sep 19, 2024 Jkt 262001 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 16, 2024. Molly J. Stasko, Senior Tax Analyst. [FR Doc. 2024–21503 Filed 9–19–24; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Information Collection Tool Relating to the Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund 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 SUMMARY: PO 00000 Frm 00165 Fmt 4703 Sfmt 4703 77239 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning return by a shareholder of a passive foreign investment company or qualified electing fund and 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 November 19, 2024 to be assured of consideration. ADDRESSES: Direct all written comments to Andres Garcia, Internal Revenue Service, room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or by email to pra.comments@irs.gov. Include OMB control number 1545– 1002 or Form 8821 and Form 8821–A in the subject line of the message. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form should be directed to Molly Stasko, at (202) 317–6206 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Molly.J.Stasko@irs.gov. SUPPLEMENTARY INFORMATION: Titles: Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund and Return by a shareholder making certain late elections to end treatment as a passive foreign investment company. OMB Number: 1545–1002. Form Numbers: 8621and 8621–A. Abstract: Form 8621 is filed by a U.S. shareholder who owns stock in a foreign investment company. The form is used to report income, make an election to extend the time for payment of tax, and to pay an additional tax and interest amount. The IRS uses Form 8621 to determine if these shareholders have correctly reported amounts of income, made the election correctly, and have correctly computed the additional tax and interest amount. 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/ E:\FR\FM\20SEN1.SGM 20SEN1 ddrumheller on DSK120RN23PROD with NOTICES1 77240 Federal Register / Vol. 89, No. 183 / Friday, September 20, 2024 / Notices 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: IRS is making an administrative change to merge the previously approved OMB 1545–1950– Form 8621–A into the OMB approval of 1545–1002. There are no changes to either form or its use. Type of Review: Revision of a currently approved collection. Affected Public: Businesses or other for-profit organizations and individuals. Form 8621: Estimated Number of Respondents: 1,333. Estimated Time per Response: 48 hours, 44 min. Estimated Total Annual Burden Hours: 64,971. Form 8621–A: Estimated Number of Respondents: 1. Estimated Time per Respondent: 78 hours, 30 minutes. Estimated Total Annual Burden Hours: 79 hours. 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. VerDate Sep<11>2014 16:44 Sep 19, 2024 Jkt 262001 Dated: September 17, 2024. Sara L. Covington, IRS Tax Analyst. [FR Doc. 2024–21515 Filed 9–19–24; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Submission for OMB Review; Comment Request; Administering the Government Securities Act Regulations Departmental Offices, Department of the Treasury. ACTION: Notice of information collection; request for comment. AGENCY: The Department of the Treasury will submit the following information collection request to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on this request. DATES: Comments should be received on or before October 21, 2024 to be assured of consideration. ADDRESSES: Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be obtained from Spencer W. Clark by emailing PRA@treasury.gov, calling (202) 927–5331, or viewing the entire information collection request at www.reginfo.gov. SUMMARY: SUPPLEMENTARY INFORMATION: Bureau of the Fiscal Service Title: Administering the Government Securities Act Regulations (17 CFR chapter IV). OMB Control Number: 1506–0064. Type of Review: Extension without change of a currently approved collection. Description: The regulations require government securities broker and dealers to make and keep certain records concerning their business activities and their holdings of government securities, to submit financial reports, and to make certain disclosures to investors. The regulations PO 00000 Frm 00166 Fmt 4703 Sfmt 4703 also require depository institutions to keep certain records of non-fiduciary custodial holdings of government securities. The regulations and associated collections are fundamental to customer protection and dealer financial responsibility. Forms: G–FIN–4, G–FIN–5, G–405 Part I, G–405 Part II, G–405 Part IIA, G– 405 Part III, G–405 Schedule I. Affected Public: Private Sector (Government securities brokers and dealers and financial institutions). Estimated Number of Respondents: 2,879. Frequency of Response: On occasion. Estimated Total Number of Annual Responses: 2,879. Estimated Time per Response: Varies by form and recordkeeping requirement. Average is 71.65 hours per response. Estimated Total Annual Burden Hours: 206,293. Authority: 44 U.S.C. 3501 et seq. Spencer W. Clark, Treasury PRA Clearance Officer. [FR Doc. 2024–21510 Filed 9–19–24; 8:45 am] BILLING CODE 4810–AS–P DEPARTMENT OF VETERANS AFFAIRS [OMB Control No. 2900–0017] Agency Information Collection Activity under OMB Review: VA Fiduciary’s Account, Court Appointed Fiduciary’s Account, Certificate of Balance on Deposit and Authorization to Disclose Financial Records Veterans Benefits Administration, Department of Veterans Affairs. ACTION: Notice. AGENCY: In compliance with the Paperwork Reduction Act (PRA) of 1995, this notice announces that the Veterans Benefits Administration, Department of Veterans Affairs, will submit the collection of information abstracted below to the Office of Management and Budget (OMB) for review and comment. The PRA submission describes the nature of the information collection and its expected cost and burden, and it includes the actual data collection instrument. DATES: Comments and recommendations for the proposed information collection should be sent by October 21, 2024. ADDRESSES: To submit comments and recommendations for the proposed information collection, please type the following link into your browser: SUMMARY: E:\FR\FM\20SEN1.SGM 20SEN1

Agencies

[Federal Register Volume 89, Number 183 (Friday, September 20, 2024)]
[Notices]
[Pages 77239-77240]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-21515]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Information Collection 
Tool Relating to the Return by a Shareholder of a Passive Foreign 
Investment Company or Qualified Electing Fund

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 return 
by a shareholder of a passive foreign investment company or qualified 
electing fund and 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 November 19, 
2024 to be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue Service, room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224, or by email to [email protected]. Include OMB control number 
1545-1002 or Form 8821 and Form 8821-A in the subject line of the 
message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Molly Stasko, at (202) 317-
6206 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue 
NW, Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Titles: Return by a Shareholder of a Passive Foreign Investment 
Company or Qualified Electing Fund and Return by a shareholder making 
certain late elections to end treatment as a passive foreign investment 
company.
    OMB Number: 1545-1002.
    Form Numbers: 8621and 8621-A.
    Abstract: Form 8621 is filed by a U.S. shareholder who owns stock 
in a foreign investment company. The form is used to report income, 
make an election to extend the time for payment of tax, and to pay an 
additional tax and interest amount. The IRS uses Form 8621 to determine 
if these shareholders have correctly reported amounts of income, made 
the election correctly, and have correctly computed the additional tax 
and interest amount. 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/

[[Page 77240]]

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: IRS is making an administrative change to merge 
the previously approved OMB 1545-1950-Form 8621-A into the OMB approval 
of 1545-1002. There are no changes to either form or its use.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Businesses or other for-profit organizations and 
individuals.
    Form 8621:
    Estimated Number of Respondents: 1,333.
    Estimated Time per Response: 48 hours, 44 min.
    Estimated Total Annual Burden Hours: 64,971.
    Form 8621-A:
    Estimated Number of Respondents: 1.
    Estimated Time per Respondent: 78 hours, 30 minutes.
    Estimated Total Annual Burden Hours: 79 hours.
    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.

    Dated: September 17, 2024.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2024-21515 Filed 9-19-24; 8:45 am]
BILLING CODE 4830-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.