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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1545-0160
ICR Reference No:
201010-1545-019
Status:
Historical Active
Previous ICR Reference No:
200912-1545-014
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
EC-1545-0160-019
Title:
Form 3520-A--Annual Information Return of Foreign Trust With a U.S. Owner
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
01/21/2011
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/12/2010
Terms of Clearance:
Prior to the any future renewal of this information collection (and any revisions to this form), IRS will take into consideration public comment received that recommended incorporating a de minimis threshold related to the reporting requirements of Form 3520-A. IRS' decisions on this matter must be reported in the supporting statement of any future submissions.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/28/2013
02/28/2013
02/28/2013
Responses
500
0
500
Time Burden (Hours)
21,700
0
21,700
Cost Burden (Dollars)
0
0
0
Abstract:
Section 6048(b) requires that foreign trusts with at least one U.S. beneficiary must file an annual information return on Form 3520-A. The form is used to report the income and deductions of the foreign trust and provide statements to the U.S. owners and beneficiaries. IRS uses Form 3520-A to determine if the U.S. owner of the trust has included the net income of the trust in it's gross income.
Authorizing Statute(s):
US Code:
26 USC 6103
Name of Law: Confidentiality and disclosure of returns and return information
US Code:
26 USC 6048(b)
Name of Law: United States owner of foreign trust.
US Code:
26 USC 6109
Name of Law: Identifying numbers
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
74 FR 32033
07/06/2009
30-day Notice:
Federal Register Citation:
Citation Date:
74 FR 69377
12/31/2009
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Annual Information Return of Foreign Trust With a U.S. Owner
3520-A, 3520-A
Annual Information return of Foreign Trust With a U.S. Owner
,
Annual Information Return of Foreign Trust With a U.S. Owner
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
500
500
0
0
0
0
Annual Time Burden (Hours)
21,700
21,700
0
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
To reflect final regulations per T.D. 9501 under 26 U.S.C. 6109 the form now asks for the Preparer's PTIN and no longer give the option of providing a social security number.
Annual Cost to Federal Government:
$9,400
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
D. Regier 202 622-3695
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
11/12/2010
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