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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:
1545-0704
ICR Reference No:
200704-1545-060
Status:
Historical Active
Previous ICR Reference No:
200601-1545-049
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
CB-0704-060
Title:
Information Return of U.S. Persons with Respect To Certain Foreign Corporations
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
07/13/2007
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/10/2007
Terms of Clearance:
This form is used by individual and other taxpayers. The portion of the burden imposed on individual taxpayers is approved under OMB Control Number 1545-0074. In its next submission under this OMB Control Number, the agency is instructed to ensure that the estimate of burden associated with this Control Number includes only the burden imposed on non-individual taxpayers. If the agency finds that the current burden estimate includes burden imposed on individual taxpayers, it must immediately submit an adjustment request that eliminates this double-counting.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2010
36 Months From Approved
07/31/2007
Responses
86,130
0
86,130
Time Burden (Hours)
4,045,343
0
4,400,232
Cost Burden (Dollars)
0
0
0
Abstract:
Form 5471 and related schedules are used by U.S. persons that have an interest in a foreign corporation. The form is used to report income from the foreign corporation. The form and schedules are used to satisfy the reporting requirements of sections 6035, 6038 and 6046 and the regulations there under pertaining to the involvement of U.S. persons with certain foreign corporations.
Authorizing Statute(s):
US Code:
26 USC 6035
Name of Law: Sec. 6035. Repealed. Pub. L. 108-357, title IV, Sec. 413(c)(26), Oct. 22, 2004, 118 Stat. 1509]
US Code:
26 USC 6038
Name of Law: Information reporting with respect to certain foreign corporations and partnerships
US Code:
26 USC 6046
Name of Law: Returns as to organization or reorganization of foreign corporations and as to acquisitions of th
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:
72 FR 8057
02/22/2007
30-day Notice:
Federal Register Citation:
Citation Date:
72 FR 26450
05/09/2007
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
Information Return of U.S. Persons with Respect To Certain Foreign Corporations
Form 5471
Information Return of U.S. Persons With Respect To Certain Foreign Corporations
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
86,130
86,130
0
0
0
0
Annual Time Burden (Hours)
4,045,343
4,400,232
0
-354,889
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:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
A revision of the form and instruction created the following changes: Three (3) attachments deleted, added eight (8) code references and thirty-seven (37) line items deleted. Ten (10)code references were deleted and eighteen (18) line items were added, due to the revision of Schedule J. Schedule M revision resulted in deletion of one (1) code reference and seven (7) line items. Schedule N was obsolete and no changes were made to Schedule O. The above changes decreased the burden hours to 4,045,343.
Annual Cost to Federal Government:
$247,592
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]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
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:
05/10/2007
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