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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:
201007-1545-015
Status:
Historical Active
Previous ICR Reference No:
200704-1545-060
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
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:
09/24/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/28/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2013
36 Months From Approved
09/30/2010
Responses
86,130
0
86,130
Time Burden (Hours)
4,280,244
0
4,045,343
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 Repealed.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:
US Code: 26 USC 108(i) Name of Law: Income from discharge of indebtedness
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:
75 FR 9023
02/26/2010
30-day Notice:
Federal Register Citation:
Citation Date:
75 FR 42821
07/22/2010
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
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
Schedule J - Accumulated Earnings and Profits (E&P) of Controlled Foreign Corporation
Schedule M - Transactions Between Controlled Foreign Corporation and Shareholders or Other Related Persons
Schedule O - Organization or Reorganization of Foreign Corporation, and Acquisitions and Dispositions of its Stock
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)
4,280,244
4,045,343
234,901
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:
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. Changes were made to Form 5471 and Schedule M (Form 5471) to comply with changing regulations; The controlling U.S. shareholder(s) of a CFC may make a section 108(i) election to defer recognizing discharge of indebtedness income in certain situations. Non-corporate U.S. shareholders are now required to report income reported on Form 5471, Schedule I, line 6 on Form 1040, line 21 (Other Income), or on the comparable line of other non-corporate tax returns. These changes, to the form and schedule, result in a total burden increase of 234,901 hours.
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]?
No
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)?
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:
07/28/2010
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