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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:
1545-1002
ICR Reference No:
201409-1545-026
Status:
Historical Active
Previous ICR Reference No:
201109-1545-031
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
Type of Information Collection:
Reinstatement with change of a previously approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
10/06/2015
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/18/2015
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2018
36 Months From Approved
Responses
1,333
0
0
Time Burden (Hours)
64,971
0
0
Cost Burden (Dollars)
0
0
0
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.
Authorizing Statute(s):
US Code:
26 USC 1295
Name of Law: Qualified electing fund
US Code:
26 USC 1297
Name of Law: Passive foreign investment company
US Code:
26 USC 1298
Name of Law: Special rules
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:
79 FR 36874
06/30/2014
30-day Notice:
Federal Register Citation:
Citation Date:
80 FR 13464
03/13/2015
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
Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
8621
Return by a shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
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
1,333
0
0
0
0
1,333
Annual Time Burden (Hours)
64,971
0
0
2,799
0
62,172
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Changes have been made to the form to comply with regulations. A new line on page 1 (in the identifying information section above Part I) requests a reference ID number of the PFIC or QEF for which Form 8621 was completed. A new Part I ("Summary of Annual Information") to reflect the new annual filing requirement of section 1298(f), which was added by FATCA, section 521, and the requirements set forth in Regulations section 1.1298-4T. The result of these program changes to Form 8621 increased the total burden by 2,799 hours.
Annual Cost to Federal Government:
$273
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:
Carl Tenny 202 283-2637
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:
03/18/2015
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