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View ICR - OIRA Conclusion

OMB Control No: 1545-1773	ICR Reference No: 201410-1545-005
Status: Historical Active	Previous ICR Reference No: 201110-1545-012
Agency/Subagency: TREAS/IRS	Agency Tracking No: Ready
Title: Revenue Procedure 2014-55, Election Procedures and Information Reporting with Respect to Interests in Certain Canadian Retirement Plans
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/05/2015
	Date Received in OIRA: 12/19/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2018	36 Months From Approved	03/31/2015
Responses	20,000	0	20,000
Time Burden (Hours)	10,000	0	10,000
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion	Change Due to Adjustment in Estimate
Annual Number of Responses	20,000	20,000	0	0
Annual Time Burden (Hours)	10,000	10,000	-10,000	10,000
Annual Cost Burden (Dollars)	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: Rev. Proc. 2014-55 superseded Rev. Proc. 2002-23. This new revenue procedure indicates an eligible individual who did not previously make an election under Article XVIII(7) of the Convention to defer current U.S. income taxation on the undistributed income of a Canadian retirement plan will be treated as having made the election in the first year in which the individual would have been entitled to elect the benefits under Article XVIII(7) with respect to the plan. Consequently, such eligible individual will not be required to make the election for that first year or for any subsequent years either on Form 8891 or under the procedures set forth in Revenue Procedure 2002-23. Burden estimates reflect the change in the requirement of this election changing from first-time and annual to a first-time only election.

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