View Information Collection Request (ICR) Package

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: 1545-2241	ICR Reference No: 201506-1545-004
Status: Historical Active	Previous ICR Reference No: 201309-1545-089
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Offshore Voluntary Disclosure Program (OVDP)
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: 08/19/2016
Retrieve Notice of Action (NOA)	Date Received in OIRA: 05/17/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2019	36 Months From Approved	12/31/2016
Responses	474,000	0	458,500
Time Burden (Hours)	757,000	0	726,500
Cost Burden (Dollars)	0	0	0

Authorizing Statute(s): US Code: 26 USC 6038 Name of Law: Information reporting with respect to certain foreigncorporations and partnerships
   US Code: 26 USC 6046 Name of Law: Returns as to organization or reorganization of foreigncorporations and as to acquisitions of their
   US Code: 26 USC 6048 Name of Law: Information with respect to certain foreign trusts
   US Code: 26 USC 6651 Name of Law: Failure to file tax return or to pay tax
   US Code: 26 USC 6662 Name of Law: Imposition of accuracy-related penalty on underpayments

Citations for New Statutory Requirements: None

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion	Change Due to Adjustment in Estimate
Annual Number of Responses	474,000	458,500	-2,000	17,500
Annual Time Burden (Hours)	757,000	726,500	-4,000	34,500
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: Changing Forms

Short Statement: In September 2012, the IRS announced a new offshore initiative entitled the Streamlined Non-filer program. This program was developed specifically for US citizens with income solely from non-us sources. Although this program was successful at closing the non-filer loop, this program did not allow for amended returns to be filed reporting previously unreported foreign sourced income. As a result, an enhanced process was developed in which taxpayers will be allowed to file amended returns in order to report previously unreported foreign source income while allowing a relief from penalties. Forms 14653, 14654, and the new Form 14708 have replaced the need for Form 14438. The net result is a burden increase of 15,500 estimated responses and 30,500 estimated annual hours per year.