View Information Collection Request (ICR) Package
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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:
1545-0096
ICR Reference No:
201508-1545-015
Status:
Historical Inactive
Previous ICR Reference No:
201411-1545-013
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
ready
Title:
Dividend Equivalents from Sources within the United States (REG-120282-10 & 127895-14) & Forms 1042, 1042-S and 1042-T
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
08/21/2015
OIRA Conclusion Action:
Preapproved
Conclusion Date:
08/26/2015
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/21/2015
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/29/2016
6 Months From Approved
03/31/2018
Responses
3,611,200
0
3,581,200
Time Burden (Hours)
2,945,594
0
2,705,594
Cost Burden (Dollars)
0
0
0
Abstract:
The regulations pertain to section 871(m) regarding dividend equivalent payments that are treated as U.S. source income. These regulations provide guidance regarding when payments made pursuant to certain financial instruments will be treated as U.S. -source income and subject to U.S. withholding tax. The information provided is necessary to permit withholding agents to determine whether U.S. withholding tax is due with respect to a payment of a dividend equivalent and the amount of the tax. The information will also be used for audit and examination purposes. Form 1042 is used by withholding agents to report tax withheld at source on certain income paid to nonresident alien individuals, foreign partnerships, and foreign corporations to the IRS. Form 1042-S is used by withholding agents to report income and tax withheld to payees. A copy of each 1042-S is filed magnetically or with Form 1042 for information reporting purposes. The IRS uses this information to verify that the correct amount of tax has been withheld and paid to the United States. Form 1042-T is used by withholding agents to transmit Forms 1042-S to the IRS.
Emergency Justfication:
Public harm is reasonably likely to result if normal clearance procedures are followed because taxpayers have requested substantial time to develop computer systems in order to comply with the regulations. Clearance under the normal review may not provide taxpayer with enough time to comply with these rules. In addition, these regulations extend the applicability of an existing regulation until January 1, 2017; taxpayer may be harmed by any delay in learning about the extended effective date.
Authorizing Statute(s):
US Code:
26 USC 6103
Name of Law: Confidentiality and disclosure of returns and return information
US Code:
26 USC 1461
Name of Law: Liability for withheld tax
US Code:
26 USC 871
Name of Law: Tax on nonresident alien individuals
US Code:
26 USC 1441
Name of Law: Withholding of tax on nonresident aliens
US Code:
26 USC 1442
Name of Law: Withholding of tax on foreign corporations
US Code:
26 USC 6001
Name of Law: Notice or regulations requiring records, statement, and special returns
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1545-BJ56
Final or interim final rulemaking
Federal Register Notices & Comments
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
Annual Summary and Transmittal of Forms 1042-S
1042-T, 1042-T (draft ty 2015)
Foreign Person's U.S. Source Income Subject to Withholding
1042-S
Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons
1042
REG-120282-10 (Final) / Dividend Equivalents from Sources within the United States
ICR Summary of Burden
Total Request
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
3,611,200
3,581,200
0
30,000
0
0
Annual Time Burden (Hours)
2,945,594
2,705,594
0
240,000
0
0
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:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
By adding the REG-120282-10 to this information collection request, it has increased the annual time burden by 240,000 hours. The agency estimates that 30,000 respondents will prepare the statements as required by section 1.871-15(p) . It estimated that it will take 8 minutes to complete the statement.
Annual Cost to Federal Government:
$180,153
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:
D. Merkel 202 622-3870 david.p.merkel@irscounsel.treas.gov
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:
08/21/2015
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