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:
1545-1800
ICR Reference No:
201808-1545-029
Status:
Historical Active
Previous ICR Reference No:
201706-1545-015
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Form 8886, Reportable Transaction Disclosure Statement; Form 14234, Pre-CAP and CAP Application Form
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
09/17/2018
OIRA Conclusion Action:
Approved without change
Conclusion Date:
10/10/2018
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/14/2018
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2019
6 Months From Approved
11/30/2020
Responses
42,578
0
42,521
Time Burden (Hours)
915,631
0
913,698
Cost Burden (Dollars)
0
0
0
Abstract:
Form 8886: Regulations section 1.6011-4 provides that certain taxpayers must disclose their direct or indirect participation in reportable transactions when they file their Federal income tax return. Pre-CAP and CAP Application Form (Form 14234): The Compliance Assurance Process (CAP) is a strictly voluntary program available to Large Business and International (LB&I) Division taxpayers that meet the selection criteria. CAP is a real-time review of completed business transactions during the CAP year with the goal of providing certainty of the tax return within 90 days of the filing. Taxpayers in CAP are required to be cooperative and transparent and report all material issues and items related to completed business transactions to the review team.
Emergency Justfication:
The proposed changes are designed to improve operation of the program, make the best use of limited government resources and to ensure the sustainability of the program. The burden for this submission has been changed. For the 2019 application period beginning on October 1, 2018, in addition to the Application Form (Form 14234), taxpayers in the Compliance Assurance Program, will be required to submit the following forms: 1) Worldwide Tax Organization Chart 2) Preliminary Issue List 3) Research Credit Questionnaire 4) Material Inter-Company Transaction Template (MITT) The purpose in requiring this information with the application form is to allow an earlier and more effective risk assessment and examination planning process. It is also a critical aspect in allocating resources to issues with the highest compliance risk. As a result, there is an increase in burden.
Authorizing Statute(s):
US Code:
26 USC 6011
Name of Law: General requirement of return, statement or list.
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
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Pre-CAP and CAP Application Form
14234, 14234
Pre-CAP/CAP Application Form
,
Pre-CAP and CAP Application Form (Draft)
Reportable Transaction Disclosure Statement
8886
Reportable Transaction Disclosure Statement
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
42,578
42,521
0
57
0
0
Annual Time Burden (Hours)
915,631
913,698
0
1,933
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:
The burden for this submission has been changed. For the 2019 application period beginning on October 1, 2018, in addition to the Application Form (Form 14234), taxpayers in the Compliance Assurance Program, will be required to submit the following forms: 1) Worldwide Tax Organization Chart 2) Preliminary Issue List 3) Research Credit Questionnaire 4) Material Inter-Company Transaction Template (MITT) The purpose in requiring this information with the application form is to allow an earlier and more effective risk assessment and examination planning process. It is also a critical aspect in allocating resources to issues with the highest compliance risk. As a result, there is an increase in burden.
Annual Cost to Federal Government:
$15,393
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
Yes
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:
B McDade 202 283-4948
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:
09/14/2018
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