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:
1545-1002
ICR Reference No:
202203-1545-003
Status:
Historical Inactive
Previous ICR Reference No:
202109-1545-003
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule and continue
Conclusion Date:
06/24/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/08/2022
Terms of Clearance:
OIRA will re-review upon finalization of the rule.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/28/2025
36 Months From Approved
05/31/2025
Responses
1,333
0
1,333
Time Burden (Hours)
65,304
0
65,304
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 1298
Name of Law: Special rules
US Code:
26 USC 1297
Name of Law: Passive foreign investment company
US Code:
26 USC 1295
Name of Law: Qualified electing fund
US Code:
26 USC 1296
Name of Law: Election of mark to market for marketable stock
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1545-BP94
Proposed rulemaking
87 FR 3890
01/25/2022
Federal Register Notices & Comments
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
Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
8621
Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
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:
In general, proposed ยงยง1.1295-1(d)(2)(i)(A), 1.1295-1(d)(2)(ii)(A), 1.1296-1(h)(1)(i), and 1.1298-1(b)(1) shift the burden of making QEF and MTM elections, and filing an annual Form 8621 with respect to a PFIC, from domestic partnerships and S corporations that own PFIC stock to their partners and shareholders, respectively. There is an increase in burden as the estimated number or responses/respondents has changed from 1,333 to 1,371,000, for a total of 1,372,333 responses. The estimated time to complete the form remains the same (48.99), but due to the increase in the number of responses, the overall time burden estimate has increased by 67,165,290 hours (65,304 to 67,230,594).
Annual Cost to Federal Government:
$23,434
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?
No
Agency Contact:
Edward Tracy 202 317-4993
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:
03/08/2022
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