View Information Collection Request (ICR) Package

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View ICR - OIRA Conclusion

OMB Control No: 1545-0026	ICR Reference No: 202404-1545-017
Status: Historical Active	Previous ICR Reference No: 202207-1545-016
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Return by a U.S. Transferor of Property to a Foreign Corporation
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: 11/25/2024
	Date Received in OIRA: 10/10/2024
Terms of Clearance: OMB understands that the IRS is currently in the process of revising the methodology it uses to estimate burden and costs. OMB expects that future ICRs under this OMB control number will include dollar estimates of annual burden costs to taxpayers calculated using this revised methodology.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2025	36 Months From Approved	02/28/2025
Responses	667	0	667
Time Burden (Hours)	30,209	0	28,608
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	667	667	0
Annual Time Burden (Hours)	30,209	28,608	1,601
Annual Cost Burden (Dollars)	0	0	0

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: The final regulations affect certain United States persons that previously transferred intangible property to a foreign corporation. Changes made by these final regulations will result in an estimated burden increase of 1,601 hours. The burden changes are due to the requirement to provide specific information concerning a subsequent transfer of intangible property as described in §1.367(d)-1(f)(4)(i).

Annual Cost to Federal Government: $28,536

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. No

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. 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? No

Agency Contact: Virginia Tarris 202 622-3557

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