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:
202502-1545-002
Status:
Active
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:
Approved with change
Conclusion Date:
05/22/2025
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/28/2025
Terms of Clearance:
Supporting statement updated during OMB review.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2028
36 Months From Approved
05/31/2025
Responses
1,334
0
1,333
Time Burden (Hours)
65,041
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. Form 8621-A is used by shareholders of a former Passive Foreign Investment Company (PFIC) or a Section 1297(e) PFIC to make a late purging election under IRC Section 1298(b)(1) to terminate their subjection to taxation under Section 1291. The IRS uses Form 8621 and Form 8621-A 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 1297
Name of Law: Passive foreign investment company
US Code:
26 USC 1298
Name of Law: Special rules
US Code:
26 USC 1295
Name of Law: Qualified electing fund
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
60-day Notice:
Federal Register Citation:
Citation Date:
89 FR 77239
09/20/2024
30-day Notice:
Federal Register Citation:
Citation Date:
90 FR 10996
02/28/2025
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Late Deemed Dividend or Deemed Sale Election by a Passive Foreign Investment Company
8621-A
Late Deemed Dividend or Deemed Sale Election by a Passive Foreign Investment Company
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
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
1,334
1,333
0
1
0
0
Annual Time Burden (Hours)
65,041
65,304
0
79
-342
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:
There are no changes to either forms or their uses. IRS is making an administrative change to merge the previously approved OMB 1545-1950-Form 8621-A into the OMB approval of 1545-1002. This increases the burden due to Agency Discretion by 79 hours. Additionally, IRS corrected the burden calculation for the Form 8621. This decreases the burden due to Agency Estimate by -342.
Annual Cost to Federal Government:
$62,298
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:
Milannie Molina 559 454-6915
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:
02/28/2025
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