Notice2021-14375
Proposed Collection; Comment Request for Information Collection Tools Relating to the Offshore Voluntary Disclosure Program (OVDP)
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 7, 2021
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning the offshore voluntary disclosure program.
Full Text
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<title>Federal Register, Volume 86 Issue 127 (Wednesday, July 7, 2021)</title>
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[Federal Register Volume 86, Number 127 (Wednesday, July 7, 2021)]
[Notices]
[Page 35868]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-14375]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Information Collection
Tools Relating to the Offshore Voluntary Disclosure Program (OVDP)
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Internal Revenue Service, as part of its continuing effort
to reduce paperwork and respondent burden, invites the general public
and other Federal agencies to take this opportunity to comment on
continuing information collections, as required by the Paperwork
Reduction Act of 1995. The IRS is soliciting comments concerning the
offshore voluntary disclosure program.
DATES: Written comments should be received on or before September 7,
2021 to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form should be directed to Kerry Dennis, at (202) 317-
5751 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue
NW, Washington, DC 20224, or through the internet, at
<a href="/cdn-cgi/l/email-protection#ffb49a8d8d86d1bb9a9191968cbf968d8cd1989089"><span class="__cf_email__" data-cfemail="52193720202b7c16373c3c3b21123b20217c353d24">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Offshore Voluntary Disclosure Program (OVDP).
OMB Number: 1545-2241.
Form Number(s): 14452, 14453, 14454, 14457, 14467, 14653, 14654,
and 14708.
Abstract: The IRS is offering people with undisclosed income from
offshore accounts an opportunity to get current with their tax returns.
Taxpayers with undisclosed foreign accounts or entities should make a
voluntary disclosure because it enables them to become compliant, avoid
substantial civil penalties and generally eliminate the risk of
criminal prosecution. The objective is to bring taxpayers that have
used undisclosed foreign accounts and undisclosed foreign entities to
avoid or evade tax into compliance with United States tax laws.
Current Actions: There is no change in the paperwork burden
previously approved by OMB procedure.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or Households.
Estimated Number of Respondents: 474,569.
Estimated Time per Response: 1 hour, 49 min.
Estimated Total Annual Burden Hours: 863,638.
The following paragraph applies to all the collections of
information covered by this notice.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Books or records
relating to a collection of information must be retained if their
contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are
confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information shall have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Approved: June 30, 2021.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2021-14375 Filed 7-6-21; 8:45 am]
BILLING CODE 4830-01-P
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