Notice2021-14557
Proposed Collection; Requesting Comments on Form 8865
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 8, 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 Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships.
Full Text
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<title>Federal Register, Volume 86 Issue 128 (Thursday, July 8, 2021)</title>
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[Federal Register Volume 86, Number 128 (Thursday, July 8, 2021)]
[Notices]
[Pages 36188-36189]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-14557]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting Comments on Form 8865
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 Form
8865, Return of U.S. Persons with Respect to Certain Foreign
Partnerships.
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. Please send separate comments for each specific information
collection listed below. You must reference the information
collection's title, form number, reporting or record-keeping
requirement number, and OMB number in your comment.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Jon Callahan,
(737) 800-7639, at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at <a href="/cdn-cgi/l/email-protection#90fafffebee2bef3f1fcfcf1f8f1fed0f9e2e3bef7ffe6"><span class="__cf_email__" data-cfemail="f2989d9cdc80dc91939e9e939a939cb29b8081dc959d84">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Currently, the IRS is seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: Return of U.S. Persons With Respect to Certain Foreign
Partnerships.
OMB Number: 1545-1668.
Form Number: Form 8865, Schedules A, A-1, A-2, A-3, B, G, H, K, K-
1, K-2, K-3, L, M, M-1, M-2, N, O, P, and Form 8838 P.
Abstract: The Taxpayer Relief Act of 1997 significantly modified
the information reporting requirements with respect to foreign
partnerships. The Act made the following three changes: (1) Expanded
section 6038B to require U.S. persons transferring property to foreign
partnerships in certain transactions to report those transfers, (2)
expanded section 6038 to require certain U.S. Partners of controlled
foreign partnerships to report information about the partnerships, and
(3) modified the reporting required under section 6046A with respect to
acquisitions and dispositions of foreign partnership interests. Form
8865 is used by U.S. persons to fulfill their reporting obligations
under sections 6038B, 6038, and 6046A. Form 8838-P is used to extend
the statute of limitations for U.S. persons who transfers appreciated
property to partnerships with foreign partners related to the
transferor. The form is filed when the transferor makes a gain
recognition agreement. This agreement allows the transferor to defer
the payment of tax on the transfer.
Current Actions: There are changes to the existing collection: (1)
The number of responses for each form and schedule is being reduced to
account for filers (individuals, businesses and tax-exempt
organizations) being reported under OMB numbers 1545-0123 and 1545-
0074, (2) additional information is being collected to comply with the
Tax Cuts and Jobs Act, Public Law 115-97, and new section 250, (3)
information about the number of foreign partners subject to section
864(c)(8) is being collected, (4) information about section 721(c)
partnerships is being collected, (5) information is being collected for
disclosure requirements under Treasury Regulations 1.703-3, 1.707-6,
and 1.707-8, and (6) new Schedules K-2 and K-3 replace, supplement, and
clarify certain amounts formerly reported on Schedules K and K-1 of
Form 8865.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations,
individuals, and not-for-profit institutions.
Estimated Number of Respondents: 3,695.
Estimated Time per Respondent: 22 hours, 45 minutes.
[[Page 36189]]
Estimated Total Annual Burden Hours: 84,057.
The following paragraph applies to all of 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 as long as
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: July 2, 2021.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2021-14557 Filed 7-7-21; 8:45 am]
BILLING CODE 4830-01-P
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