Notice2021-16713
Proposed Collection; Comment Request for Information Collection Tool Relating to the Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
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
August 5, 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 return by a shareholder of a passive foreign investment company or qualified electing fund.
Full Text
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<title>Federal Register, Volume 86 Issue 148 (Thursday, August 5, 2021)</title>
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[Federal Register Volume 86, Number 148 (Thursday, August 5, 2021)]
[Notices]
[Page 42978]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-16713]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Information Collection
Tool Relating to the Return by a Shareholder of a Passive Foreign
Investment Company or Qualified Electing Fund
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 return
by a shareholder of a passive foreign investment company or qualified
electing fund.
DATES: Written comments should be received on or before October 4, 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#7f341a0d0d06513b1a1111160c3f160d0c51181009"><span class="__cf_email__" data-cfemail="53183621212a7d17363d3d3a20133a21207d343c25">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Return by a Shareholder of a Passive Foreign Investment
Company or Qualified Electing Fund.
OMB Number: 1545-1002.
Form Number: 8621.
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.
Current Actions: There is no change in the form or paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses or other for-profit organizations and
individuals.
Estimated Number of Respondents: 1,333.
Estimated Time per Response: 48 hours, 44 min.
Estimated Total Annual Burden Hours: 64,971.
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: July 29, 2021.
ChaKinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2021-16713 Filed 8-4-21; 8:45 am]
BILLING CODE 4830-01-P
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