Notice2021-18404
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Form 8938, Statement of Specified Foreign Financial Assets.
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 26, 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 public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the burden related to Form 8938, Statement of Specified Foreign Financial Assets.
Full Text
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<title>Federal Register, Volume 86 Issue 163 (Thursday, August 26, 2021)</title>
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[Federal Register Volume 86, Number 163 (Thursday, August 26, 2021)]
[Notices]
[Pages 47741-47742]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-18404]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information Collection Request Submitted
for Public Comment; Comment Request on Burden Related to Form 8938,
Statement of Specified Foreign Financial Assets.
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 public and other
Federal agencies to take this opportunity to comment on proposed and/or
continuing information collections, as required by the Paperwork
Reduction Act of 1995. Currently, the IRS is soliciting comments
concerning the burden related to Form 8938, Statement of Specified
Foreign Financial Assets.
DATES: Written comments should be received on or before October 25,
2021 to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC
20224. Requests for additional information or copies of the regulations
should be directed to R. Joseph Durbala, at Internal Revenue Service,
Room 6129, 1111 Constitution Avenue NW, Washington DC 20224, or through
the internet, at <a href="/cdn-cgi/l/email-protection#86d4cce9f5e3f6eea8c2f3f4e4e7eae7c6eff4f5a8e1e9f0"><span class="__cf_email__" data-cfemail="a9fbe3c6daccd9c187eddcdbcbc8c5c8e9c0dbda87cec6df">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Statement of Specified Foreign Financial Assets.
OMB Number: 1545-2195.
Regulation/Project Number: Form 8938.
Abstract: Form 8938 was developed to comply with IRC section 6038D
to Report Foreign Financial Assets. Taxpayers use Form 8938 to report
specified foreign financial assets if the total value of all the
specified foreign financial assets in which they have an interest is
more than the appropriate reporting threshold.
Current Actions: There is no change to the burden previously
approved.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, business, or other for-
profit organizations.
Estimated Number of Responses: 350,000.
Estimated Time per Respondent: 4 hours 43 minutes.
Estimated Total Annual Burden Hours: 1,652,000.
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
[[Page 47742]]
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.
Desired Focus of Comments: The Internal Revenue Service (IRS) is
particularly interested in comments that:
<bullet> Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility.
<bullet> Evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information, including the
validity of the methodology and assumptions used;
<bullet> Enhance the quality, utility, and clarity of the
information to be collected; and
<bullet> Minimize the burden of the collection of information on
those who are to respond, including using appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., by permitting electronic
submissions of responses.
Comments submitted in response to this notice will be summarized
and/or included in the ICR for OMB approval of the extension of the
information collection; they will also become a matter of public
record.
Approved: August 23, 2021.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2021-18404 Filed 8-25-21; 8:45 am]
BILLING CODE 4830-01-P
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