Notice2021-23275
Proposed Collection; Comment Request for Form 1116, Schedule B, and Schedule C
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
October 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 general 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 (PRA). The IRS is soliciting comments concerning the Foreign Tax Credit used by individuals, estate, or trusts.
Full Text
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<title>Federal Register, Volume 86 Issue 204 (Tuesday, October 26, 2021)</title>
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[Federal Register Volume 86, Number 204 (Tuesday, October 26, 2021)]
[Notices]
[Pages 59270-59271]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-23275]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1116, Schedule B,
and Schedule C
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
proposed and/or continuing information collections, as required by the
Paperwork Reduction Act of 1995 (PRA). The IRS is soliciting comments
concerning the Foreign Tax Credit used by individuals, estate, or
trusts.
DATES: Written comments should be received on or before December 27,
2021 to be assured of consideration.
ADDRESSES: Direct all written comments to Andres Garcia, 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 and instructions should be directed to Paul Adams,
at (737)-800-6149, Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet,
at <a href="/cdn-cgi/l/email-protection#1c6c7d69703278327d787d716f5c756e6f327b736a"><span class="__cf_email__" data-cfemail="9cecfde9f0b2f8b2fdf8fdf1efdcf5eeefb2fbf3ea">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Currently, the IRS is seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: Foreign Tax Credit (Individual, Estate, or Trust).
OMB Number: 1545-0121.
Form Number: 1116, Schedules B and Schedule C.
Abstract: Form 1116, Schedules B and Schedule C are used by
individuals (including nonresident aliens), estates, or trusts who paid
foreign income taxes on U.S. taxable income, to compute the foreign tax
credit. This information is used by the IRS to determine if the foreign
tax credit is properly computed.
Current Actions: Two new schedules are being added to this approval
package. These new items will have an impact on the overall burden and
cost estimates requested for this approval package, and are reflected
below.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households.
[[Page 59271]]
Estimated Number of Responses: 4,183,255.
Estimated Time per Respondent: 7.20 hours.
Estimated Total Annual Burden Hours: 30,119,436.
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 will
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: October 20, 2021.
Paul Adams,
Senior Tax Analyst.
[FR Doc. 2021-23275 Filed 10-25-21; 8:45 am]
BILLING CODE 4830-01-P
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