Notice2022-00277
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Form 1116, Foreign Tax Credit
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
January 11, 2022
Issuing agencies
Treasury Department
Abstract
The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests.
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 7 (Tuesday, January 11, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 7 (Tuesday, January 11, 2022)]
[Notices]
[Page 1486]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-00277]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Form 1116, Foreign Tax Credit
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury will submit the following
information collection requests to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, on or after the date of publication of this
notice. The public is invited to submit comments on these requests.
DATES: Comments should be received on or before February 10, 2022 to be
assured of consideration.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Spencer W. Clark by emailing <a href="/cdn-cgi/l/email-protection#59090b18192d2b3c382a2c2b20773e362f"><span class="__cf_email__" data-cfemail="2474766564505641455751565d0a434b52">[email protected]</span></a>, calling
(202) 927-5331, or viewing the entire information collection request at
<a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Internal Revenue Service (IRS)
Title: Form 1116, Foreign Tax Credit.
OMB Control Number: 1545-0121.
Type of Review: Revision of a currently approved collection.
Description: Form 1116 and its schedules are used by individuals,
estates, and trusts to claim a credit for certain taxes paid or accrued
during the taxable year to a foreign country or a possession of the
United States, subject to the limitations of IRC section 904. This
information is used by the IRS to verify the foreign tax credit.
The IRS is adding Form 1116 Schedules B and C to assist taxpayers
in complying with the changes made to the Internal Revenue Code by the
Tax Cuts and Jobs Act, Public Law 115-97, and accurately report the
required information to the IRS.
The information collection burden estimates associated with the
filing of Form 1116 and its schedules by individuals are covered under
OMB Control Number 1545-0074. This information collection request (ICR)
reflects only the burdens associated with the filing of Form 1116 and
its schedules by estates and trusts that are claiming the foreign tax
credit.
Form: 1116.
Affected Public: Estates and Trusts.
Estimated Number of Respondents: 454,326.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 454,326.
Estimated Time per Response: 5 hours, 34 minutes.
Estimated Total Annual Burden Hours: 2,531,600.
Authority: 44 U.S.C. 3501 et seq.
Dated: January 5, 2022.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2022-00277 Filed 1-10-22; 8:45 am]
BILLING CODE 4830-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on January 11, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.