Notice2022-08147
Proposed Collection; Comment Request for Form 8918
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
April 15, 2022
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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Form 8918, Material Advisor Disclosure Statement.
Full Text
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<title>Federal Register, Volume 87 Issue 73 (Friday, April 15, 2022)</title>
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[Federal Register Volume 87, Number 73 (Friday, April 15, 2022)]
[Notices]
[Pages 22627-22628]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-08147]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8918
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
information collections, as required by the Paperwork Reduction Act of
1995. The IRS is soliciting comments concerning Form 8918, Material
Advisor Disclosure Statement.
DATES: Written comments should be received on or before June 14, 2022
to be assured of consideration.
ADDRESSES: Direct all written comments to Andres Garcia, Internal
Revenue
[[Page 22628]]
Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224,
or by email to <a href="/cdn-cgi/l/email-protection#9ff0f2fdb1eaf1f6ebdff6edecb1f8f0e9"><span class="__cf_email__" data-cfemail="335c5e511d465d5a47735a41401d545c45">[email protected]</span></a>. Please reference the information
collection's ``OMB number 1545-0865'' in the Subject line.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Sara
Covington, (202-317-4542), Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at <a href="/cdn-cgi/l/email-protection#a1f2c0d3c08fed8fe2ced7c8cfc6d5cecfe1c8d3d28fc6ced7"><span class="__cf_email__" data-cfemail="a0f3c1d2c18eec8ee3cfd6c9cec7d4cfcee0c9d2d38ec7cfd6">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Material Advisor Disclosure Statement.
OMB Number: 1545-0865.
Form Numbers: 8918.
Abstract: Internal Revenue Code (IRC) 6111 requires a sub-set of
promoters called ``material advisors'' to disclose information about
the promotion of certain types of transactions called ``reportable
transactions.'' Material advisors to any reportable transaction must
disclose certain information about the reportable transaction by filing
a Form 8918 with the IRS. Material advisors who file a Form 8918 will
receive a reportable transaction number from the IRS. Material advisors
must provide the reportable transaction number to all taxpayers and
material advisors for whom the material advisor acts as a material
advisor. Form 8918 has been redesigned with 2D Barcodes Placed on Page
4, which will be submitted with the rest of the form. 2D Barcodes are
capable of capturing a vast amount of information, relieving material
advisors of the need to submit attachments to ensure all required
information is provided.
Current Actions: There are no changes being made to the form at
this time.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations and
individuals or households.
Estimated Number of Respondents: 2,279.
Estimated Time per Respondent: 16 hrs., 30 minutes.
Estimated Total Annual Burden Hours: 37,627.
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: April 12, 2022.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2022-08147 Filed 4-14-22; 8:45 am]
BILLING CODE 4830-01-P
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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.