Notice2022-28640
Proposed Collection; Requesting Comments on Form 8975 and Schedule A (Form 8975)
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 5, 2023
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. The IRS is soliciting comments concerning Form 8975, Country-by-Country Report, and Schedule A (Form 8975), Tax Jurisdiction and Constituent Entity Information.
Full Text
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<title>Federal Register, Volume 88 Issue 3 (Thursday, January 5, 2023)</title>
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[Federal Register Volume 88, Number 3 (Thursday, January 5, 2023)]
[Notices]
[Pages 910-911]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-28640]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting Comments on Form 8975 and
Schedule A (Form 8975)
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. The IRS is soliciting comments
concerning Form 8975, Country-by-Country Report, and Schedule A (Form
8975), Tax Jurisdiction and Constituent Entity Information.
DATES: Written comments should be received on or before March 6, 2023
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, or by email to <a href="/cdn-cgi/l/email-protection#bececcdf90ddd1d3d3dbd0cacdfed7cccd90d9d1c8"><span class="__cf_email__" data-cfemail="e9999b88c78a8684848c879d9aa9809b9ac78e869f">[email protected]</span></a>. Include OMB Control No.
1545-2272 in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this collection should be directed to Jon Callahan, (737)
800-7639, at Internal Revenue Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or through the internet at
<a href="/cdn-cgi/l/email-protection#1e747170306c307d7f72727f767f705e776c6d30797168"><span class="__cf_email__" data-cfemail="dfb5b0b1f1adf1bcbeb3b3beb7beb19fb6adacf1b8b0a9">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: Country-by-Country Reporting.
OMB Number: 1545-2272.
Form Number: Form 8975 and Schedule A (Form 8975).
Abstract: 26 CFR 1.6038-4, issued under the authority of 26 U.S.C.
6001, 6011, 6012, 6031, 6038, and 7805, requires U.S. persons that are
the ultimate parent entity of a U.S. multinational enterprise (U.S.
MNE) group with annual revenue for the preceding reporting period of
$850 million or more to file Form 8975 with their income tax return.
Form 8975 and Schedules A (Form 8975) are used by filers to annually
report certain information with respect to the filer's U.S. MNE group
on a country-by-country basis. The filer must list the U.S. MNE group's
constituent entities, indicating each entity's tax jurisdiction (if
any), country of organization and main business activity, and provide
financial and employee information for each tax jurisdiction in which
the U.S. MNE does business. The financial information includes
revenues, profits, income taxes paid and accrued, stated capital,
accumulated earnings, and tangible assets other than cash. Separate
Schedules A (Form 8975) are filed for each tax jurisdiction in which a
group has one or more constituent entities resident.
Current Actions: There is no change to the existing collection
previously approved by OMB. However, the total burden has increased due
to better estimates.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 2,045.
Estimated Number of Responses: 46,790.
Estimated Time per Response: 6.41 hours.
Estimated Total Annual Burden Hours: 299,822.
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
[[Page 911]]
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: December 30, 2022.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2022-28640 Filed 1-4-23; 8:45 am]
BILLING CODE 4830-01-P
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