Notice2024-09567
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to the Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) Application and Account Management System
Primary source
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Published
May 2, 2024
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 the Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) Application and Account Management System.
Full Text
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<title>Federal Register, Volume 89 Issue 86 (Thursday, May 2, 2024)</title>
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[Federal Register Volume 89, Number 86 (Thursday, May 2, 2024)]
[Notices]
[Pages 35926-35927]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-09567]
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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 the Qualified
Intermediary (QI), Withholding Foreign Partnership (WP), and
Withholding Foreign Trust (WT) Application and Account Management
System
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 the Qualified Intermediary (QI),
Withholding Foreign Partnership (WP), and Withholding Foreign Trust
(WT) Application and Account Management System.
DATES: Written comments should be received on or before July 1, 2024 to
be assured of consideration.
ADDRESSES: Direct all written comments to Andr[eacute]s Garcia,
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW,
Washington, DC 20224, or by email to <a href="/cdn-cgi/l/email-protection#027270632c616d6f6f676c7671426b70712c656d74"><span class="__cf_email__" data-cfemail="addddfcc83cec2c0c0c8c3d9deedc4dfde83cac2db">[email protected]</span></a>. Please
include, ``OMB Number: 1545-1597--Public Comment Request Notice'' in
the Subject line.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Ronald J.
Durbala, at (202) 317-5746, 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#c5978faab6a0b5adeb81b0b7a7a4a9a485acb7b6eba2aab3"><span class="__cf_email__" data-cfemail="dd8f97b2aeb8adb5f399a8afbfbcb1bc9db4afaef3bab2ab">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Qualified Intermediary (QI), Withholding Foreign Partnership
(WP), and Withholding Foreign Trust (WT) Application and Account
Management System.
OMB Number: 1545-1597.
Document Number: Form 14345.
Abstract: Internal Revenue Code (IRC) section 1441 (Withholding of
tax on nonresident aliens), states any nonresident alien individual or
of any foreign partnership shall deduct and withhold from such items a
tax equal to 30 percent or 14 percent depending on circumstances.
Revenue Procedure
[[Page 35927]]
2022-43 sets forth the final qualified intermediary (QI) withholding
agreement (QI agreement) entered by the Internal Revenue Service and
certain foreign persons under Treas. Reg. Sec. 1.1441-1(e) (5) and
(6). The Qualified Intermediary (QI), Withholding Foreign Partnership
(WP), and Withholding Foreign Trust (WT) Application and Account
Management System (QAAMS) allows entities to apply, renew, or terminate
their status as a QI, WP, or WT.
Current Actions: There are no changes to the burden previously
approved by OMB. This request is to extend the current approval for
another 3 years.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households and Business or other
for-profit.
Estimated Number of Respondents: 1,097,991.
Estimated Time per Respondent: 16 min.
Estimated Total Annual Burden Hours: 301,018.
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 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: April 29, 2024.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2024-09567 Filed 5-1-24; 8:45 am]
BILLING CODE 4830-01-P
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