Notice2024-27792
Proposed Collection; Comment Request for Foreign Account Tax Compliance Act Collections
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
November 27, 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 general public and other Federal agencies to take this opportunity to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning the foreign account tax compliance act collection requirements.
Full Text
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<title>Federal Register, Volume 89 Issue 229 (Wednesday, November 27, 2024)</title>
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[Federal Register Volume 89, Number 229 (Wednesday, November 27, 2024)]
[Notices]
[Pages 93905-93906]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-27792]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Foreign Account Tax
Compliance Act Collections
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
continuing information collections, as required by the Paperwork
Reduction Act of 1995. The IRS is soliciting comments concerning the
foreign account tax compliance act collection requirements.
DATES: Written comments should be received on or before January 27,
2025 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#e5959784cb868a8888808b9196a58c9796cb828a93"><span class="__cf_email__" data-cfemail="ddadafbcf3beb2b0b0b8b3a9ae9db4afaef3bab2ab">[email protected]</span></a>. Include OMB Control number
1545-2246 or Forms: 8957, 8966, 8966-C, 8809-I, and 8508-I.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form should be directed to Molly Stasko, at (202) 317-
6206 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue
NW, Washington, DC 20224, or through the internet at
<a href="/cdn-cgi/l/email-protection#05486a69697c2b4f2b567164766e6a456c77762b626a73"><span class="__cf_email__" data-cfemail="d39ebcbfbfaafd99fd80a7b2a0b8bc93baa1a0fdb4bca5">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Foreign Account Tax Compliance Act (FATCA).
OMB Number: 1545-2246.
Form Numbers: 8957, 8966, 8966-C, 8809-I, and 8508-I.
Regulation Project Numbers: IRS Notice 2023-11, IRS Notice 2024-78,
and TD 9610.
Abstract: Internal Revenue Code (IRC) section 1471-1474 is part of
the Foreign Account Tax Compliance Act (FATCA) legislative framework to
obtain reporting from foreign financial institutions on the accounts
held in their institutions by US persons. The IRS developed forms and
regulations under these authorities of IRC. TD 9610 includes the
regulations related to the reporting on the forms and the associated
recordkeeping requirements.
Form 8957, Foreign Account Tax Compliance Act (FATCA) Registration,
information is to be used by a foreign financial institution to apply
for status as a foreign financial institution (FFI) as defined in IRC
1471(b)(2). Form 8966, FATCA Report, is used by a responsible officer
of a foreign institution to report information with respect to U.S.
accounts or persons based on their IRC chapter 4 status. Form 8966-C is
used to authenticate the paper-filed Forms 8966 and to ensure the
ability to identify discrepancies between the number of forms received
versus those claimed to have been sent by the filer. Taxpayers use Form
8508-I to request a waiver from filing Form 8966 electronically. Form
8809-I is used to request an initial or additional extension of time to
file 8966 for the current year. IRS Notice 2023-11 and IRS Notice 2024-
78 allow FFIs to obtain temporary relief from reporting missing
required U.S. taxpayer identification numbers for certain preexisting
accounts, when they comply with the procedures described within each
notice. Publication 5124 provides directions on how Model 1
Intergovernmental Agreements report information directly to the IRS.
Current Actions: IRS is adding the Publication 5124, IRS Notice
2023-11 and 2024-78 to the OMB approval for 1545-2246. There are not
changes to the requirements. This is an administrative change to count
the burden within 1545-2246.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 5,561,180.
Estimated Time per Response: 7 minutes up to 8 hours, 7 minutes for
the various collection requirements.
Estimated Total Annual Burden Hours: 2,912,282.
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
[[Page 93906]]
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: November 21, 2024.
Molly J. Stasko,
Senior Tax Analyst.
[FR Doc. 2024-27792 Filed 11-26-24; 8:45 am]
BILLING CODE 4830-01-P
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