Notice2025-08424
Agency Information Collection Activities; Comment Request for TD 8656 Collection Requirements
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
May 14, 2025
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 the collection requirements of TD 8656, Imposition of the Accuracy-Related Penalty.
Full Text
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<title>Federal Register, Volume 90 Issue 92 (Wednesday, May 14, 2025)</title>
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[Federal Register Volume 90, Number 92 (Wednesday, May 14, 2025)]
[Notices]
[Pages 20552-20553]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-08424]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Agency Information Collection Activities; Comment Request for TD
8656 Collection Requirements
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 the collection
requirements of TD 8656, Imposition of the Accuracy-Related Penalty.
DATES: Written comments should be received on or before July 14, 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#730301125d101c1e1e161d07331a01005d141c05"><span class="__cf_email__" data-cfemail="d0a0a2b1feb3bfbdbdb5bea490b9a2a3feb7bfa6">[email protected]</span></a>. Please include the
information collection's ``OMB number 1545-1426'' or Section 6662--
Imposition of the Accuracy-Related Penalty in the Subject line of the
message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this collection should be directed to LaNita Van Dyke, (202)
317-6009, 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#074b66696e736629516669437e6c62476e757429606871"><span class="__cf_email__" data-cfemail="79351817100d18572f18173d00121c39100b0a571e160f">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Section 6662--Imposition of the Accuracy-Related Penalty.
OMB Number: 1545-1426.
Regulation Project Number: TD 8656.
Abstract: Treasury Decision (TD) 8656 provides guidance on the
accuracy-related penalty imposed on underpayments of tax caused by
substantial and gross valuation misstatements as defined in Internal
Revenue Code sections 6662(e) and 6662(h). An amount can be excluded
from the penalty if certain requirements are met and a taxpayer
maintains documentation, as detailed in 26 CFR 1.6662-6(d)(2)(iii), of
how a transfer price was determined for a transaction subject to Code
section 482.
Current Actions: There is no change in the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Numbers of Responses: 2,500.
Estimated Time per Respondent: 8 hours 3 minutes.
Estimated Total Annual Burden Hours: 20,125 hours.
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
[[Page 20553]]
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: May 7, 2025.
Molly J. Stasko,
Senior Tax Analyst.
[FR Doc. 2025-08424 Filed 5-13-25; 8:45 am]
BILLING CODE 4830-01-P
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