87 FR 215 pgs. 67534-67535 - Proposed Collection; Comment Request for Disclosure Statement and Regulation Disclosure Statement
Type: NOTICEVolume: 87Number: 215Pages: 67534 - 67535
Pages: 67534, 67535FR document: [FR Doc. 2022-24356 Filed 11-7-22; 8:45 am]
Agency: Treasury Department
Sub Agency: Internal Revenue Service
Official PDF Version: PDF Version
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Disclosure Statement and Regulation Disclosure Statement
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Notice and request for comments.
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 disclosure statement and regulation disclosure statement.
DATES:
Written comments should be received on or before January 9, 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 pra.comments@irs.gov. Include OMB control number 1545-0889 or Disclosure Statement (Form 8275) and Regulation Disclosure Statement (Form 8275-R) in the subject line of the message.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or copies of the form should be directed to Kerry Dennis at (202) 317-5751, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Kerry.L.Dennis@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Disclosure Statement (Form 8275) and Regulation Disclosure Statement (Form 8275-R).
OMB Number: 1545-0889.
Form Number: 8275 and 8275-R.
Abstract: Internal Revenue Code section 6662 imposes accuracy-related penalties on taxpayers for substantial understatement of tax liability or negligence or disregard of rules and regulations. Code section 6694 imposes similar penalties on return preparers. Regulations sections 1.662-4(e) and (f) provide for reduction of these penalties if adequate disclosure of the tax treatment is made on Form 8275 or, if the position is contrary to regulation on Form 8275-R.
Current Actions: There is no change to the paperwork burden previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations and individuals, not-for-profit institutions, and farms.
Estimated Number of Respondents: 666,666.
Estimated Time per Respondent: 5 hours, 34 minutes.
Estimated Total Annual Burden Hours: 3,716,664 hours.
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.
[top] 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
Approved: November 3, 2022.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2022-24356 Filed 11-7-22; 8:45 am]
BILLING CODE 4830-01-P