Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Form 8918

Federal Register, Volume 83 Issue 233 (Tuesday, December 4, 2018)

Federal Register Volume 83, Number 233 (Tuesday, December 4, 2018)

Notices

Pages 62674-62675

From the Federal Register Online via the Government Publishing Office www.gpo.gov

FR Doc No: 2018-26256

-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Form 8918

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 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 disclosure of reportable transactions.

DATES: Written comments should be received on or before February 4, 2019 to be assured of consideration.

ADDRESSES: Direct all written comments to Carolyn Brown, Internal Revenue Service, Room 6236, 1111 Constitution Avenue NW, Washington, DC 20224. Requests for additional information or copies of the regulations should be directed to R. Joseph Durbala, at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington DC 20224, or through the internet, at email protected.

SUPPLEMENTARY INFORMATION: Title: Disclosure of reportable transactions.

OMB Number: 1545-0865.

Form Number: 8918.

Abstract: Internal Revenue Code (IRC) 6111 requires a sub-set of promoters called ``material advisors'' to disclose information about the promotion of certain types of transactions called ``reportable transactions.'' Material advisors to any reportable transaction must disclose certain information about the reportable transaction by filing a Form 8918 with the IRS. Material advisors who file a Form 8918 will receive a reportable transaction number from the IRS. Material advisors must provide the reportable transaction number to all taxpayers and material advisors for whom the material advisor acts as a material advisor.

Current Actions: There is no change to the burden previously approved.

Type of Review: Extension of a currently approved collection.

Affected Public: Business or other for-profit organizations.

Estimated Number of Respondents: 350.

Estimated Time Per Respondent: 14 hrs., 33 min.

Estimated Total Annual Burden Hours: 5,096.

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

Page 62675

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:

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;

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;

Enhance the quality, utility, and clarity of the information to be collected; and

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: November 27, 2018.

R. Joseph Durbala,

IRS Tax Analyst.

FR Doc. 2018-26256 Filed 12-3-18; 8:45 am

BILLING CODE 4830-01-P

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT