[Federal Register Volume 75, Number 210 (Monday, November 1, 2010)]
[Notices]
[Page 67166]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-27477]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8938

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, 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 proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 8938, Statement of Foreign Financial Assets.

DATES: Written comments should be received on or before January 3, 2011 
to be assured of consideration.

ADDRESSES: Direct all written comments to Gerald Shields, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Ralph Terry, 
(202) 622-8144, at Internal Revenue Service, Room 6129, 1111 
Constitution Avenue, NW., Washington, DC 20224, or through the Internet 
at [email protected].

SUPPLEMENTARY INFORMATION:
     Title: Statement of Foreign Financial Assets.
    OMB Number: 1545-2195.
    Form Number: Form 8938.
    Abstract: The collection of information in new Form 8938 will be 
the means by which taxpayers will comply with self-reporting 
obligations imposed under section 6038D with respect to foreign 
financial assets. The IRS will use the information to determine whether 
to audit this taxpayer or transaction, including whether to impose 
penalties. The information is also required to begin the running of the 
statute of limitations under section 6501.
    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: Individuals or Households.
    Estimated Number of Respondents: 350,000.
    Estimated Time per Respondent: 1 hour, 05 minutes.
    Estimated Total Annual Burden Hours: 378,000.
    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 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: October 25, 2010.
Gerald Shields,
IRS Supervisory Tax Analyst.
[FR Doc. 2010-27477 Filed 10-29-10; 8:45 am]
BILLING CODE 4830-01-P