[Federal Register Volume 77, Number 18 (Friday, January 27, 2012)]
[Notices]
[Pages 4403-4404]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-1719]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8832

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 8832, Entity Classification Election.

DATES: Written comments should be received on or before March 27, 2012 
to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette Lawrence, 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 R. Joseph 
Durbala, (202) 622-3634, at Internal Revenue Service, room 6129, 1111 
Constitution Avenue NW., Washington, DC 20224, or through the Internet 
at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Entity Classification Election.
    OMB Number: 1545-1516.
    Form Number: Form 8832.
    Abstract: An eligible entity that chooses not to be classified 
under the default rules or that wishes to change its current 
classification must file Form 8832 to elect a classification.
    Current Actions: Changes have been made to the form to comply with 
filing requirements and regulations. Revenue procedure 2009-41, 
provides guidance under Sec.  7701 of the Internal Revenue Code for an 
eligible entity that requests relief for a late classification election 
filed with the applicable IRS service center within 3 years and 75 days 
of the requested effective date of the eligible entity's classification 
election. The revenue procedure also provides guidance for those 
eligible entities that do not qualify for relief under this revenue 
procedure and that are required to request a letter ruling in order to 
request relief for a late entity classification election.

[[Page 4404]]

    The information will help the IRS to determine if an eligible 
entity meets the requirements of Section 4.01 of this revenue 
procedure. The collection of information is required to obtain 
permission to file a late entity classification election. The 
information will be reported on Form 8832 or submitted as part of a 
letter ruling request.
    Revenue procedure 2010-32, provides that, if the requirements of 
the revenue procedure are satisfied, the IRS will treat an election 
under Sec.  301.7701-3(c) to classify a foreign eligible entity that is 
a qualified entity (as defined in section 3.02 of the revenue 
procedure) as a partnership or disregarded entity as an election to be 
treated as a partnership or disregarded entity (as appropriate) rather 
than as an association taxable as a corporation.
    Form 8832 will be used by qualified entities to seek relief under 
the revenue procedure. As a result of these changes, we estimate an 
annual increase in burden by 12,700 hours. This form is being submitted 
for renewal purposes only.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations, 
Farms.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 7 hours 10 minutes.
    Estimated Total Annual Burden Hours: 35,900.
    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: January 17, 2012.
Yvette Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2012-1719 Filed 1-26-12; 8:45 am]
BILLING CODE 4830-01-P