[Federal Register Volume 77, Number 203 (Friday, October 19, 2012)]
[Notices]
[Page 64378]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-25706]



[[Page 64378]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 3520-A

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 3520-A, Annual Information Return of Foreign Trust With a U.S. 
Owner.

DATES: Written comments should be received on or before December 18, 
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 Allan 
Hopkins, at (202) 622-6665, or at Internal Revenue Service, room 6129, 
1111 Constitution Avenue NW., Washington, DC 20224 or through the 
internet, at [email protected].

SUPPLEMENTARY INFORMATION: Title: Annual Information Return of Foreign 
Trust With A U.S. owner.
    OMB Number: 1545-0160.
    Form Number: 3520-A.
    Abstract: Internal Revenue Code section 6048(b) requires that 
foreign trusts with at least on U.S. beneficiary must file an annual 
information return. Form 3520-A is used to report the income and 
deductions of the foreign trust and provide statements to the U.S. 
owners and beneficiaries. IRS uses Form 3520-A to determine if the U.S. 
owner of the trust has included the net income of the trust in its 
gross income.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households and business or other 
for-profit organizations.
    Estimated Number of Respondents: 500.
    Estimated Time per Respondent: 43 hrs., 24 min.
    Estimated Total Annual Burden Hours: 21,700.
    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 15, 2012.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2012-25706 Filed 10-18-12; 8:45 am]
BILLING CODE 4830-01-P