[Federal Register Volume 80, Number 26 (Monday, February 9, 2015)]
[Notices]
[Page 7079]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-02521]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8621-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 8621-A, Return by a Shareholder Making Certain Late Elections To 
End Treatment as a Passive Foreign Investment Company.

DATES: Written comments should be received on or before April 10, 2015 
to be assured of consideration.

ADDRESSES: Direct all written comments to Christie Preston, 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 Internal Revenue Service, Room 6129, 1111 Constitution 
Avenue NW., Washington, DC 20224, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Return by a Shareholder Making Certain Late Elections To End 
Treatment as a Passive Foreign Investment Company.
    OMB Number: 1545-1950.
    Form Number: 8621-A.
    Abstract: Form 8621-A is necessary for certain taxpayers/
shareholders who are investors in passive foreign investment companies 
(PFIC's) to request late deemed sale or late deemed dividend elections 
(late purging elections) under Reg. 1.1298-3(e). The form provides a 
taxpayer/shareholder the opportunity to fulfill the requirements of the 
regulation in making the election by asserting the following: (i) The 
election is being made before an IRS agent has raised on audit the PFIC 
status of the foreign corporation for any taxable year of the taxpayer/
shareholder; (ii) the taxpayer/shareholder is agreeing (by submitting 
Form 8621-A) to eliminate any prejudice to the interests of the U.S. 
government on account of the taxpayer/shareholder's inability to make 
timely purging elections; and (iii) the taxpayer/shareholder shows as a 
balance due on Form 8621-A an amount reflecting tax plus interest as 
determined under Reg. 1.1298(e)(3).
    Current Actions: There is no change to the form previously approved 
by OMB. This form is being submitted for renewal purposes.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals and Households, Businesses and other 
for-profit organizations.
    Estimated Number of Respondents: 12.
    Estimated Time per Respondent: 65 hours, 24 minutes.
    Estimated Total Annual Burden Hours: 785.
    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: February 2, 2015.
Christie Preston,
IRS Reports Clearance Officer.
[FR Doc. 2015-02521 Filed 2-6-15; 8:45 am]
BILLING CODE 4830-01-P