[Federal Register Volume 83, Number 19 (Monday, January 29, 2018)]
[Notices]
[Pages 4125-4126]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01657]


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

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.

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

SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning Statement of 
Specified Foreign Financial Assets.

DATES: Written comments should be received on or before March 30, 2018 
to be assured of consideration.

ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue 
Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Martha R. Brinson, at (202) 
317-5753 or at Internal Revenue Service, Room 6526, 1111 Constitution 
Avenue NW, Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Statement of Specified Foreign Financial Assets.

[[Page 4126]]

    OMB Number: 1545-2195.
    Form Number: 8938.
    Abstract: The collection of information in 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 are no changes being made to Form 8938 at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or Households.
    Estimated Number of Respondents: 350,000.
    Estimated Time per Respondent: 4 hours 37 minutes.
    Estimated Total Annual Burden Hours: 1,627,500.
    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 16, 2018.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-01657 Filed 1-26-18; 8:45 am]
 BILLING CODE 4830-01-P