[Federal Register Volume 83, Number 205 (Tuesday, October 23, 2018)]
[Notices]
[Page 53530]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23108]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request on Information Collection 
for Form 8886, Reportable Transaction Disclosure Statement; Form 14234, 
Pre-CAP and CAP Application Form

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, 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. Currently, the IRS is soliciting 
comments concerning Form 8886, Reportable Transaction Disclosure 
Statement; Form 14234, Pre-CAP and CAP Application Form.

DATES: Written comments should be received on or before December 24, 
2018 to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, room 6529, 1111 Constitution Avenue NW, Washington, DC 
20224. Please send separate comments for each specific information 
collection listed below. You must reference the information 
collection's title, form number, reporting or record-keeping 
requirement number, and OMB number (if any) in your comment.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the collection tools should be directed to Alissa Berry, at 
(901) 707-4988, at Internal Revenue Service, Room 6529, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: Currently, the IRS is seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    Title: Reportable Transaction Disclosure Statement; Pre-CAP and CAP 
Application Form.
    OMB Number: 1545-1800.
    Form Numbers: Form 8886 and Form 14234.
    Abstract: Form 8886: Regulations section 1.6011-4 provides that 
certain taxpayers must disclose their direct or indirect participation 
in reportable transactions when they file their Federal income tax 
return. Pre-CAP and CAP Application Form (Form 14234): The Compliance 
Assurance Process (CAP) is a strictly voluntary program available to 
Large Business and International (LB&I) Division taxpayers that meet 
the selection criteria. CAP is a real-time review of completed business 
transactions during the CAP year with the goal of providing certainty 
of the tax return within 90 days of the filing. Taxpayers in CAP are 
required to be cooperative and transparent and report all material 
issues and items related to completed business transactions to the 
review team.
    Current Actions: There are no changes to the information 
collection.
    Type of Review: Extension without change of a currently approved 
collection.
    Affected Public: Business or other for-profit organizations.
    Taxpayer Burden:
    Form 8886:
    Estimated Number of Respondents: 42,409.
    Estimated Time per Respondent: 21 hours 33 minutes.
    Estimated Total Annual Burden Hours: 913,490.
    Form 14234:
    Estimated Number of Respondents: 169.
    Estimated Time per Response: 12 hours 40 minutes.
    Estimated Total Annual Burden Hours: 2,141.

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                                                   Number of
                     Form                          responses           Hours per response           Total hours
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Form 8886.....................................          42,409  21 Hours 33 minutes.............         913,490
Form 14234....................................             169  12 Hours 40 minutes.............           2,141
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    Totals....................................          42,578  ................................         915,631
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    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 18, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-23108 Filed 10-22-18; 8:45 am]
 BILLING CODE 4830-01-P