[Federal Register Volume 84, Number 161 (Tuesday, August 20, 2019)]
[Notices]
[Page 43261]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-17812]
[[Page 43261]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Forms 3520 and 3520-A
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. The IRS is soliciting comments
concerning annual return to report transactions with foreign trusts and
receipt of certain foreign gifts and for annual information return of a
foreign trust with a U.S. owner.
DATES: Written comments should be received on or before October 21,
2019 to be assured of consideration.
ADDRESSES: Direct all written comments to Laurie 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 Christina Leeper, at (737)
800-7737 or Internal Revenue Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or through the internet, at
[email protected].
SUPPLEMENTARY INFORMATION:
Titles: Form 3520, Annual Return To Report Transactions With
Foreign Trusts and Receipt of Certain Foreign Gifts and Form 3520-A,
Annual Information Return of Foreign Trust With a U.S. Owner.
OMB Number: 1545-0159.
Form Numbers: Forms 3520 and 3520-A.
Abstract: U.S. persons file Form 3520 to report certain
transactions with foreign trusts, ownership of foreign trusts under the
rules of Internal Revenue Code sections 671 through 679, and receipt of
certain large gifts or bequests from certain foreign persons. Form
3520-A is the annual information return of a foreign trust with at
least one U.S. owner. The form provides information about the foreign
trust, its U.S. beneficiaries, and any U.S. person who is treated as an
owner of any portion of the foreign trust under the grantor trust
rules.
Current Actions: There were minor changes to the form, however, the
increase in burden estimate is due to the additional Form 3520-A has
been added to this collection.
Type of Review: Revision of a currently approved collection.
Affected Public: Individuals or households.
Estimated Number of Respondents: 1,820.
Estimated Time per Respondent: 51 hours, 56 minutes.
Estimated Total Annual Burden Hours: 94,537.
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: August 14, 2019.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2019-17812 Filed 8-19-19; 8:45 am]
BILLING CODE 4830-01-P