[Federal Register Volume 84, Number 213 (Monday, November 4, 2019)]
[Notices]
[Page 59449]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-24011]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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

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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning 
treatment of shareholders of certain passive foreign investment 
companies.

DATES: Written comments should be received on or before January 3, 2020 
to be assured of consideration.

ADDRESSES: Direct all written comments to Dr. Philippe Thomas, Internal 
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Kerry Dennis, at (202) 317-
5751 or Internal Revenue Service, Room 6529, 1111 Constitution Avenue 
NW, Washington DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Treatment of Shareholders of Certain Passive Foreign 
Investment Companies.
    OMB Number: 1545-1507.
    Regulation Numbers: TD 8701, TD 8178, and TD 9231.
    Abstract: The reporting requirements affect United States persons 
that are direct and indirect shareholders of passive foreign investment 
companies (PFICSs). The requirements enable the Internal Revenue 
Service to identify PFICs, United States shareholders, and transactions 
subject to PFIC taxation and verify income inclusions, excess 
distributions, and deferred tax amounts.
    Current Actions: There are no changes being made to the regulations 
at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals, business or other for-profit 
organizations, and not-for-profit institutions.
    Estimated Number of Respondents: 406,250.
    Estimated Time per Respondent: 31 minutes.
    Estimated Total Annual Burden Hours: 212,500 hours.
    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 29, 2019.
Philippe Thomas,
Supervisor Tax Analyst.
[FR Doc. 2019-24011 Filed 11-1-19; 8:45 am]
 BILLING CODE 4830-01-P