[Federal Register Volume 86, Number 204 (Tuesday, October 26, 2021)]
[Notices]
[Pages 59270-59271]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-23275]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1116, Schedule B, 
and Schedule C

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 (PRA). The IRS is soliciting comments 
concerning the Foreign Tax Credit used by individuals, estate, or 
trusts.

DATES: Written comments should be received on or before December 27, 
2021 to be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, 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 and instructions should be directed to Paul Adams, 
at (737)-800-6149, Internal Revenue Service, Room 6526, 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: Foreign Tax Credit (Individual, Estate, or Trust).
    OMB Number: 1545-0121.
    Form Number: 1116, Schedules B and Schedule C.
    Abstract: Form 1116, Schedules B and Schedule C are used by 
individuals (including nonresident aliens), estates, or trusts who paid 
foreign income taxes on U.S. taxable income, to compute the foreign tax 
credit. This information is used by the IRS to determine if the foreign 
tax credit is properly computed.
    Current Actions: Two new schedules are being added to this approval 
package. These new items will have an impact on the overall burden and 
cost estimates requested for this approval package, and are reflected 
below.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.

[[Page 59271]]

    Estimated Number of Responses: 4,183,255.
    Estimated Time per Respondent: 7.20 hours.
    Estimated Total Annual Burden Hours: 30,119,436.
    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 will 
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 20, 2021.
Paul Adams,
Senior Tax Analyst.
[FR Doc. 2021-23275 Filed 10-25-21; 8:45 am]
BILLING CODE 4830-01-P