[Federal Register Volume 87, Number 5 (Friday, January 7, 2022)]
[Notices]
[Pages 1006-1007]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-00106]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Requesting Comments on Section 6708, Failure 
To Maintain List of Advisees With Respect to Reportable Transactions

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 the collection of information in Treasury Decision (TD) 
9764, Section 6708 Failure to Maintain List of Advisees with Respect to 
Reportable Transactions.

DATES: Written comments should be received on or before March 8, 2022 
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. You must reference the information collection's title, form 
number, reporting or record-keeping requirement number, and OMB number 
in your comment.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Jon Callahan, (737) 800-7639, at Internal Revenue 
Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, 
or through the internet at [email protected].

SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    Title: Section 6708, Failure to Maintain List of Advisees with 
Respect to Reportable Transactions.
    OMB Number: 1545-2245.
    Regulation Project Number: TD 9764.
    Abstract: This document contains final regulations relating to the 
penalty under Internal Revenue Code (IRC) section 6708 for failing to 
make available lists of advisees with respect to reportable 
transactions. IRC section 6708 imposes a penalty upon material advisors 
for failing to make available to the Secretary, upon written request, 
the list required to be maintained by IRC section 6112 within 20 
business days after the date of such request. Treasury Regulations 
section 301.6708-1(c)(3)(ii) requires a material advisor requesting an 
extension of the 20-business-day period to provide certain information 
to the IRS to grant the extension. The final regulations primarily 
affect individuals and entities who are material advisors, as defined 
in IRC section 6111.
    Current Actions: There is a change to the existing collection: The 
estimated number of responses was updated to eliminate duplication of 
the burden associated with business respondents captured under OMB 
control number 1545-0123.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals, Estates, and Trusts.
    Estimated Number of Responses: 5.
    Estimated Time per Respondent: 8 hours.
    Estimated Total Annual Burden Hours: 40 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.


[[Page 1007]]


    Approved: January 4, 2022.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2022-00106 Filed 1-6-22; 8:45 am]
BILLING CODE 4830-01-P