[Federal Register Volume 87, Number 58 (Friday, March 25, 2022)]
[Notices]
[Pages 17138-17139]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06329]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request for Guidance Regarding the 
Transition Tax Under Section 965.

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 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 the guidance regarding the transition tax under section 965.

DATES: Written comments should be received on or before May 24, 2022 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Andr[eacute]s Garcia, 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, 
Washington, DC 20224, or by email to [email protected]. Please include, 
``OMB Number: 1545-2280--Public Comment Request Notice'' in the Subject 
line.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Ronald J. 
Durbala, at (202) 317-5746, at Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Guidance Regarding the Transition Tax Under Section 965 and 
Related Provisions.
    OMB Number: 1545-2280.
    Project Number: TD 9846.
    Abstract: The Tax Cuts and Jobs Act, Section 14103 (Pub. L. 115-
97), provide for reconciliation pursuant to titles II and V of the 
concurrent resolution on the budget for fiscal year 2018, amended 
section 965 of the Internal Revenue Code. Because of the amendment, 
certain taxpayers are required to include in income an amount based on 
the accumulated post-1986 deferred foreign income of certain 
corporations that they own either directly or indirectly through other 
entities. This collection covers the guidance regarding the transition 
tax under section 965. The regulations affect United States persons 
with direct or indirect ownership interests in certain foreign 
corporations.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB. This form is being submitted for renewal 
purposes only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
Individuals, or households.
    Estimated Number of Respondents: 100,000.
    Estimated Time per Respondent: 5 hrs.
    Estimated Total Annual Burden Hours: 500,000.
    The following paragraph applies to all 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 if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility.

[[Page 17139]]

     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used.
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: March 21, 2022.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2022-06329 Filed 3-24-22; 8:45 am]
BILLING CODE 4830-01-P