[Federal Register Volume 87, Number 70 (Tuesday, April 12, 2022)]
[Notices]
[Pages 21700-21701]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-07738]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request on Information Collection 
for Form 8886, Reportable Transaction Disclosure Statement; Form 14234, 
Compliance Assurance Process (CAP) Application and (Attachments: A, B, 
C, D)

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 
information collections, as required by the Paperwork Reduction Act of 
1995. The IRS is soliciting comments concerning Form 8886, Reportable 
Transaction Disclosure Statement and Form 14234, Compliance Assurance 
Process (CAP) Application and Attachments (A, B, C, D).

DATES: Written comments should be received on or before June 13, 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 or by email to [email protected]. Please reference the information 
collection's ``OMB number 1545-1800'' in the Subject line.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the collection tools should be directed to Sara Covington, 
(202) 317-4542, at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

[[Page 21701]]


SUPPLEMENTARY INFORMATION: The IRS is seeking comments concerning the 
following information collection tools, reporting, and record-keeping 
requirements:
    Titles: Reportable Transaction Disclosure Statement; and Compliance 
Assurance Process (CAP) Application and (Attachments A, B, C, D).
    OMB Number: 1545-1800
    Form Numbers: 8886 and 14234.
    Current Actions: There are no changes to the forms at this time. 
However, the agency updated the estimated number of responses, based on 
the most recent filing data.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Taxpayer Burden:
    Form 8886:
    Estimated Number of Respondents: 21,353.
    Estimated Time per Respondent: 21 hours 33 minutes.
    Estimated Total Annual Burden Hours: 459,944.
    Form 14234:
    Estimated Number of Respondents: 125.
    Estimated Time per Response: 12 hours 40 minutes.
    Estimated Total Annual Burden Hours: 1,584.
    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: April 6, 2022.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2022-07738 Filed 4-11-22; 8:45 am]
BILLING CODE 4830-01-P