[Federal Register Volume 87, Number 75 (Tuesday, April 19, 2022)]
[Notices]
[Page 23324]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-08296]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for TD 8656

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 final regulation TD 
8656, Imposition of the Accuracy-Related Penalty.

DATES: Written comments should be received on or before June 21, 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 include the information 
collection's ``OMB number 1545-1426'' in the Subject line of the 
message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this regulation 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].

SUPPLEMENTARY INFORMATION:
    Title: Section 6662--Imposition of the Accuracy-Related Penalty.
    OMB Number: 1545-1426.
    Regulation Project Number: TD 8656.
    Abstract: These regulations provide guidance on the accuracy-
related penalty imposed on underpayments of tax caused by substantial 
and gross valuation misstatements as defined in Internal Revenue Code 
sections 6662(e) and 6662(h). Under section 1.6662-6(d) of the 
regulations, an amount is excluded from the penalty if certain 
requirements are met and a taxpayer maintains documentation of how a 
transfer price was determined for a transaction subject to Code section 
482.
    Current Actions: There is no changes in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated total annual recordkeeping burden hours under section 482 
is 125 hrs., and under section 6662(e) is 20,000 hrs.
    Estimated total annual burden time/per/recordkeeper under section 
482 is 15 mins and under section 6662(e)varies from 15hrs to 10 hrs., 
depending on individual circumstances, an estimated average of 8 hrs.
    Estimated Number of Respondents (recordkeepers) under section 482 
is 500 recordkeepers and under section 6662 (e) is 2000 recordkeepers.
    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 14, 2022.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2022-08296 Filed 4-18-22; 8:45 am]
BILLING CODE 4830-01-P