[Federal Register Volume 87, Number 215 (Tuesday, November 8, 2022)]
[Notices]
[Pages 67534-67535]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-24356]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Disclosure Statement and 
Regulation Disclosure Statement

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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning 
disclosure statement and regulation disclosure statement.

DATES: Written comments should be received on or before January 9, 2023 
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]. Include OMB control number 
1545-0889 or Disclosure Statement (Form 8275) and Regulation Disclosure 
Statement (Form 8275-R) in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Kerry Dennis at (202) 317-
5751, or at Internal Revenue Service, Room 6526, 1111 Constitution 
Avenue NW, Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Disclosure Statement (Form 8275) and Regulation Disclosure 
Statement (Form 8275-R).
    OMB Number: 1545-0889.
    Form Number: 8275 and 8275-R.
    Abstract: Internal Revenue Code section 6662 imposes accuracy-
related penalties on taxpayers for substantial understatement of tax 
liability or negligence or disregard of rules and regulations. Code 
section 6694 imposes similar penalties on return preparers. Regulations 
sections 1.662-4(e) and (f) provide for reduction of these penalties if 
adequate disclosure of the tax treatment is made on Form 8275 or, if 
the position is contrary to regulation on Form 8275-R.
    Current Actions: There is no change to the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals, not-for-profit institutions, and farms.
    Estimated Number of Respondents: 666,666.
    Estimated Time per Respondent: 5 hours, 34 minutes.
    Estimated Total Annual Burden Hours: 3,716,664 hours.
    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.
    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

[[Page 67535]]

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: November 3, 2022.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2022-24356 Filed 11-7-22; 8:45 am]
BILLING CODE 4830-01-P