[Federal Register Volume 87, Number 241 (Friday, December 16, 2022)]
[Notices]
[Page 77167]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-27246]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Forms 3520 and 3520-A

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 annual return to report transactions with foreign trusts and 
receipt of certain foreign gifts and for annual information return of a 
foreign trust with a U.S. owner.

DATES: Written comments should be received on or before February 14, 
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 1545-0159 or Form 
3520, Annual Return To Report Transactions With Foreign Trusts and 
Receipt of Certain Foreign Gifts and Form 3520-A, Annual Information 
Return of Foreign Trust With a U.S. Owner.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection should be directed to LaNita Van Dyke, at 
(202) 317-6009, at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Titles: Form 3520, Annual Return To Report Transactions With 
Foreign Trusts and Receipt of Certain Foreign Gifts and Form 3520-A, 
Annual Information Return of Foreign Trust With a U.S. Owner.
    OMB Number: 1545-0159.
    Form Numbers: Forms 3520 and 3520-A.
    Abstract: U.S. persons file Form 3520 to report certain 
transactions with foreign trusts, ownership of foreign trusts under the 
rules of Internal Revenue Code sections 671 through 679, and receipt of 
certain large gifts or bequests from certain foreign persons. Form 
3520-A is the annual information return of a foreign trust with at 
least one U.S. owner. The form provides information about the foreign 
trust, its U.S. beneficiaries, and any U.S. person who is treated as an 
owner of any portion of the foreign trust under the grantor trust 
rules.
    Current Actions: There are no changes to the form at this time, we 
are submitting this collection for approval.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 1,820.
    Estimated Time Per Respondent: 51 hours, 56 minutes.
    Estimated Total Annual Burden Hours: 94,537.
    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: December 12, 2022.
Molly J. Stasko,
Supervisory Tax Analyst.
[FR Doc. 2022-27246 Filed 12-15-22; 8:45 am]
BILLING CODE 4830-01-P