[Federal Register Volume 88, Number 3 (Thursday, January 5, 2023)]
[Notices]
[Pages 910-911]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-28640]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Requesting Comments on Form 8975 and 
Schedule A (Form 8975)

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 Form 8975, Country-by-Country Report, and Schedule A (Form 
8975), Tax Jurisdiction and Constituent Entity Information.

DATES: Written comments should be received on or before March 6, 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 No. 
1545-2272 in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection should be directed to Jon Callahan, (737) 
800-7639, at Internal Revenue Service, Room 6526, 1111 Constitution 
Avenue NW, Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    Title: Country-by-Country Reporting.
    OMB Number: 1545-2272.
    Form Number: Form 8975 and Schedule A (Form 8975).
    Abstract: 26 CFR 1.6038-4, issued under the authority of 26 U.S.C. 
6001, 6011, 6012, 6031, 6038, and 7805, requires U.S. persons that are 
the ultimate parent entity of a U.S. multinational enterprise (U.S. 
MNE) group with annual revenue for the preceding reporting period of 
$850 million or more to file Form 8975 with their income tax return. 
Form 8975 and Schedules A (Form 8975) are used by filers to annually 
report certain information with respect to the filer's U.S. MNE group 
on a country-by-country basis. The filer must list the U.S. MNE group's 
constituent entities, indicating each entity's tax jurisdiction (if 
any), country of organization and main business activity, and provide 
financial and employee information for each tax jurisdiction in which 
the U.S. MNE does business. The financial information includes 
revenues, profits, income taxes paid and accrued, stated capital, 
accumulated earnings, and tangible assets other than cash. Separate 
Schedules A (Form 8975) are filed for each tax jurisdiction in which a 
group has one or more constituent entities resident.
    Current Actions: There is no change to the existing collection 
previously approved by OMB. However, the total burden has increased due 
to better estimates.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,045.
    Estimated Number of Responses: 46,790.
    Estimated Time per Response: 6.41 hours.
    Estimated Total Annual Burden Hours: 299,822.
    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

[[Page 911]]

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 30, 2022.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2022-28640 Filed 1-4-23; 8:45 am]
BILLING CODE 4830-01-P