[Federal Register Volume 89, Number 120 (Friday, June 21, 2024)]
[Notices]
[Page 52218]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-13589]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Compliance Assurance Process (CAP) Application 
and Associated Forms

AGENCY: Departmental Offices, Department of the Treasury.

ACTION: Notice.

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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 Form 
14234, Compliance Assurance Process (CAP) Application and Sub-forms (A, 
B, C, D, E, F).

DATES: Comments should be received on or before July 22, 2024 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Melody Braswell by emailing [email protected], calling 
(202) 622-1035, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Internal Revenue Service (IRS)

    Title: Compliance Assurance Process (CAP) Application and 
Associated Forms.
    OMB Number: 1545-2312.
    Form Numbers: 14234 and sub-forms A, B, C, D, E, F.
    Abstract: The Compliance Assurance Process (CAP) is strictly a 
voluntary program available to Large Business and International 
Division (LB&I) taxpayers that meet the selection criteria. CAP is a 
real-time review of completed business transactions during the CAP year 
with the goal of providing certainty of the tax return within 60 days 
of the filing. Taxpayers in CAP are required to be cooperative and 
transparent and report all material issues and items related to 
completed business transactions to the review team.
    Current Actions: There are two new forms being added to the 
Information Collection Request. Form 14234-E, Compliance Assurance 
Process (CAP) Cross Border Activities Questionnaire (CBAQ), is used by 
the IRS for risk assessment purposes to review a taxpayer's material 
cross border activities transactions (other than transfer pricing) in 
the CAP year. Form 14234-F Post-Filing Representation by Taxpayer 
requires that the corporate officer, authorized to sign the tax return 
of the CAP taxpayer, attest that all material issues from the pre-
filing review have been disclosed and resolved, and all resolved issues 
are reported as agreed on the company's tax return.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Businesses.
    Estimated Number of Respondents: 125.
    Estimated Number of Responses: 875.
    Estimated Time per Response: 5.35 hours.
    Estimated Total Annual Burden Hours: 4,680 hours.
    Authority: 44 U.S.C. 3501 et seq.

Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2024-13589 Filed 6-20-24; 8:45 am]
BILLING CODE 4830-01-P