[Federal Register Volume 80, Number 153 (Monday, August 10, 2015)]
[Notices]
[Pages 47998-47999]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-19521]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request on Information Collection
Tools Relating to the Offshore Voluntary Disclosure Program (OVDP)
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, 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, Public Law 104-13(44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
the Offshore Voluntary Disclosure Program (OVDP).
DATES: Written comments should be received on or before October 9, 2015
to be assured of consideration.
ADDRESSES: Direct all written comments to Christie Preston, Internal
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington,
DC 20224. Please send separate comments for each specific information
collection listed below. You must reference the information
collection's title, form number, reporting or record-keeping
requirement number, and OMB number (if any) in your comment.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the collection tools should be directed to R. Joseph Durbala,
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW.,
Washington, DC 20224, or at (202)317-5746, or through the internet at
[email protected].
SUPPLEMENTARY INFORMATION: Currently, the IRS is seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: Offshore Voluntary Disclosure Program (OVDP).
OMB Number: 1545-2241.
Form Number(s): 14452, 14453, 14454, 14457, 14467, 14653, 14654,
and 14708.
Abstract: The IRS is offering people with undisclosed income from
offshore accounts an opportunity to get current with their tax returns.
Taxpayers with undisclosed foreign accounts or entities should make a
voluntary disclosure because it enables them to become compliant, avoid
substantial civil penalties and generally eliminate the risk of
criminal prosecution. The objective is to bring taxpayers that have
used undisclosed foreign accounts and undisclosed foreign entities to
avoid or evade tax into compliance with United States tax laws.
Current Actions: In September 2012, the IRS announced a new
offshore initiative entitled the Streamlined Non-filer program. This
program was developed specifically for US citizens with income solely
from non-us sources. Although this program was successful at closing
the non-filer loop, this program did not allow for amended returns to
be filed reporting previously unreported foreign sourced income. As a
result, an enhanced process was developed in which taxpayers will be
allowed to file amended returns in order to report previously
unreported foreign source income while allowing a relief from
penalties.
Forms 14653, 14654, and the new Form 14708 have replaced the need
for Form 14438. The net result is a burden increase of 15,500 estimated
responses and 30,500 estimated annual hours per year.
Type of Review: Revision of currently approved collection.
Affected Public: Individuals or households.
Estimated Number of Responses: 474,000.
Estimated Time per Respondent: 1 hour 40 mins.
Estimated Total Annual Burden Hours: 757,000.
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.
[[Page 47999]]
Approved: August 3, 2015.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2015-19521 Filed 8-7-15; 8:45 am]
BILLING CODE 4830-01-P