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Comments Requested on U.S. Account Reporting Form

JUN. 26, 2012

77 F.R. 38145

DATED JUN. 26, 2012
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Citations: 77 F.R. 38145

 

DEPARTMENT OF THE TREASURY

 

 

Internal Revenue Service

 

 

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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 Form 1099-U, United States Account Reporting.

DATES: Written comments should be received on or before August 27, 2012 to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette B. Lawrence, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions should be directed to Elaine Christophe, (202) 622-3179, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet at Elaine.H.Christophe@irs.gov.

SUPPLEMENTARY INFORMATION:

Title: United States Account Reporting.

OMB Number: 1545-XXXX.

Form Number: 1099-U.

Abstract: Internal Revenue Codes Section 1471(c)(1)(A) and Section 1472(b)(3) require information reporting by foreign financial institutions (FFI) and non-foreign financial entities (NFFE) with respect to U.S. accounts. Form 1099-U is used to improve monitoring and tax compliance of U.S. Citizens, and Residents with an interest in a foreign financial account.

Current Actions: Requesting new OMB Control Number.

Type of Review: Approval for new information collection.

Affected Public: Individuals or households, Business or other for-profit organizations.

Estimated Number of Responses: 336,205.

Estimated Time per Response: 19 min.

Estimated Total Annual Burden Hours: 110,948.

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: June 19, 2012.

Yvette B. Lawrence,

 

IRS Reports Clearance Officer.

 

[FR Doc. 2012-15556 Filed 6-25-12; 8:45 am]
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