OMB.report

Federal forms, ICRs, and supporting documents

Information Collection Request

Revenue Procedure 2014-55, Election Procedures and Information Reporting with Respect to Interests in Certain Canadian Retirement Plans

ICR 201410-1545-005 · OMB 1545-1773 · Historical Active

Forms and Documents
Document
Name
Status
Supporting Statement A
2014-12-05
Supplementary Document
2014-10-29
Supplementary Document
2008-06-10
IC Document Collections
IC ID
Document
Title
Status
19339
Modified
ICR Details
1545-1773 201410-1545-005
Historical Active 201110-1545-012
TREAS/IRS Ready
Revenue Procedure 2014-55, Election Procedures and Information Reporting with Respect to Interests in Certain Canadian Retirement Plans
Extension without change of a currently approved collection   No
Regular
Approved without change 03/05/2015
Retrieve Notice of Action (NOA) 12/19/2014
  Inventory as of this Action Requested Previously Approved
03/31/2018 36 Months From Approved 03/31/2015
20,000 0 20,000
10,000 0 10,000
0 0 0
Revenue Procedure 2002-23 provides guidance for the application by U.S. citizens and residents of the U.S. - Canada Income Tax Treaty, as amended by the 1995 protocol, in order to defer U.S. income taxes on income accrued in certain Canadian retirement plans. This revenue procedure was superseded by Revenue Procedure 2014-55, published in the Internal Revenue Bulletin dated October 27, 2014.
US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
  
None
Not associated with rulemaking
  79 FR 45237 08/04/2014
79 FR 75617 12/18/2014
No
  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 20,000 20,000 0 0 0 0
Annual Time Burden (Hours) 10,000 10,000 0 -10,000 10,000 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
Yes
Miscellaneous Actions
Rev. Proc. 2014-55 superseded Rev. Proc. 2002-23. This new revenue procedure indicates an eligible individual who did not previously make an election under Article XVIII(7) of the Convention to defer current U.S. income taxation on the undistributed income of a Canadian retirement plan will be treated as having made the election in the first year in which the individual would have been entitled to elect the benefits under Article XVIII(7) with respect to the plan. Consequently, such eligible individual will not be required to make the election for that first year or for any subsequent years either on Form 8891 or under the procedures set forth in Revenue Procedure 2002-23. Burden estimates reflect the change in the requirement of this election changing from first-time and annual to a first-time only election.
$0
No
No
No
No
No
Uncollected
Rosy Lor 202 435-5262 rosy.l.lor@irscounsel.treas.gov
  No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
12/19/2014