Form 8938 - Statement of Specified Foreign Financial Assets

Forms and Documents

Document Name	Status
2018-06-19_SS_1545-2195r(N).doc Supporting Statement A	2018-06-19
burden (Form 8938).pdf Supplementary Document	2018-02-22

IC Document Collections

IC ID	Document Title	Status
194558	Form 8938 - Statement of Foreign Financial Assets Instruction	Modified

ICR Details

OMB Control No: 1545-2195	ICR Reference No: 201802-1545-009
Status: Active	Previous ICR Reference No: 201312-1545-026
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 8938 - Statement of Specified Foreign Financial Assets
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/13/2019
	Date Received in OIRA: 08/27/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2022	36 Months From Approved	02/28/2019
Responses	350,000	0	350,000
Time Burden (Hours)	1,652,000	0	1,627,500
Cost Burden (Dollars)	0	0	0

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Abstract: The collection of information in Form 8938 will be the means by which taxpayers will comply with self-reporting obligations imposed under section 6038D with respect to foreign financial assets.

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Authorizing Statute(s): US Code: 26 USC 6038D Name of Law: Information with Respect to Foreign Financial Assets
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 147 title V Name of Law: HIRE; FACTA
US Code: 26 USC 6038D Name of Law: null

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 4125	01/29/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 42358	08/21/2018
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Form 8938 - Statement of Foreign Financial Assets	8938	Statement of Specified Foreign Financial Assets

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ICR Summary of Burden

	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	350,000	350,000	0	0	0	0
Annual Time Burden (Hours)	1,652,000	1,627,500	0	24,500	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: On page 1, Line 3 (Type of filer) was added. Also, line 4 was added (in which specified domestic entities are required to provide the name and TIN of a specified individual or a specified person). These changes were made at the request of LB&I FATCA team (2016). The above changes will result in a program change increase of 24,500 hours and a new total burden of 1,652,000 hours. This form is also being submitted for renewal purposes.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 08/27/2018

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