Form 8886-Reportable Transaction Disclosure Statement and Form 14234 Compliance Assurance Process

Forms and Documents

Document Name	Status
Form 8886 Reportable Transaction Disclosure Statement Form	Modified
Form 14234 Compliance Assurance Process (CAP) Application Form	Modified
2022-04-21_SS_1545-1800sc.docx Supporting Statement A	2022-06-27

IC Document Collections

IC ID	Document Title	Status
43887	Reportable Transaction Disclosure Statement Form	Modified
194813	Compliance Assurance Process (CAP) Application Form	Modified

ICR Details

OMB Control No: 1545-1800	ICR Reference No: 202203-1545-022
Status: Received in OIRA	Previous ICR Reference No: 201903-1545-017
Agency/Subagency: TREAS/IRS	Agency Tracking No: Comment ends 6/13 Ready for Review
Title: Form 8886-Reportable Transaction Disclosure Statement and Form 14234 Compliance Assurance Process
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 06/29/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	06/30/2022
Responses	21,478	42,578
Time Burden (Hours)	461,528	915,631
Cost Burden (Dollars)	0	0

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Abstract: Section 6011(a) provides that any person made liable for any tax imposed by the Code, or with respect to the collection thereof, shall make a return or statement according to the forms and regulations prescribed by the Secretary of the Treasury. The American Jobs Creation Act of 2004, Public Law 108–357, (118 Stat. 1418), (AJCA) was enacted on October 22, 2004. The AJCA revised sections 6111 and 6112, thereby necessitating changes to the rules under section 6011. Form 8886: Regulations section 1.6011-4 provides that certain taxpayers must disclose their direct or indirect participation in reportable transactions when they file their Federal income tax return. Form 8886 is used to comply with these regulations. Form 14234,Compliance Assurance Process (CAP) Appliance with Attachments, 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 90 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.

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Authorizing Statute(s): US Code: 26 USC 6011 Name of Law: General requirement of return, statement or list.
   PL: Pub.L. 108 - 357 102 Name of Law: American Jobs Creation Act of 2004
  

Citations for New Statutory Requirements: None

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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:
	87 FR 21700	04/12/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 38831	06/29/2022
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Compliance Assurance Process (CAP) Application	14234, 14234-D, 14234-A, 14234-B, 14234-C	Compliance Assurance Process (CAP) Application ,   Compliance Assurance Process (CAP) Research Credit Questionnaire (CRCQ) ,   Material Intercompany Transactions Template (MITT) ,   Taxpayer Initial Issues List ,   Tax Control Framework Questionnaire
Reportable Transaction Disclosure Statement	8886	Reportable Transaction Disclosure Statement

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ICR Summary of Burden

	Total Request	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	21,478	42,578	0	0	-21,100	0
Annual Time Burden (Hours)	461,528	915,631	0	0	-454,103	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: The change in burden previously approved by OMB, resulted from an adjustment to estimates made by the Department based on the most current filing data. The number of responses decreased by (21,100) and burden hours by (454,103).

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Annual Cost to Federal Government: $22,682

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.     Yes

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? No

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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: 06/29/2022

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