This revenue procedure amplifies Rev.
Proc. 2005-51, 2005-2 C.B. 296, which provides guidance to persons
who may be required to pay certain penalties under sections
6662(h), 6662A, or 6707A of the Internal Revenue Code, and who may
be required under section 6707A(e) to disclose those penalties on
reports filed with the Securities and Exchange Commission (SEC).
This revenue procedure describes the report on which the
disclosures must be made, the information that must be disclosed,
and the deadlines by which persons must make the disclosures on
reports filed with the SEC in order to avoid additional penalties
under section 6707A(e).
US Code:
26
USC 6662(h) Name of Law: Imposition of accuracy-related penalty
on underpayments
US Code: 26
USC 6707A(e) Name of Law: Penalty for failure to include
reportable transaction information with return
Matthew Cooper 202 622-4940
matthew.s.cooper@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.