Rescission of penalty for failure to include reportable transaction information with return

Forms and Documents

Document Name	Status
Rev Proc 2007-21_Sup Stmnt.doc Supporting Statement A	2016-11-03

IC Document Collections

IC ID	Document Title	Status
45924	Rev Proc 2007-21 - Revenue Procedure Regarding 6707/6707A Rescission Request Procedures	Modified

ICR Details

OMB Control No: 1545-2047	ICR Reference No: 201610-1545-009
Status: Historical Active	Previous ICR Reference No: 201308-1545-064
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Rescission of penalty for failure to include reportable transaction information with return
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: 06/02/2017
	Date Received in OIRA: 11/22/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2020	36 Months From Approved	06/30/2017
Responses	859	0	859
Time Burden (Hours)	3,866	0	430
Cost Burden (Dollars)	0	0	0

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Abstract: This revenue procedure provides guidance to persons who are assessed a penalty under section 6707A or 6707 of the Internal Revenue Code, and who may request rescission of those penalties from the Commissioner if the penalty is with respect to a reportable transaction other than a listed transaction.

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Authorizing Statute(s): US Code: 26 USC 6707A Name of Law: Penalty for failure to include reportable transaction information with return
   US Code: 26 USC 6707 Name of Law: Failure to Furnish Information Regarding Reportable Transactions
  

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:
	81 FR 61737	09/07/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 83929	11/22/2016
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
Rev Proc 2007-21 - Revenue Procedure Regarding 6707/6707A Rescission Request Procedures

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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	859	859	0	0	0	0
Annual Time Burden (Hours)	3,866	430	0	0	3,436	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 increase in burden is due to a typographical error change in the annual time burden hours. The time in the ICR Summary of Burden was .5 hours per response, when the Revenue Procedure document reflected 4.5 hours and 3,436 annual time burden. Making the correction results in a increase in the annual time burden of 3,436 hours.

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Annual Cost to Federal Government: $0

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

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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: 11/22/2016

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