Under 6722(c)(3)(B) payees may elect
that an exception to penalties not apply so that penalties may
apply if payors don't provide corrected returns and statements. The
collection of information will be this election, a retraction of
the election, or specified retention of records of elections or
retractions. The collection is necessary for the effective
operation of the exception and election framework. Respondents are
payees or payors.
PL:
Pub.L. 114 - 113 202 Name of Law: Protecting Americans from Tax
Hikes Act of 2015 (PATH Act)
US Code: 26
USC 6721 Name of Law: Failure to file correct information
returns
US Code: 26
USC 6722 Name of Law: Failure to furnish correct payee
statements
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.