Form Number:TD 9452.
Abstract:The AJCA amended the foreign tax credit treatment of dividends from non-controlled section 902 corporations effective for post-2002 tax years, and the GOZA permitted taxpayers to elect to defer the effective date of these amendments until post-2004 tax years. These regulations require a taxpayer making the GOZA election to file a statement to such effect with its next tax return, and they require certain shareholders wishing to make tax elections on behalf of their controlled foreign corporations or non-controlled section 902 corporations to execute a joint consent (that is retained by one shareholder) and attach a statement to their tax returns. The respondents are primarily domestic corporations owning stock in foreign corporations.
Current Actions:There is no change in the paperwork burden previously approved by OMB.
Type of Review:Extension of a currently approved collection.
Affected Public:Individuals and Households, Businesses and other for-profit organizations.
Estimated Number of Respondents:50.
Estimated Time per Respondent:30 minutes.
Estimated Total Annual Burden Hours:25.
Title:Return of Certain Excise Taxes Under Chapter 43 of the Internal Revenue Code.
Form Number:Form 8928.
Abstract:Form 8928 is used by employers, group health plans, HMOs, and third party administrators to report and pay excise taxes due for failures under sections 4980B, 4980D, 4980E, and 4980G.
Current Actions:There is no change in the paperwork burden previously approved by OMB. This form is being submitted for renewal purposes.
Type of Review:This is an extension of a previously approved collection.
Affected Public:Businesses and other for-profit organizations, and Not-for-profit institutions.
Estimated Number of Respondents:100.
Estimated Total Annual Burden Hours:2,348.
The following paragraph applies to all of the collections of information covered by this notice:
An agency may not conduct or sponsor, and a person is not required to respond to a collection of information, unless the collection of information displays a valid OMB control number.
Title:Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code.
Form Numbers:Forms 4720 and Form 990-PF.
Abstract:IRC section 6033 requires all private foundations, including section 4947(a)(1) trusts treated as private foundations, to file an annual information return. Section 53.4940-1(a) of the Income Tax Regulations requires that the tax on net investment income be reported on the return filed under section 6033. Form 990-PF is used for this purpose. Section 6011 requires a report of taxes under Chapter 42 of the Code for prohibited acts by private foundation and certain related parties. Form 4720 is used by foundations and/or related persons to report prohibited activities in detail and pay the tax on them.
Current Actions:Due to the addition of Schedule M to form 4920, there is an increase in the paperwork burden previously approved by OMB.
Type of Review:This is a revision of a currently approved collection.
Affected Public:Not-for-profit institutions.
Estimated Number of Respondents:55,000.
Estimated Total Annual Burden Hours:11,054,637.
Title:Form 1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return, Schedule K (Form 1120-IC-DISC), Shareholder's Statement of IC-DISC Distributions, and Schedule P (Form 1120-IC-DISC), Intercompany Transfer Price or Commission.
Form Numbers:1120-IC-DISC, Schedules K and P.
Abstract:U.S. corporations that elected to be an interest charge domestic international sales corporation (IC-DISC) file Form 1120-IC-DISC to report income and deductions. The IC-DISC is not taxed; IC-DISC shareholders are taxed on their share of IC-DISC income. IRS uses Form 1120-IC-DISC to check the IC-DISC's computation of income. Schedule K (Form 1120-IC-DISC) is used to report income to shareholders. Schedule P (Form 1120-IC-DISC) is used by the IC-DISC to report dealings with suppliers.
Current Actions:There are no changes being made to the forms.
Type of Review:Extension of an approved collection.
Affected Public:Business or other for-profit organizations and individuals or households.
Estimated Number of Respondents:1,200.
Estimated Total Annual Burden Hours:242,340.
Approved: August 14, 2012.
Yvette B. Lawrence,
IRS Reports Clearance Officer.