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###### Department of the Treasury

###### Internal Revenue Service

# AGENCY:

Internal Revenue Service (IRS), Treasury.

# ACTION:

Notice and request for comments.

# SUMMARY:

The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the guidance regarding the transition tax under section 965.

# DATES:

Written comments should be received on or before May 24, 2022 to be assured of consideration.

# ADDRESSES:

                        Direct all written comments to Andrés Garcia, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or by email to                         *omb.unit@irs.gov.*                         Please include, “OMB Number: 1545-2280—Public Comment Request Notice” in the Subject line.                    

# FOR FURTHER INFORMATION CONTACT:

                        Requests for additional information or copies of the form and instructions should be directed to Ronald J. Durbala, at (202) 317-5746, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at                         *RJoseph.Durbala@irs.gov.*

# SUPPLEMENTARY INFORMATION:

*Title:*                     Guidance Regarding the Transition Tax Under Section 965 and Related Provisions.                

*OMB Number:*                     1545-2280.                

*Project Number:*                     TD 9846.                

*Abstract:*                     The Tax Cuts and Jobs Act, Section 14103 (Pub. L. 115-97), provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, amended section 965 of the Internal Revenue Code. Because of the amendment, certain taxpayers are required to include in income an amount based on the accumulated post-1986 deferred foreign income of certain corporations that they own either directly or indirectly through other entities. This collection covers the guidance regarding the transition tax under section 965. The regulations affect United States persons with direct or indirect ownership interests in certain foreign corporations.                

*Current Actions:*                     There is no change in the paperwork burden previously approved by OMB. This form is being submitted for renewal purposes only.                

*Type of Review:*                     Extension of a currently approved collection.                

*Affected Public:*                     Business or other for-profit organizations, Individuals, or households.                

*Estimated Number of Respondents:*                     100,000.                

*Estimated Time per Respondent:*                     5 hrs.                

*Estimated Total Annual Burden Hours:*                     500,000.                

The following paragraph applies to all 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.

Books or records relating to a collection of information must be retained if their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.

*Desired Focus of Comments:*                     The Internal Revenue Service (IRS) is particularly interested in comments that:                
    - Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility.       ( print page 17139)      
    - Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used.
    - Enhance the quality, utility, and clarity of the information to be collected; and
    - Minimize the burden of the collection of information on those who are to respond, including using appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g.,                      by permitting electronic submissions of responses.                

Comments submitted in response to this notice will be summarized and/or included in the ICR for OMB approval of the extension of the information collection; they will also become a matter of public record.

Approved: March 21, 2022.

Ronald J. Durbala,

IRS Tax Analyst.

[FR Doc. 2022-06329 Filed 3-24-22; 8:45 am]

BILLING CODE 4830-01-P