Document Headings

                    Document headings vary by document type but may contain                    the following:                  
                -                       the agency or agencies that issued and signed a document                    
                -                       the number of the CFR title and the number of each part                      the document amends, proposes to amend, or is directly                      related to                    
                -                       the agency docket number / agency internal file number                    
                -                       the RIN which identifies each regulatory action listed in                      the Unified Agenda of Federal Regulatory and Deregulatory                      Actions                    

                    See the                                          Document Drafting Handbook                                        for more details.                  

###### 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 general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning final regulation TD 8656, Imposition of the Accuracy-Related Penalty.

# DATES:

Written comments should be received on or before June 21, 2022 to be assured of consideration.

# ADDRESSES:

                        Direct all written comments to Andres Garcia, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224 or by email to                         *omb.unit@irs.gov.*                         Please include the information collection's “OMB number 1545-1426” in the Subject line of the message.                    

# FOR FURTHER INFORMATION CONTACT:

                        Requests for additional information or copies of this regulation should be directed to Sara Covington, (202) 317-4542, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at                         *sara.l.covington@irs.gov.*

# SUPPLEMENTARY INFORMATION:

*Title:*                     Section 6662—Imposition of the Accuracy-Related Penalty.                

*OMB Number:*                     1545-1426.                

*Regulation Project Number:*                     TD 8656.                

*Abstract:*                     These regulations provide guidance on the accuracy-related penalty imposed on underpayments of tax caused by substantial and gross valuation misstatements as defined in Internal Revenue Code sections 6662(e) and 6662(h). Under section 1.6662-6(d) of the regulations, an amount is excluded from the penalty if certain requirements are met and a taxpayer maintains documentation of how a transfer price was determined for a transaction subject to Code section 482.                

*Current Actions:*                     There is no changes in the paperwork burden previously approved by OMB.                

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

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

Estimated total annual recordkeeping burden hours under section 482 is 125 hrs., and under section 6662(e) is 20,000 hrs.

Estimated total annual burden time/per/recordkeeper under section 482 is 15 mins and under section 6662(e)varies from 15hrs to 10 hrs., depending on individual circumstances, an estimated average of 8 hrs.

Estimated Number of Respondents (recordkeepers) under section 482 is 500 recordkeepers and under section 6662 (e) is 2000 recordkeepers.

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.

Books or records relating to a collection of information must be retained as long as 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.

*Request for Comments:*                     Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.                

Approved: April 14, 2022.

Sara L. Covington,

IRS Tax Analyst.

[FR Doc. 2022-08296 Filed 4-18-22; 8:45 am]

BILLING CODE 4830-01-P