This document contains proposed regulations relating to the penalty under section 6708 of the Internal Revenue Code for failing to make available lists of advisees with respect to reportable transactions. Section 6708 imposes a penalty upon material advisors for the failure to make available to the Secretary, upon written request, lists required by section 6112 within the time prescribed by section 6708(a)(1). These proposed regulations reflect changes to section 6708 made by the American Jobs Creation Act of 2004 and provide guidance regarding the imposition of the section 6708 penalty on material advisors who are required to maintain lists of advisees pursuant to section 6112. This document also provides notice of a public hearing on these proposed regulations.
PL:
Pub.L. 108 - 357 118 Stat. 1418
Name of Law: American Jobs Creation Act of 2004
US Code:
26 USC 6708-1
Name of Law: Failure to maintain lists of investors in potentially abusive tax shelters
PL: Pub.L. 108 - 357 118 Stat. 1418 Name of Law: American Jobs Creation Act of 2004
This document contains proposed regulations relating to the penalty under section 6708 of the Internal Revenue Code for failing to make available lists of advisees with respect to reportable transactions.
The collection of information in this proposed regulation is in §301.6708-1(c)(3)(ii). This information is required in order for the IRS to determine whether good cause exists to allow a person affected by these regulations an extension of the legislatively established 20-business-day period to furnish a lawfully requested list to the IRS.
The creation of these new regulations will result in an increase in the number of estimates responses of 25 and a total burden increase of 200 hours.
$0
No
No
No
No
No
Uncollected
H. Kim 202 622-3060
No
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.
Section 6708 Regulations-PRA Supporting Statement-Revised 5 3(checked).doc
REG-160873-04 - American Jobs Creation Act Modifications to Section 6708, Failure to Maintain List of Advisees With Respect to Reportable Transactions