OMB understands that the IRS is currently in the process of revising the methodology it uses to estimate burden and costs. OMB expects that future ICRs under this OMB control number will include dollar estimates of annual burden costs to taxpayers calculated using this revised methodology.
Inventory as of this Action
Requested
Previously Approved
07/31/2022
36 Months From Approved
07/31/2019
2,500
0
2,500
20,125
0
20,125
0
0
0
These previously approved regulations provide guidance about substantial and gross valuation misstatements as defined in sections 6662(e) and 6662(h). They also provide guidance about the reasonable cause and good faith exclusion. The regulations apply to taxpayers who have transactions between persons described in section 482 and not section 482 transfer price adjustments.
US Code:
26 USC 6662 (a)
Name of Law: Imposition of Penalty
US Code:
26 USC 482
Name of Law: Allocation of Income and Deductions
US Code:
26 USC 6662 (e)
Name of Law: Substantial valuation misstatement under chapter 1
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.
2019-03-26_SS_1545-1426r sc.doc
INTL-21-91 (TD 8656 - Final) Section 6662 - Imposition of the Accuracy-Related Penalty