TD 9764, Section 6708 Failure to Maintain List of Advisees with Respect to Reportable Transactions
Extension without change of a currently approved collection
No
Regular
04/29/2022
Requested
Previously Approved
36 Months From Approved
04/30/2022
5
25
40
200
0
0
Internal Revenue Code (IRC) section 6112 requires material advisors to maintain lists of advisees and other information with respect to reportable transactions and to make that information available to the Internal Revenue Service (IRS) upon written request. IRC section 6708 imposes a penalty upon material advisors for failing to make a list required by IRC section 6112 available to the IRS within 20 business days after the date of the written request.
Treasury Decision (TD) 9764 contains final regulations relating to the penalty under IRC section 6708. The collection of information is in Treasury Regulations section 301.6708â1(c)(3)(ii), which requires a person requesting an extension of the 20-business-day period to provide the IRS, in writing, with specific information regarding the list and the circumstances that would warrant additional time.
US Code:
26 USC 6112
Name of Law: Material Advisors Of Reportable Transactions Must Keep Lists Of Advisees, Etc.
US Code:
26 USC 6708
Name of Law: Failure to maintain lists of advisees with respect to reportable transactions
There is no change in the paperwork burden previously approved by OMB. However, the estimated number of responses was updated to eliminate duplication of the burden associated with business respondents captured under OMB control number 1545-0123. The IRS is making this submission to renew the OMB approval.
$0
No
No
No
No
No
No
No
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.
1545-2245 Supporting Statement (1).docx
301.6708-1 Failure to maintain lists of advisees with respect to reportable transactions.