Thursday, July 18, 2013

IRS Seeks Comments on Offshore Voluntary Disclosure Program!

The Internal Revenue Service is asking for public comment on information collection tools relating to the Offshore Voluntary Disclosure Program, according to a notice in the July 18 Federal Register

Notice Proposed Collection; Comment Request on Information Collection Tools Relating to the Offshore Voluntary Disclosure Program (OVDP)


Notice And Request For Comments.


The Department of the Treasury, 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning the Offshore Voluntary Disclosure Program (OVDP). 


Written comments should be received on or before September 16, 2013 to be assured of consideration.


Direct all written comments to Yvette Lawrence, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224. Please send separate comments for each specific information collection listed below. You must reference the information collection's title, form number, reporting or record-keeping requirement number, and OMB number (if any) in your comment.


Requests for additional information or copies of the collection tools should be directed to LaNita Van Dyke, Internal Revenue Service, Room 6511, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202)622-3215, or through the internet at


Currently, the IRS is seeking comments concerning the following information collection tools, reporting, and record-keeping requirements:
Title: Offshore Voluntary Disclosure Program (OVDP).
OMB Number: 1545-2241.
Form Number(s): 14029, 14438, 14452, 14453, 14454, 14457, and 14467.
Abstract: The IRS is offering people with undisclosed income from offshore accounts an opportunity to get current with their tax returns. Taxpayers with undisclosed foreign accounts or entities should make a voluntary disclosure because it enables them to become compliant, avoid substantial civil penalties and generally eliminate the risk of criminal prosecution. The objective is to bring taxpayers that have used undisclosed foreign accounts and undisclosed foreign entities to avoid or evade tax into compliance with United States tax laws.
Current Actions: There are no changes to the burden estimates previously approved by OMB.
Type of Review: Extension of currently approved collection.
Affected Public: Individuals or households.
Estimated Number of Responses: 456,000.
Estimated Time per Respondent: 1 hour 35 mins.
Estimated Total Annual Burden Hours: 726,500.
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 collectionof 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: July 10, 2013.
Allan Hopkins,
IRS Reports Clearance Officer.

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