Federal Register #15452272

IRS Requests Public Comment on Form 8975 and Schedule A Information Collection

This opportunity involves a request for public comment from the Internal Revenue Service (IRS), part of the Department of the Treasury, regarding its information collection for Form 8975 and Schedule A (Form 8975). - Government Buyer: - Department of the Treasury - Internal Revenue Service (IRS) - Purpose: - Seeking public feedback on the information collection process for Form 8975 and Schedule A - Form 8975 is used by U.S. persons who are the ultimate parent entity of a U.S. multinational enterprise (MNE) group with annual revenue of $850 million or more - Requirements: - Reporting of country-by-country financial and employee information - Data includes: tax jurisdiction, country of organization, main business activity, revenues, profits, income taxes paid and accrued, stated capital, accumulated earnings, and tangible assets for each constituent entity - Comments are invited on the necessity, accuracy, and burden of the collection - No OEMs, vendors, or procurement of products/services are involved - No contract value, period of performance, or line items are applicable as this is not a procurement action

Description

The Internal Revenue Service (IRS) is requesting public comments on the information collection related to Form 8975 and Schedule A (Form 8975) under the Paperwork Reduction Act of 1995. This form is used by U.S. persons who are the ultimate parent entity of a U.S. multinational enterprise group with annual revenue of $850 million or more to report country-by-country financial and employee information. The collection includes details such as tax jurisdiction, country of organization, main business activity, revenues, profits, income taxes paid and accrued, stated capital, accumulated earnings, and tangible assets. Comments on this information collection are due by August 24, 2026.

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