SECTION 8. PAPERWORK

REDUCTION ACT

This revenue procedure refers to a collection of information in the following sections of the FFI agreement (set forth in section 5 of this revenue procedure): section 3 regarding the due diligence requirements for account holder and nonparticipating FFI payee identification and documentation; section 4 regarding withholding requirements; section 5 regarding deposit requirements; section 6 regarding information reporting and tax return obligations; section 7 regarding the legal prohibitions on reporting U.S. accounts and on withholding; section 8 regarding compliance procedures; section 9 regarding the participating FFI withholding certificate; and section 10 regarding adjustments for overwithholding and underwithholding and refunds. Responses to these collections of information are required for an FFI to comply with the terms of its FFI agreement and not be subject to withholding under section 1471. The likely respondents are individuals, businesses, other for-profit institutions, and certain non-profit institutions.

The estimated information collection burden referred to in this revenue procedure will be reflected in the Forms 8957, W–8BEN, W–8BEN–E, W–8ECI, W–8EXP, W–8IMY, W–9, 1040NR, 1042, 1042–S, 1120–F, 1099, and 8966, as well as Form 843 and various income tax returns filed for purposes of claiming a refund of tax. The information collection burden relating to the section 8 compliance procedures will be reflected in future IRS guidance.

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 control number assigned by the Office of Management and Budget.

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 section 6103.

Bulletin No. 2014–29 149 July 14, 2014