Proposed Collection; Comment Request for Form 15434
Summary
An IRS notice requesting comments on Form 15434, Application for Employee Retention Credit (ERC) Voluntary Disclosure Program, OMB Number 1545-2316. The abstract states that the ERC Voluntary Disclosure Program was created to give taxpayers a streamlined way to return funds for improperly claimed ERC credits with a 20% reduction in the amount to return, and that participants must submit information about the improper claim, the refund received and any preparer or advisor who assisted. There are no changes to the form; the notice renews OMB approval as an extension of a currently approved collection. The estimates are 5,000 respondents, 2 hrs., 22 mins. per respondent and 11,800 annual burden hours. It was approved February 23, 2024 by Martha R. Brinson, Tax Analyst.
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SUPPLEMENTARY INFORMATION: Title: Application for Employee Retention Credit (ERC) Voluntary Disclosure Program. OMB Number: 1545-2316. Form Number: 15434. Abstract: The Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) was created in order to provide a streamlined avenue for taxpayers to return funds for improperly claimed ERC credits and be afforded a 20% reduction in the amount to return. To participate in the initiative, taxpayers must submit information about the improper ERC claimed, refund received, their identifying information, and the identifying information of any preparer/advisor who assisted them with the ERC claim. Current Actions: There are no changes to the form at this time. This notice is administrative process to renew the OMB approval on the form. Type of Review: Extension of a currently approved collection. Affected Public: Individuals and Households. Estimated Number of Respondents: 5,000. Estimated Time per Respondent: 2 hrs., 22 mins. Estimated Total Annual Burden Hours: 11,800. 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. Comments will be 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 has 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 collection of information on 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: February 23, 2024. Martha R. Brinson, Tax Analyst.
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