IRS seeks comments on Form 8838 information collection
For-profit businesses that transfer stock to foreign corporations must comment by Dec. 8, 2026
The Internal Revenue Service issued a notice of information collection on Oct. 9, 2026 (FR Doc 2026-20743) inviting public comment on its existing Form 8838 collection. The collection, which applies to business-for-other-for-profit organizations that transfer stock or securities to a foreign corporation, is not being changed, but the agency is seeking input before the OMB renewal.
Form 8838, titled "Consent To Extend the Time To Assess Tax Under Section 367 - Gain Recognition Agreement," is used when a U.S. transferor makes a gain-recognition agreement that defers tax on the transfer. The form extends the statute of limitations so the IRS may assess tax after the original period expires.
The notice lists an estimated 200 responses, each requiring 8 hours 13 minutes, for a total annual burden of 1,644 hours. Commenters are asked to address the necessity, utility, accuracy of the burden estimate, and ways to improve or reduce the burden, including the use of automated collection techniques. All comments become part of the public record.
Written comments must be received on or before Dec. 8, 2026 to be assured of consideration. Submissions should be directed to Andres Garcia, IRS, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or emailed to the address provided in the notice, with "OMB Control No. 1545-1395" in the subject line. For additional information, contact Marcus W. McCrary at 470-769-2001.
The agency notes that the collection remains unchanged and will be summarized in the forthcoming request for OMB approval. The notice is dated Oct. 7, 2026 and signed by Tax Analyst Marcus W. McCrary.
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