Privacy Act and Paperwork Reduction Act Notice.
The Privacy Act of 1974 and Paperwork Reduction Act of 1980 say that when we ask you for information we must tell you our
legal right to ask for
it, why we are asking for it, and how it will be used. We must also tell you what could happen if we do not receive it and
whether your response is
voluntary or mandatory under the law.
Section 460 provides special rules for computing interest under the look-back method for completed long-term contracts. Section
6001 and its
regulations say that you must file a return or statement with us for any tax you are liable for. Your response is mandatory
under this section and its
regulations. Section 6109 and its regulations say that you must show your identifying number (social security number or employer
identification
number) on what you file. This is so we know who you are and can process your return and other papers.
You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless
the form displays a valid
OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may
become material in the
administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by
section 6103.
We ask for the information on this form to carry out the Internal Revenue laws of the United States. We need this information
to ensure that you
are complying with these laws and to figure and collect or refund the correct amount of interest.
We may give the information to the Department of Justice and to other Federal agencies, as provided by law. We may give it
to cities, states, the
District of Columbia, and U.S. commonwealths or possessions to carry out their tax laws. We may give it to foreign governments
because of tax treaties
they have with the United States. We may also disclose this information to Federal and state agencies to enforce Federal nontax
criminal laws and to
combat terrorism.
If you do not file Form 8697, do not provide the information we ask for, or provide fraudulent information, you may forfeit
any refund of interest
otherwise owed to you, be charged penalties, or be subject to criminal prosecution.
The time needed to complete and file this form will vary depending on individual circumstances. The estimated average time
is:
Recordkeeping |
|
Part I |
8 hr.,36 min. |
Part II |
9 hr., 19 min. |
Learning about the law or the form |
|
Part I |
2 hr., 22 min. |
Part II |
2 hr., 5 min. |
Preparing, copying, assembling, and sending the form to the IRS |
|
Part I |
2 hr., 37 min. |
Part II |
2 hr., 19 min. |
If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would
be happy to hear from
you. You can write to the Tax Forms Committee, Western Area Distribution Center, Rancho Cordova, CA 95743-0001. Do not send the tax form to
this address. Instead, see Filing Instructions on page 1.