Instructions for Form 8697 - Notices

Privacy Act and Paperwork Reduction Act Notice.

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.

Section 460 provides special rules for computing interest under the look-back method for completed long-term contracts. Section 6001 and its regulations require you to file a return or statement with us for any tax you are liable for. Section 6109 and its regulations require you to put your identifying number on what you file. If you do not provide the information we ask for, or provide fraudulent information, you may forfeit any refund of interest otherwise owed to you and/or be subject to penalties.

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 may give this information to the Department of Justice for civil or criminal litigation, and to other Federal agencies as authorized 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.

The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for individual taxpayers filing this form is approved under OMB control number 1545-0074 and is included in the estimates shown in the instructions for their individual income tax return. The estimated burden for all other taxpayers who file this form is shown below.

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 Internal Revenue Service, Tax Forms and Publications Division, 1111 Constitution Ave., NW, IR-6526, Washington, DC 20224. Do not send the tax form to this address. Instead, see Filing Instructions, earlier.

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