Instructions for Form 8942 - Notices

Privacy Act and Paperwork Reduction Act Notice.

We ask for the information on these forms to carry out the Internal Revenue laws of the United States. We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax. Our authority to ask for the information on this form is Internal Revenue Code section 48D. Section 6109 requires applicants and return preparers to provide their identifying numbers on the form . You are required to provide the information requested on this form if you wish to apply for certification of qualified investments for purposes of the Qualifying Therapeutic Discovery Project Program. We need it to determine whether your investments meet the requirements for certification. If you do not provide this information, we may be unable to process your certification request. Providing false or fraudulent information may subject you to penalties. We may disclose this information to Federal agencies as authorized by law, including to the Department of Health and Human Services to obtain information regarding your eligibility for this credit or grant and to the Department of Justice for civil or criminal litigation. We may disclose this information to cities, states, the District of Columbia, and U.S. commonwealths and territories for use in administering their tax laws. We may also disclose this information to other countries under a tax treaty, to Federal and state agencies to enforce Federal nontax criminal laws, or to Federal law enforcement and intelligence agencies to combat terrorism.

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.

The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for taxpayers who file this form is shown below:

Recordkeeping 8 hrs., 36 min.
Learning about the law or the form 1 hr., 03 min.
Preparing and sending the form to the IRS 2 hrs., 26 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. See the instructions for the tax return with which this form is filed.

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