Agency Information Collection Activities; Submission for OMB Review; Comment Request; U.S. Business Income Tax Return, 89053-89054 [2023-28446]
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[Federal Register Volume 88, Number 246 (Tuesday, December 26, 2023)] [Notices] [Pages 89053-89054] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2023-28446] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Submission for OMB Review; Comment Request; U.S. Business Income Tax Return AGENCY: Departmental Offices, Department of the Treasury. ACTION: Notice of information collection; request for comment. ----------------------------------------------------------------------- SUMMARY: The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995 (PRA). The IRS is soliciting comments on forms used by business entity taxpayers. DATES: Comments should be received on or before January 25, 2024 to be assured of consideration. ADDRESSES: Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/PRAMain. Find this particular information collection by selecting ``Currently under 30-day Review-- Open for Public Comments'' or by using the search function. FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be obtained from Melody Braswell by emailing [email protected], calling (202) 622-1035, or viewing the entire information collection request at www.reginfo.gov. SUPPLEMENTARY INFORMATION: Internal Revenue Service (IRS) Title: U.S. Business Income Tax Return. OMB Number: 1545-0123. Form Numbers: Forms 1065, 1066, 1120, 1120-C, 1120-F, 1120-H, 1120- ND, 1120-S, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-REIT, 1120-RIC, 1120-POL and all attachments to these forms. Abstract: These forms are used by businesses to report their income tax liability. Current Actions: There have been changes in regulatory guidance related to various forms approved under this approval package during the past year. There have been additions and removals of forms included in this approval package. It is anticipated that these changes will have an impact on the overall burden and cost estimates requested for this approval package. This approval package is being submitted for renewal purposes. Type of Review: Revision of currently approved collections. Affected Public: Corporations, Partnerships and Pass-Through Entities. Estimated Number of Respondents: 13,300,000. Estimated Time (Hours): 920,000,000. Estimated Time per Respondent (Hours): 35. Total Monetized Time: $54,743,000,000. Total Estimated Out-of-Pocket Costs: $66,717,000,000. Total Monetized Burden: $121,460,000,000. Note: Total Monetized Burden = Total Out-of-Pocket Costs + Total Annual Monetized Time. Note: Amounts below are estimates for Fiscal Year (FY) 2024. Reported time and cost burdens are national averages and do not necessarily reflect a ``typical case.'' Most taxpayers experience lower than average burden, with taxpayer burden varying considerably by taxpayer type. Detail may not add due to rounding. Fiscal Year (FY) 2024 Burden Total Estimates for Form 1120 and 1065 Series and Associated Forms, Schedules, and Regulations FY2024 -------------------------------------------------------------------------------------------------------------------------------------------------------- Program change Program change FY23 due to due to new Program change FY24 adjustment legislation due to agency -------------------------------------------------------------------------------------------------------------------------------------------------------- Number of Taxpayers...................................... 12,500,000 800,000 0 0 13,300,000 Burden in Hours.......................................... 952,000,000 (32,000,000) 1,000,000 0 920,000,000 Burden in Monetized Hours................................ 52,736,000,000 1,950,000,000 57,000,000 0 54,743,000,000 Out-of-Pocket Costs...................................... $59,487,000,000 $7,165,000,000 $65,000,000 0 $66,717,000,000 Total Monetized Burden*.................................. $112,223,000,000 $9,115,000,000 $122,000,000 0 $121,460,000,000 -------------------------------------------------------------------------------------------------------------------------------------------------------- Source: IRS:RAAS:KDA (12-1-23) * Total monetized burden = Monetized hours + Out-of-pocket costs Note: Reported time and cost burdens are national averages and do not necessarily reflect a ``typical'' case. Most taxpayers experience lower than average burden, with taxpayer burden varying considerably by taxpayer type. Detail may not add due to rounding. Table 1--Taxpayer Burden for Entities Taxed As Partnerships ---------------------------------------------------------------------------------------------------------------- Total number Average Primary form filed or type of taxpayer of returns (in Average time Average out-of- monetized millions) (hrs.) pocket cost burden ---------------------------------------------------------------------------------------------------------------- All Partnerships................................ 5.3 60 $5,000 $8,700 Small........................................... 4.9 50 3,200 5,200 Large *......................................... 0.4 200 27,800 50,800 ---------------------------------------------------------------------------------------------------------------- Forms 1065, 1066, and all attachments [[Page 89054]] Table 2--Taxpayer Burden for Entities Taxed As Taxable Corporations ---------------------------------------------------------------------------------------------------------------- Total number Average Primary form filed or type of taxpayer of returns (in Average time Average out-of- monetized millions) (hrs.) pocket cost burden ---------------------------------------------------------------------------------------------------------------- All Taxable Corporations........................ 2.1 105 $6,700 $14,900 Small........................................... 2.0 55 3,600 6,200 Large *......................................... 0.1 830 53,800 149,000 ---------------------------------------------------------------------------------------------------------------- Forms 1120, 1120-C, 1120-F, 1120-H, 1120-ND, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-POL and all attachments Table 3--Taxpayer Burden for Entities Taxed As Pass-Through Corporations ---------------------------------------------------------------------------------------------------------------- Total number Average Primary form filed or type of taxpayer of returns (in Average time Average out-of- monetized millions) (hrs.) pocket cost burden ---------------------------------------------------------------------------------------------------------------- All Pass-through Corporations................... 5.8 65 $4,400 $7,500 Small........................................... 5.7 60 3,800 6,400 Large *......................................... 0.1 295 37,700 71,800 ---------------------------------------------------------------------------------------------------------------- Forms 1120-REIT, 1120-RIC, 1120-S and all attachments Source: IRS: RAAS:KDA:TBL (12-1-23) * A large business is defined as one having end-of-year assets greater than $10 million. Total filers counts may not equal the burden total estimates table due to rounding. FY2024 ---------------------------------------------------------------------------------------------------------------- Average Total positive income Average time Average out-of- monetized (hrs.) pocket costs burden ---------------------------------------------------------------------------------------------------------------- Table 1A--Taxpayer Burden for Taxable Corporations on Form 1120 ---------------------------------------------------------------------------------------------------------------- 1. < 100k...................................................... 42 1,330 1,987 2. 100k to 1mil................................................ 63 4,323 6,916 3. 1mil to 10mil............................................... 113 12,359 24,573 4. 10mil to 100mil............................................. 546 43,055 105,788 5. > 100mil.................................................... 4,398 220,425 725,848 ---------------------------------------------------------------------------------------------------------------- Table 2A--Taxpayer Burden for Pass-through Corporations on Form 1120S ---------------------------------------------------------------------------------------------------------------- 1. < 100k...................................................... 52 1,564 2,338 2. 100k to 1mil................................................ 59 3,814 6,015 3. 1mil to 10mil............................................... 79 9,595 17,797 4. 10mil to 100mil............................................. 287 36,698 69,606 5. > 100mil.................................................... 1,200 148,905 286,533 ---------------------------------------------------------------------------------------------------------------- Table 3A--Taxpayer Burden for Partnerships on Form 1065 ---------------------------------------------------------------------------------------------------------------- 1. < 100k...................................................... 45 1,627 2,530 2. 100k to 1mil................................................ 56 4,601 7,501 3. 1mil to 10mil............................................... 93 12,960 23,196 4. 10mil to 100mil............................................. 327 46,258 83,805 5. > 100mil.................................................... 1,447 190,307 356,260 ---------------------------------------------------------------------------------------------------------------- Source: IRS: RAAS: KDA:TBL (12-1-23). Detail may not add to total due to rounding. Authority: 44 U.S.C. 3501 et seq. Melody Braswell, Treasury PRA Clearance Officer. [FR Doc. 2023-28446 Filed 12-22-23; 8:45 am] BILLING CODE 4830-01-P
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