Agency Information Collection Activities; Submission for OMB Review; Comment Request; U.S. Business Income Tax Return, 89053-89054 [2023-28446]
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89053
Federal Register / Vol. 88, No. 246 / Tuesday, December 26, 2023 / Notices
Bradley T. Smith,
Director, Office of Foreign Assests Control,
U.S. Department of the Treasury.
[FR Doc. 2023–28360 Filed 12–22–23; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; U.S.
Business Income Tax Return
Departmental Offices,
Department of the Treasury.
AGENCY:
Notice of information collection;
request for comment.
ACTION:
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.
SUMMARY:
Comments should be received on
or before January 25, 2024 to be assured
of consideration.
DATES:
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 PRA@treasury.gov, 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.
ADDRESSES:
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
FY23
Number of Taxpayers ............................
Burden in Hours .....................................
Burden in Monetized Hours ...................
Out-of-Pocket Costs ...............................
Total Monetized Burden* .......................
12,500,000
952,000,000
52,736,000,000
$59,487,000,000
$112,223,000,000
Program change
due to
adjustment
800,000
(32,000,000)
1,950,000,000
$7,165,000,000
$9,115,000,000
Program change
due to new
legislation
Program change
due to agency
0
1,000,000
57,000,000
$65,000,000
$122,000,000
0
0
0
0
0
FY24
13,300,000
920,000,000
54,743,000,000
$66,717,000,000
$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
of returns
(in millions)
khammond on DSKJM1Z7X2PROD with NOTICES
Primary form filed or type of taxpayer
All Partnerships ................................................................................................
Small ................................................................................................................
Large * ..............................................................................................................
Average time
(hrs.)
5.3
4.9
0.4
60
50
200
Forms 1065, 1066, and all attachments
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Average outof-pocket cost
Average monetized burden
$5,000
3,200
27,800
$8,700
5,200
50,800
89054
Federal Register / Vol. 88, No. 246 / Tuesday, December 26, 2023 / Notices
TABLE 2—TAXPAYER BURDEN FOR ENTITIES TAXED AS TAXABLE CORPORATIONS
Total number
of returns
(in millions)
Primary form filed or type of taxpayer
All Taxable Corporations .................................................................................
Small ................................................................................................................
Large * ..............................................................................................................
Average time
(hrs.)
2.1
2.0
0.1
105
55
830
Average outof-pocket cost
Average monetized burden
$6,700
3,600
53,800
$14,900
6,200
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
of returns
(in millions)
Primary form filed or type of taxpayer
All Pass-through Corporations .........................................................................
Small ................................................................................................................
Large * ..............................................................................................................
Average time
(hrs.)
5.8
5.7
0.1
65
60
295
Average outof-pocket cost
Average monetized burden
$4,400
3,800
37,700
$7,500
6,400
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
Total
positive
income
Average
time (hrs.)
Average
out-of-pocket
costs
Average
monetized
burden
Table 1A—Taxpayer Burden for Taxable Corporations on Form 1120
1.
2.
3.
4.
5.
< 100k ....................................................................................................................................
100k to 1mil ...........................................................................................................................
1mil to 10mil ..........................................................................................................................
10mil to 100mil ......................................................................................................................
> 100mil .................................................................................................................................
42
63
113
546
4,398
1,330
4,323
12,359
43,055
220,425
1,987
6,916
24,573
105,788
725,848
1,564
3,814
9,595
36,698
148,905
2,338
6,015
17,797
69,606
286,533
1,627
4,601
12,960
46,258
190,307
2,530
7,501
23,196
83,805
356,260
Table 2A—Taxpayer Burden for Pass-through Corporations on Form 1120S
1.
2.
3.
4.
5.
< 100k ....................................................................................................................................
100k to 1mil ...........................................................................................................................
1mil to 10mil ..........................................................................................................................
10mil to 100mil ......................................................................................................................
> 100mil .................................................................................................................................
52
59
79
287
1,200
Table 3A—Taxpayer Burden for Partnerships on Form 1065
1.
2.
3.
4.
5.
< 100k ....................................................................................................................................
100k to 1mil ...........................................................................................................................
1mil to 10mil ..........................................................................................................................
10mil to 100mil ......................................................................................................................
> 100mil .................................................................................................................................
45
56
93
327
1,447
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]
khammond on DSKJM1Z7X2PROD with NOTICES
BILLING CODE 4830–01–P
DEPARTMENT OF VETERANS
AFFAIRS
Cooperative Studies Scientific
Evaluation Committee; Notice of
Meeting
The Department of Veterans Affairs
(VA) gives notice under the Federal
Advisory Committee Act, 5 U.S.C. ch.
10, that the Cooperative Studies
Scientific Evaluation Committee
(CSSEC) will hold a meeting on January
18, 2024, via Zoom from 1–4 p.m. EST.
VerDate Sep<11>2014
20:25 Dec 22, 2023
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The Committee provides expert
advice on VA cooperative studies,
multi-site clinical research activities
and policies related to conducting and
managing these efforts. The session will
be open to the public for the first 30
minutes of the meeting (approximately)
for the discussion of administrative
matters and the general status of the
program. The remaining portion of the
meeting will be closed to the public for
the Committee’s review, discussion and
evaluation of research and development
applications.
E:\FR\FM\26DEN1.SGM
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]]>Agencies
[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
