Notice2021-15787
Proposed Collection; Comment Request for Form 461
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 26, 2021
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Limitation on Business Losses.
Full Text
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<title>Federal Register, Volume 86 Issue 140 (Monday, July 26, 2021)</title>
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[Federal Register Volume 86, Number 140 (Monday, July 26, 2021)]
[Notices]
[Page 40139]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-15787]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 461
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act
of 1995. The IRS is soliciting comments concerning Limitation on
Business Losses.
DATES: Written comments should be received on or before September 24,
2021 to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Martha R.
Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW, Washington, DC 20224, or through the
internet at <a href="/cdn-cgi/l/email-protection#e0ad8192948881ceb2cea292898e938f8ea0899293ce878f96"><span class="__cf_email__" data-cfemail="703d11020418115e225e3202191e031f1e301902035e171f06">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Limitation on Business Losses.
OMB Number: 1545-2283.
Form Number: 461.
Abstract: Form 461 and its separate instructions calculates the
limitation on business losses, and the excess business losses that will
be treated as net operating loss (NOL) carried forward to subsequent
taxable years. In the case of a partnership or S corporation, the
provision applies at the partner or shareholder level. This form is
used by noncorporate taxpayers and will be attached to a tax return
(F1040, 1040NR, 1041, 1041-QFT, 1041-N, or 990-T).
Current Actions: There are no changes being made to the form at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, Business or other for-
profit organization, and not-for-profit institutions.
Estimated Number of Responses: 2,909,026.
Estimated Time per Response: 22 mins.
Estimated Total Annual Burden Hours: 1,105,430.
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number.
Books or records relating to a collection of information must be
retained as long as their contents may become material in the
administration of any internal revenue law. Generally, tax returns and
tax return information are confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval.
Comments will be of public record. Comments are invited on: (a) Whether
the collection of information is necessary for the proper performance
of the functions of the agency, including whether the information has
practical utility; (b) the accuracy of the agency's estimate of the
burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information to be collected; (d)
ways to minimize the burden of the collection of information on or
other forms of information technology; and (e) estimates of capital or
start-up costs and costs of operation, maintenance, and purchase of
services to provide information.
Approved: July 19, 2021.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2021-15787 Filed 7-23-21; 8:45 am]
BILLING CODE 4830-01-P
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