Notice2022-27628
Comment Request; U.S. Business Income Tax Returns
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
December 20, 2022
Issuing agencies
Treasury Department
Abstract
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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. Currently, the IRS is soliciting comments concerning the burden associated with the U.S. Business Income Tax Returns.
Full Text
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<title>Federal Register, Volume 87 Issue 243 (Tuesday, December 20, 2022)</title>
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[Federal Register Volume 87, Number 243 (Tuesday, December 20, 2022)]
[Notices]
[Pages 77961-77963]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-27628]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review;
Comment Request; U.S. Business Income Tax Returns
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice of information collection; request for comment.
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SUMMARY: The Internal Revenue Service, as part of its continuing effort
to reduce paperwork and respondent burden, invites the 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. Currently, the IRS is soliciting comments
concerning the burden associated with the U.S. Business Income Tax
Returns.
DATES: Comments should be received on or before January 19, 2023 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 <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function. Copies of
the submissions may be obtained from Melody Braswell by emailing
<a href="/cdn-cgi/l/email-protection#7f2f2d3e3f0b0d1a1e0c0a0d0651181009"><span class="__cf_email__" data-cfemail="9ececcdfdeeaecfbffedebece7b0f9f1e8">[email protected]</span></a>, calling (202) 622-1035, or viewing the entire
information collection request at <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Internal Revenue Service (IRS)
Title: U.S. Business Income Tax Returns.
OMB Control Number: 1545-0123.
Form Numbers:1065, 1066, 1120, 1120-C, 1120-F, 1120-FSC, 1120-H,
1120-L, 1120-ND, 1120-PC, 1120-POL,
[[Page 77962]]
1120-REIT, 1120-RIC, 1120-S, 1120-SF and related attachments.
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. Additionally, there have been additions and removals of
some forms included in this approval package.
Type of Review: Revision of currently approved collections.
Affected Public: Corporations and Pass-Through Entities.
Estimated Number of Respondents: 12,500,000.
Total Estimated Time: 952,000,000 hours.
Estimated Time per Respondent: 76 hours.
Total Estimated Out-of-Pocket Costs: $59,487,000,000.
Total Monetized Burden: $112,223,000,000.
Fiscal Year (FY) 2023 Burden Total Estimates for Form 1120 and 1065 Series and Associated Forms, Schedules, and Regulations FY2023
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Program change
FY22 Program change due due to new Program change FY23
to adjustment legislation due to agency
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Number of Taxpayers......................................... 12,300,000 200,000 0 0 12,500,000
Burden in Hours............................................. 1,138,000,000 (186,000,000) 0 0 952,000,000
Burden in Monetized Hours................................... 55,915,000,000 (3,179,000,000) .............. .............. 52,736,000,000
Out-of-Pocket Costs......................................... $48,303,000,000 $11,184,000,000 0 0 $59,487,000,000
Total Monetized Burden *.................................... $104,218,000,000 $8,005,000,000 0 0 $112,223,000,000
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* Total monetized burden = Monetized hours + Out-of-pocket costs.
Table 1--Taxpayer Burden for Entities Taxed as Partnerships
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Total number Average
Primary form filed or type of taxpayer of returns Average time Average out-of- monetized
(in millions) (hrs.) pocket cost burden
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All partnerships................................ 4.9 70 $4,700 $8,500
Small........................................... 4.6 60 3,100 5,400
Large *......................................... 0.3 225 26,700 52,200
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Forms 1065, 1066, and all attachments
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Table 2--Taxpayer Burden for Entities Taxed as Taxable Corporations
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Total number Average
Primary form filed or type of taxpayer of returns (in Average time Average out-of- monetized
millions) (hrs.) pocket cost burden
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All Taxable Corporations........................ 2.1 110 $7,200 $15,100
Small........................................... 2.0 65 3,600 6,400
Large *......................................... 0.1 770 61,700 148,500
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Forms 1120, 1120-C, 1120-F, 1120-H, 1120-ND, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-POL and all attachments
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Table 3--Taxpayer Burden for Entities Taxed as Pass-Through Corporations
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Total number Average
Primary form filed or type of taxpayer of returns (in Average time Average out-of- monetized
millions) (hrs.) pocket cost burden
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All Pass-through Corporations................... 5.4 70 $3,900 $7,100
Small........................................... 5.3 65 3,500 6,200
Large *......................................... 0.1 320 34,900 70,800
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Forms 1120-REIT, 1120-RIC, 1120-S and all attachments
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* 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.
FY2023
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Average
Total positive income Average time Average out-of- monetized
(hrs.) pocket costs burden
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Table 1A--Taxpayer Burden for Taxable Corporations on Form 1120
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1. <100k........................................................ 55 1,569 2,547
2. 100k to 1mil................................................. 76 4,540 7,688
3. 1mil to 10mil................................................ 118 12,676 25,162
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4. 10mil to 100mil.............................................. 491 52,315 107,655
5. >100mil...................................................... 4,377 267,506 761,004
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Table 2A--Taxpayer Burden for Pass-Through Corporations on Form 1120S
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1. <100k........................................................ 58 1,452 2,309
2. 100k to 1mil................................................. 66 3,593 6,062
3. 1mil to 10mil................................................ 88 9,093 18,128
4. 10mil to 100mil.............................................. 319 34,954 70,796
5. >100mil...................................................... 1,385 147,205 302,504
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Table 3A--Taxpayer Burden for Partnerships on Form 1065
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1. < 100k....................................................... 52 1,633 2,683
2. 100k to 1mil................................................. 65 4,617 8,014
3. 1mil to 10mil................................................ 109 12,993 24,824
4. 10mil to 100mil.............................................. 400 48,022 92,986
5. > 100mil..................................................... 1,787 194,559 395,062
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Authority: 44 U.S.C. 3501 et seq.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2022-27628 Filed 12-19-22; 8:45 am]
BILLING CODE 4830-01-P
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