Notice2023-28446
Agency Information Collection Activities; Submission for OMB Review; Comment Request; U.S. Business Income Tax Return
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 26, 2023
Issuing agencies
Treasury Department
Abstract
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.
Full Text
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<title>Federal Register, Volume 88 Issue 246 (Tuesday, December 26, 2023)</title>
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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 [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-28446]
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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.
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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 <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.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Melody Braswell by emailing <a href="/cdn-cgi/l/email-protection#e5b5b7a4a5919780849690979ccb828a93"><span class="__cf_email__" data-cfemail="a8f8fae9e8dcdacdc9dbdddad186cfc7de">[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 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
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Program change Program change
FY23 due to due to new Program change FY24
adjustment legislation due to agency
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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
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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
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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 Partnerships................................ 5.3 60 $5,000 $8,700
Small........................................... 4.9 50 3,200 5,200
Large *......................................... 0.4 200 27,800 50,800
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Forms 1065, 1066, and all attachments
[[Page 89054]]
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........................ 2.1 105 $6,700 $14,900
Small........................................... 2.0 55 3,600 6,200
Large *......................................... 0.1 830 53,800 149,000
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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
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................... 5.8 65 $4,400 $7,500
Small........................................... 5.7 60 3,800 6,400
Large *......................................... 0.1 295 37,700 71,800
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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
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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...................................................... 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
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Table 2A--Taxpayer Burden for Pass-through Corporations on Form 1120S
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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
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Table 3A--Taxpayer Burden for Partnerships on Form 1065
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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
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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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