89 FR 244 pgs. 103931-103933 - Proposed Collection; Comment Request for 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 Related Attachments

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Type: NOTICEVolume: 89Number: 244Pages: 103931 - 103933

FR document: [FR Doc. 2024-30075 Filed 12-18-24; 8:45 am]

Agency: Treasury Department

Official PDF Version: PDF Version

Pages: 103931, 103932, 103933

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DEPARTMENT OF THE TREASURY

Proposed Collection; Comment Request for 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 Related Attachments

AGENCY:

Departmental Offices, U.S. Department of the Treasury.

ACTION:

Notice.

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 21, 2025 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 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. There have been additions and removals of forms included in this approval package This approval package is being submitted for renewal purposes.

Type of Review: Revision of a currently approved collection.

Affected Public: Corporations, Partnerships and Pass-Through Entities.

Estimated Number of Respondents: 13,900,000.

Estimated Time per Respondent (Hours): 67 hours, 25 minutes.

Estimated Total Annual Time (Hours): 935,100,000.

Estimated Total Annual Monetized Time ($): 56,152,000,000.

[top] Estimated Total Out-of-Pocket Costs ($): 71,617,000,000.

Estimated Total Monetized Burden ($): 127,769,000,000.

Note:

Total Monetized Burden = Total Out-of-Pocket Costs + Total Annual Monetized Time.

Tax Compliance Burden: Tax compliance burden is defined as the time and money taxpayers spend to comply with their tax filing responsibilities. Time-related activities include recordkeeping, tax planning, gathering tax materials, learning about the law and what you need to do, and completing and submitting the return. Out-of-pocket costs include expenses such as purchasing tax software, paying a third-party preparer, and printing and postage. Tax compliance burden does not include a taxpayer's tax liability, economic inefficiencies caused by sub-optimal choices related to tax deductions or credits, or psychological costs.

Primary form filed or type of taxpayer	Total number of returns (in millions)	Average time (hrs.)	Average out-of-pocket cost	Average monetized burden
All Partnerships	5.4	60	$5,000	$8,500
Small	5.0	50	3,100	5,100
Large?*	0.4	190	28,200	50,000
Forms 1065, 1066, and all attachments.

Primary form filed or type of taxpayer	Total number of returns (in millions)	Average time (hrs.)	Average out-of-pocket cost	Average monetized burden
All Taxable Corporations	2.3	100	$7,400	$15,400
Small	2.1	50	3,500	6,000
Large?*	0.2	690	59,200	139,600
Forms 1120, 1120-C, 1120-F, 1120-H, 1120-ND, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-POL, and all attachments.

Primary form filed or type of taxpayer	Total number of returns (in millions)	Average time (hrs.)	Average out-of-pocket cost	Average monetized burden
All Pass-through Corporations	6.2	60	$4,500	$8,500
Small	6.1	60	3,900	5,100
Large?*	0.1	300	40,600	50,000
Forms 1120-REIT, 1120-RIC, 1120-S, and all attachments.
Source: IRS:RAAS:KDA:BRDN (12-1-24).
*?A large business is defined as one having end-of-year assets greater than $10 million. Total filer counts may not equal the burden total estimates table due to rounding.

Tables 1A-3A show the average burden estimate for business entities by total positive income. Total positive income is defined as the sum of all positive income amounts reported on the return.

Total positive income	Average time (hrs.)	Average out-of-pocket costs	Average monetized burden
1. <100k	33	$1,412	$1,931
2. 100k to 1mil	49	4,559	6,604
3. 1mil to 10mil	93	13,893	23,988
4. 10mil to 100mil	390	54,933	100,276
5. >100mil	3,325	290,812	677,311

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Total positive income	Average time (hrs.)	Average out-of-pocket costs	Average monetized burden
1. <100k	47	$1,686	$2,381
2. 100k to 1mil	52	4,014	5,934
3. 1mil to 10mil	72	10,223	17,779
4. 10mil to 100mil	276	40,402	72,483
5. >100mil	1,199	167,915	307,245

Total positive income	Average time (hrs.)	Average out-of-pocket costs	Average monetized burden
1. <100k	39	$1,663	$2,453
2. 100k to 1mil	49	4,743	7,319
3. 1mil to 10mil	86	13,803	23,334
4. 10mil to 100mil	319	51,636	88,752
5. >100mil	1,494	223,989	397,651
Source: IRS: RAAS:KDA:BRDN (12-1-24).
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. 2024-30075 Filed 12-18-24; 8:45 am]

BILLING CODE 4810-25-P