81 FR 95308 - Proposed Collection; Comment Request for Form 1120-C

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 248 (December 27, 2016)

The Department of the Treasury, 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. Currently, the IRS is soliciting comments concerning Form 1120-C, U.S. Income Tax Return for Cooperative Associations.

[Federal Register Volume 81, Number 248 (Tuesday, December 27, 2016)]
[Notices]
[Pages 95308-95309]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-31202]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120-C

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, 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. Currently, the IRS is soliciting 
comments concerning Form 1120-C, U.S. Income Tax Return for Cooperative 
Associations.

DATES: Written comments should be received on or before February 27, 
2017 to be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, 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 Allan Hopkins 
at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: U.S. Income Tax Return for Cooperative Associations.
    OMB Number: 1545-2052.
    Form Number: 1120-C.
    Abstract: IRS Code section 1381 requires subchapter T cooperatives 
to file returns. Previously, farmers' cooperatives filed Form 990-C and 
other subchapter T cooperatives filed Form 1120. If the subchapter T 
cooperative does not meet certain requirements, the due date of their 
return is two and one-half months after the end of their tax year which 
is the same as the due date for all other corporations. The due date 
for income tax returns filed by subchapter T cooperatives who meet 
certain requirements is eight and one-half months after the end of 
their tax year. Cooperatives who filed their income tax returns on Form 
1120 were considered to be late and penalties were assessed since they 
had not filed by the normal due date for Form 1120. Due to the 
assessment of the penalties, burden was placed on the taxpayer and on 
the IRS employees to resolve the issue. Proposed regulations (Reg-
149436-04) published in the Federal Register (71 FR 43811), proposes 
that all subchapter T cooperatives will file Form 1120-C, U.S. Income 
Tax Return for Cooperative Associations.
    Current Actions: There are no changes being made to this collection 
at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations.
    Estimated Number of Respondents: 3,000.
    Estimated Time per Respondent: 111 hours, 54 minutes.
    Estimated Total Annual Burden Hours: 335,700.
    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. All 
comments will become a matter 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 shall have 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 respondents, including

[[Page 95309]]

through the use of automated collection techniques 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: December 21, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016-31202 Filed 12-23-16; 8:45 am]
 BILLING CODE 4830-01-P