83 FR 49456 - Proposed Collection; Comment Request for Form 461

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 190 (October 1, 2018)

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. Currently, the IRS is soliciting comments concerning Form 461, Limitation on Business Losses.

[Federal Register Volume 83, Number 190 (Monday, October 1, 2018)]
[Notices]
[Page 49456]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-21292]


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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, 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 461, Limitation on Business Losses.

DATES: Written comments should be received on or before November 30, 
2018 to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 
20224. Please send separate comments for each specific information 
collection listed below. You must reference the information 
collection's title, form number, reporting or record-keeping 
requirement number, and OMB number (if any) in you comment.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Charles G. 
Daniel at (202) 317 5754, at Internal Revenue Service, Room 6529, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet, 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Limitation on Business Losses.
    OMB Number: 1545-XXXX.
    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 will 
used by noncorporate taxpayers and will be attached to a tax return 
(F1040, 1040NR, 1041, 1041-QFT, 1041-N, or 990-T).
    Current Actions: This is a new form.
    Type of Review: Approval of a new collection.
    Affected Public: Individuals or households, Business or other for-
profit organization, & Not-for-Profit institutions.
    Estimated Number of Responses: 2,909,026.
    Estimated Time per Response: 22 minutes.
    Estimated Total Annual Burden Hours: 1,105,430 hours.
    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 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: September 24, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-21292 Filed 9-28-18; 8:45 am]
 BILLING CODE 4830-01-P