Document
Proposed Collection; Requesting Comments on Form 3115
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 oppo...
SUPPLEMENTARY INFORMATION:
The IRS is currently seeking comments concerning the following information collection tools, reporting, and record-keeping requirements:
Title:
Form 3115, Application for Change in Accounting Method.
OMB Number:
1545-2070.
Form Number:
Form 3115.
Abstract:
Internal Revenue Code (IRC) section 446(e) provides that a taxpaying entity that changes its method of accounting for computing taxable income must first secure the consent of the Secretary. The taxpayer uses Form 3115 to obtain this consent.
Current Actions:
There are changes to the existing collection: (1) Four questions were added to Form 3115 to reflect changes in IRS guidance documents and regulations, and (2) citations were added and updated to reflect current IRC sections, regulations, and guidance documents.
Type of Review:
Reinstatement of a previously approved collection.
Affected Public:
Estates, trusts, and not-for-profit institutions.
Estimated Number of Responses:
630.
Estimated Time per Respondent:
99.99 hours.
Estimated Total Annual Burden Hours:
62,994.
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: April 22, 2022.
Jon R. Callahan,
Tax Analyst.