The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity ...
Agency Information Collection Activities; Submission for OMB Review;
AGENCY:
Departmental Offices, U.S. Department of the Treasury.
ACTION:
Notice of information collection; request for comment.
SUMMARY:
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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 the burden associated with the U.S. Business Income Tax Returns.
DATES:
Comments should be received on or before January 19, 2023 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. 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 Returns.
OMB Control Number:
1545-0123.
Form Numbers:
1065, 1066, 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 1120-POL,
( printed page 77962)
1120-REIT, 1120-RIC, 1120-S, 1120-SF and related attachments.
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. Additionally, there have been additions and removals of some forms included in this approval package.
Type of Review:
Revision of currently approved collections.
Affected Public:
Corporations and Pass-Through Entities.
Estimated Number of Respondents:
12,500,000.
Total Estimated Time:
952,000,000 hours.
Estimated Time per Respondent:
76 hours.
Total Estimated Out-of-Pocket Costs:
$59,487,000,000.
Total Monetized Burden:
$112,223,000,000.
Fiscal Year (FY) 2023 Burden Total Estimates for Form 1120 and 1065 Series and Associated Forms, Schedules, and Regulations FY2023
FY22
Program change due to adjustment
Program change due to new legislation
Program change due to agency
FY23
Number of Taxpayers
12,300,000
200,000
0
0
12,500,000
Burden in Hours
1,138,000,000
(186,000,000)
0
0
952,000,000
Burden in Monetized Hours
55,915,000,000
(3,179,000,000)
52,736,000,000
Out-of-Pocket Costs
$48,303,000,000
$11,184,000,000
0
0
$59,487,000,000
Total Monetized Burden *
$104,218,000,000
$8,005,000,000
0
0
$112,223,000,000
* Total monetized burden = Monetized hours + Out-of-pocket costs.
Table 1—Taxpayer Burden for Entities Taxed as Partnerships
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
4.9
70
$4,700
$8,500
Small
4.6
60
3,100
5,400
Large *
0.3
225
26,700
52,200
Forms 1065, 1066, and all attachments
Table 2—Taxpayer Burden for Entities Taxed as Taxable Corporations
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
2.1
110
$7,200
$15,100
Small
2.0
65
3,600
6,400
Large *
0.1
770
61,700
148,500
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
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
5.4
70
$3,900
$7,100
Small
5.3
65
3,500
6,200
Large *
0.1
320
34,900
70,800
Forms 1120-REIT, 1120-RIC, 1120-S and all attachments
* 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.
FY2023
Total positive income
Average time
(hrs.)
Average out-of-pocket costs
Average
monetized burden
Table 1A—Taxpayer Burden for Taxable Corporations on Form 1120
1. <100k
55
1,569
2,547
2. 100k to 1mil
76
4,540
7,688
3. 1mil to 10mil
118
12,676
25,162
( printed page 77963)
4. 10mil to 100mil
491
52,315
107,655
5. >100mil
4,377
267,506
761,004
Table 2A—Taxpayer Burden for Pass-Through Corporations on Form 1120S
1. <100k
58
1,452
2,309
2. 100k to 1mil
66
3,593
6,062
3. 1mil to 10mil
88
9,093
18,128
4. 10mil to 100mil
319
34,954
70,796
5. >100mil
1,385
147,205
302,504
Table 3A—Taxpayer Burden for Partnerships on Form 1065
Use this for formal legal and research references to the published document.
87 FR 77961
Web Citation
Suggested Web Citation
Use this when citing the archival web version of the document.
“Comment Request; U.S. Business Income Tax Returns,” thefederalregister.org (December 20, 2022), https://thefederalregister.org/documents/2022-27628/comment-request-u-s-business-income-tax-returns.