Document
Proposed Collection; Comment Request for Form 461
The Internal Revenue Service (IRS), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take thi...
SUPPLEMENTARY INFORMATION:
Title:
Limitation on Business Losses.
OMB Number:
1545-2283.
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 is used by noncorporate taxpayers and will be attached to a tax return (F1040, 1040NR, 1041, 1041-QFT, 1041-N, or 990-T).
Current Actions:
There are no changes being made to the form at this time.
Type of Review:
Extension of a currently approved collection.
Affected Public:
Individuals or households, business or other for-profit organization, and not-for-profit institutions.
Estimated Number of Responses:
2,909,026.
Estimated Time per Response:
22 mins.
Estimated Total Annual Burden Hours:
1,105,430.
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. Comments will be 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 has 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 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: October 1, 2024.
Martha R. Brinson,
Tax Analyst.