View Information Collection Request (ICR) Package

Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.

View ICR - OIRA Conclusion

OMB Control No: 1545-0146	ICR Reference No: 200802-1545-003
Status: Historical Active	Previous ICR Reference No: 200503-1545-012
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Election by a Small Business Corporation
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/05/2008
	Date Received in OIRA: 04/25/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2011	36 Months From Approved	08/31/2008
Responses	500,000	0	500,000
Time Burden (Hours)	8,190,000	0	8,555,000
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute
Annual Number of Responses	500,000	500,000	0
Annual Time Burden (Hours)	8,190,000	8,555,000	-365,000
Annual Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Beginning with tax years ending on or after December 31, 2007, a taxpayer may be eligible to make a late S corporation election by filing Form 2553 with Form 1120S, U.S. Income Tax Return for an S Corporation. This option is explained in Rev. Proc 2007-62, which starts on page 786 of Internal Revenue Bulletin 2007-41. To support this new Revenue Procedure and to facilitate the reporting and collection of information contained on Form 2553, we have made several changes to the text of the form. Additionally, the length of the form has increased from two pages to three pages. ------ The revisions made to the instructions are to support the changes made by Rev. Proc. 2007-62 and the changes made to Form 2553.

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