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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:
1545-0123
ICR Reference No:
200812-1545-022
Status:
Historical Active
Previous ICR Reference No:
200712-1545-002
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
05/15/2009
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/30/2008
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2010
01/31/2010
01/31/2010
Responses
4,997,967
0
4,957,967
Time Burden (Hours)
359,896,005
0
364,168,243
Cost Burden (Dollars)
0
0
0
Abstract:
Use Form 1120, U.S. Corporation Income Tax Return, to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.
Authorizing Statute(s):
US Code:
26 USC 6011
Name of Law: General requirement of return, statement, or list
US Code:
26 USC 1561
Name of Law: Limitations on certain multiple tax benefits in the case of certain controlled corporations
US Code:
26 USC 1563
Name of Law: Definitions and special rules
Citations for New Statutory Requirements:
PL: Pub.L. 110 - 234 15343(a), 122 Stat. 1518 Name of Law: Food, Conservation, and Energy Act of 2008
PL: Pub.L. 110 - 246 15343(a), 122 Stat. 2280 Name of Law: Food, Conservation, and Energy Act of 2008
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
71 FR 44767
08/07/2006
30-day Notice:
Federal Register Citation:
Citation Date:
71 FR 66365
11/14/2006
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
12
IC Title
Form No.
Form Name
Additional Information for Schedule M-3 Filers
Schedule B (Form 1120)
Additional Information for Schedule M-3 Filers
Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L)
Schedule M-2
Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L)
Balance Sheets per Books
Schedule L
Balance Sheets per Books
Capital Gains and Losses
Schedul D (1120)
Capital Gains and Losses
Consent Plan and Apportionment Schedule for a Controlled Group
Schedule O
Consent Plan and Apportionment Schfor a Controlled Groupedule for a Controlled Group
Foreign Operations of U.S. Corporations
Schedule N
Foreign Operations of U.S. Corporations
Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........
1120
U.S. Corporation Income Tax Return
Information on Certain Persons Owning the Corporation's Voting Stock
Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More
Schedule M-3
Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More
Reconciliation of Income (Loss) per Books With Income per Return
Schedule M-1
Reconciliation of Income (Loss) per Books With Income per Return
Section 280H Limitations for a Personal Service Corporation (PSC)
Schedule H (1120)
Section 280H Limitations for a Personal Service Corporation (PSC)
U.S. Personal Holding Company (PHC) Tax
Schedule PH
U.S. Personal Holding Company (PHC) Tax
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
4,997,967
4,957,967
0
40,000
0
0
Annual Time Burden (Hours)
359,896,005
364,168,243
-4,427,838
155,600
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Form 1120, U.S. Corporation Income Tax Return, is used to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation. Changes were made to the forms under this approval number to comply with P.L. 110-289, the Housing and Economic Recovery Act of 2008, section 3081. Under this new law, corporations may elect to claim additional research and minimum tax credits in lieu of claiming first year depreciation under section 168(k) for certain property. These changes resulted in a total burden increase of 801,491 hours. Other various changes, to comply with PL 110-234 and PL 110-246, were made to the forms which decreased the overall burden. The net result of these statutory changes is a decrease of 4,427,838 hours. Schedule B of Form 1120 is filed by U.S. corporations that are required to file Form 1120 Schedule M-3. The questions in this schedule reflect additional information requested by Treasury from the filers of Form 1120 Schedule M-3. The addition of this new schedule results in an increase in the number of estimated responses by 40,000 and an increase in burden by 155,600 hours. In total, while there is an increase in estimated filers by 40,000, there is a decrease in total burden by 4,272,238 hours.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Lupi-Sher David 2026223878
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
12/30/2008
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