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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:
1545-0172
ICR Reference No:
200906-1545-044
Status:
Historical Active
Previous ICR Reference No:
200803-1545-012
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
db-0172-044
Title:
Depreciation and Amortization (Including Information on Listed Property)
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:
11/10/2009
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/14/2009
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2010
11/30/2010
11/30/2010
Responses
4,800,000
0
4,800,000
Time Burden (Hours)
217,872,000
0
217,399,275
Cost Burden (Dollars)
0
0
0
Abstract:
Taxpayers use Form 4562 to: (1 claim a deduction for depreciation and/or amortization; (2) make a section 179 election to expense depreciable assets; and (3) answer questions regarding the use of automobiles and other listed property to substantiate the business use under section 274(d).
Authorizing Statute(s):
US Code:
26 USC 179
Name of Law: Election to expense certain depreciable business assets
US Code:
26 USC 274(d)
Name of Law: Disallowance of certain entertainment, etc., expenses
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 5 1201(b)(1)(B) Name of Law: American Recovery and Reinvestment Act
PL: Pub.L. 111 - 5 1201(a) Name of Law: American Recovery and Reinvestment Act
PL: Pub.L. 111 - 5 1201(b)(1) (A) Name of Law: American Recovery and Reinvestment Act
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:
72 FR 19769
04/19/2007
30-day Notice:
Federal Register Citation:
Citation Date:
72 FR 44609
08/08/2007
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Depreciation and Amortization (Including Information on Listed Property(
4562
Depreciation and Amortization (Including Information on Listed Property)
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
4,800,000
4,800,000
0
0
0
0
Annual Time Burden (Hours)
217,872,000
217,399,275
472,725
0
0
0
Annual Cost Burden (Dollars)
0
0
0
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:
1) P.L. 111-5 section 1201(a) extended IRC section 168(k)(2) to include property placed in service before January 1, 2010. It extends a provision that allows taxpayers the ability to take a special depreciation allowance on the certain qualified property in addition to the depreciation deduction they normally take under the Modified Accelerated Cost Recovery System (MACRS). The impact to the filings of the 2008 Form 4562 would only affect fiscal year taxpayers whose tax years begin in 2008 and end in 2009. Therefore, we anticipate there would be no expected increase or decrease in the number of filers of the 2008 Form 4562 with this change. 2) P.L. 111-5 section 1201(b)(1)(A) extended IRC section 168(k)(4) to include property placed in service before January 1, 2010, for eligible qualified property (January 1, 2011, for certain aircraft and property with a long production period). This extension affects Forms 3800 and 8827 in making the election to accelerate research and minimum tax credits in lieu of special depreciation allowance during fiscal year 2008, not Form 4562. No expected increase or decrease in the filing of the 2008 Form 4562 with this change. 3) P.L. 111-5 section 1201(b)(1)(B) added new IRC section 168(k)(4)(H) which added special rules for extension property. As with item (2) above, the affects are seen on Forms 3800 and 8827 and not Form 4562. No expected increase or decrease in the filing of the 2008 Form 4562 with this change. 4) We added references to Revenue Procedures 2008-65 and 2009-16 to provide additional guidance in making the above mentioned election to accelerate certain credits in lieu of taking a special depreciation allowance. No expected increase or decrease in the filing of the 2008 Form 4562 with this change. 5) We updated the IRC section 280F limitation amounts for passenger automobiles and trucks and vans placed in service in 2009. The instructions usually advise taxpayers to research these limits themselves in the Internal Revenue Bulletins until the 2009 Instructions for Form 4562 are released in the latter part of 2009. This information would only affect fiscal year taxpayers whose tax years begin in 2008 and end in 2009. No expected increase or decrease in the filing of the 2008 Form 4562 with this change.
Annual Cost to Federal Government:
$39,100
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)?
Yes
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Doris Williams 202 283-0413
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:
08/14/2009
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