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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:
1545-0130
ICR Reference No:
200911-1545-010
Status:
Historical Active
Previous ICR Reference No:
200712-1545-019
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
U.S. Income Tax Return for an S 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:
03/22/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/17/2009
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2013
36 Months From Approved
03/31/2010
Responses
15,077,000
0
15,077,000
Time Burden (Hours)
420,945,980
0
420,860,930
Cost Burden (Dollars)
0
0
0
Abstract:
Form 1120S, Schedule D (Form 1120S), Schedule K-1 (Form 1120S), and Schedule M-3 (Form 1120S) are used by an S corporation to figure its tax liability, and income and other tax-related information to pass through to its shareholders. Schedule K-1 is used to report to shareholders their share of the corporation's income, deductions, credits, etc. IRS uses the information to determine the correct tax for the S corporation and its shareholders.
Authorizing Statute(s):
US Code:
26 USC 6037
Name of Law: Return of S corporation
US Code:
26 USC 1222
Name of Law: Other terms relating to capital gains and losses
US Code:
26 USC 1374
Name of Law: Tax imposed on certain built-in gains
US Code:
26 USC 6103
Name of Law: Confidentiality and disclosure of returns and return information
US Code:
26 USC 94(d)
Name of Law: Limitation on credit
Citations for New Statutory Requirements:
None
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:
74 FR 38086
07/30/2009
30-day Notice:
Federal Register Citation:
Citation Date:
74 FR 59030
11/16/2009
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
7
IC Title
Form No.
Form Name
Capital Gains and Losses and Built-In Gains (Schedule D)
Schedule D (Form 1120S)
Capital Gains and Losses and Built-in Gains
Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More
Schedule M-3 (1120-S)
Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More
Schedule K-1 - Worksheet for Figuring a Shareholders Stock Basis
Schedule L - Balance Sheets per Books
Schedule M-1 Reconciliation of Income (Loss) per Books with Income (Loss) per Return
Shareholder's Share of Income, Deductions, Credits, etc. (Sch K-1); (Sch K-1 Worksheet)
Schedule K-1 (Form 1120S)
Shareholder's Share of Income, Deductions, Credit, etc.
U.S. Income Tax Return for an S Corporation
Form 1120S
U.S. Income Tax Return for an S Corporation
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
15,077,000
15,077,000
0
0
0
0
Annual Time Burden (Hours)
420,945,980
420,860,930
0
85,050
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 1120S, Schedule D (Form 1120S), Schedule K-1 (Form 1120S), and Schedule M-3 (Form 1120S) are used by an S corporation to figure its tax liability, and income and other tax-related information to pass through to its shareholders. Changes were requested by the LMSB M-3 Team to clarify the proper reporting of information. Two new lines are added to Part III of the 2010 Schedule M-3 (Form 1120S). New line 29 requires the filer of the Schedule to enter research and development costs; new line 30 requires the filer to enter the amount taken as Section 118 exclusion. Former lines 29 and 30 are redesigned as lines 31 and 32. Purpose is compliance with IRC sections 174 and 118. These changes result in a total burden increase of 85,050 hours.
Annual Cost to Federal Government:
$950,000
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:
D. Buchanan 202 622-3085
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:
11/17/2009
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