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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:
201312-1545-029
Status:
Historical Active
Previous ICR Reference No:
201009-1545-010
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
kd1545-029
Title:
Form 4562 - Depreciation and Amortization (Including Information on Listed Property)
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
05/05/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/28/2014
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2017
36 Months From Approved
05/31/2014
Responses
12,313,626
0
12,313,626
Time Burden (Hours)
448,368,447
0
448,368,447
Cost Burden (Dollars)
0
0
0
Abstract:
Taxpayers use Form 4562 to: claim a deduction for depreciation and/or amortization; make a section 179 election to expense depreciable assets; and 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
US Code:
26 USC 280F
Name of Law: Limitation on depreciation for luxury automobiles
US Code:
26 USC 164
Name of Law: Taxes
PL:
Pub.L. 111 - 5 1201(a)
Name of Law: American Recovery and Reinvestment Act of 2009
PL:
Pub.L. 111 - 5 1201(b)
Name of Law: American Recovery and Reinvestment Act of 2009
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 240 2021(a)(1)(B) Name of Law: Small Business Jobs Act of 2010
PL: Pub.L. 111 - 240 2021(a)(2)(B) Name of Law: Small Business Jobs Act of 2010
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:
78 FR 57219
09/17/2013
30-day Notice:
Federal Register Citation:
Citation Date:
79 FR 11178
02/27/2014
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Depreciation and Amortization (Form)
4562
Depreciation and Amortization
Depreciation and Amortization (Worksheet)
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
12,313,626
12,313,626
0
0
0
0
Annual Time Burden (Hours)
448,368,447
448,368,447
0
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:
The overall annual time burden has not changed and the total number of responses remains the same as well. The increase in the Form 4562 IC burden resulted in the combining of the Form and Worksheet IC into one consolidated IC. The agency deleted the separate worksheet IC and added the worksheet burden to the forms burden for simplicity in reporting. There is no change in the overall burden for this collection.
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]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
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:
R Scarafile 202 622-3933
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:
02/28/2014
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