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: 1545-2294	ICR Reference No: 202108-1545-004
Status: Active	Previous ICR Reference No: 201909-1545-016
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Deduction for Qualified Business Income (Form 8995 and Form 8995-A)
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: 02/09/2022
Retrieve Notice of Action (NOA)	Date Received in OIRA: 12/28/2021
Terms of Clearance: OMB understands that the IRS is currently in the process of revising the methodology it uses to estimate burden and costs. OMB expects that future ICRs under this OMB control number will include dollar estimates of annual burden costs to taxpayers calculated using this revised methodology.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2025	36 Months From Approved	02/28/2022
Responses	41,426,000	0	10,000
Time Burden (Hours)	336,107,360	0	30,000
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion	Change Due to Adjustment in Estimate
Annual Number of Responses	41,426,000	10,000	40,794,000	622,000
Annual Time Burden (Hours)	336,107,360	30,000	331,247,360	4,830,000
Annual Cost Burden (Dollars)	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The change in burden reflects the addition of Form 8895-A and Schedules A, B, C, and D, including the individual filer burden for Form 8995. This increases the burden by 40,794,000 responses and 331,247,360 hours due to Agency Discretion. The burden for the Form 8995 estate and trust filers has increased due to better estimates. This increases the burden by 622,000 responses and 4,830,000 hours due to Agency Estimate. The estimated number of responses was updated based on the number of taxpayers claiming the deduction.

Annual Cost to Federal Government: $165,726

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. Yes

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)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: Jason Cowdin 512 339-5342