View Information Collection Request (ICR) Package
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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:
202309-1545-014
Status:
Active
Previous ICR Reference No:
202004-1545-027
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
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:
02/09/2024
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/28/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/28/2027
36 Months From Approved
02/29/2024
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 280F
Name of Law: Limitation on depreciation for luxury automobiles
US Code:
26 USC 168(k)
Name of Law: Deduction forTaxes
PL:
Pub.L. 114 - 113 143(b)(3)
Name of Law: PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015
US Code:
26 USC 274(d)(3)
Name of Law: Disallowanc of certain entertainment, ect, expenses
PL:
Pub.L. 114 - 113 143(b)(1)
Name of Law: PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015
US Code:
26 USC 179
Name of Law: Election to expense certain depreciable business assets
PL:
Pub.L. 115 - 97 13201(a)
Name of Law: Tax Cuts and Jobs Act of 2017
PL:
Pub.L. 114 - 113 143(b)(4)
Name of Law: PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015
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:
88 FR 47945
07/25/2023
30-day Notice:
Federal Register Citation:
Citation Date:
88 FR 89496
12/27/2023
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 (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
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:
Annual Cost to Federal Government:
$145,819
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.
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?
No
Agency Contact:
Kathleen Reed 202 317-7005
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:
12/28/2023
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