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:
1545-2070
ICR Reference No:
202406-1545-013
Status:
Active
Previous ICR Reference No:
202207-1545-005
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Form 3115 - Application for Change in Accounting Method
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:
10/23/2024
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/27/2024
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2027
36 Months From Approved
10/31/2024
Responses
183
0
190
Time Burden (Hours)
18,298
0
18,998
Cost Burden (Dollars)
0
0
0
Abstract:
Internal Revenue Code (IRC) section 446(e) requires taxpayers to secure the consent of the IRS before changing their method of accounting for computing taxable income. Treasury Regulations section 1.446-1(e)(3) requires taxpayers to file Form 3115 to obtain this consent. Form 3115 is used by taxpayers to request a change in either an overall method of accounting or the accounting treatment of any item.
Authorizing Statute(s):
US Code:
26 USC 446(e)
Name of Law: Requirement Respecting Change Of Accounting Method
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:
89 FR 42056
05/14/2024
30-day Notice:
Federal Register Citation:
Citation Date:
89 FR 68703
08/27/2024
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
Form 3115 - Application for Change in Accounting Method
Form 3115
Application for Change in Accounting Method
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
183
190
0
0
-7
0
Annual Time Burden (Hours)
18,298
18,998
0
0
-700
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:
Changes to the burden estimates of Form 3115 are due to the decrease in the number of filers (from 190 to 183) based on the most recent filing data and to avoid duplication of the burden for tax exempt filers (accounted for in OMB control number 1545-0047). This updated filing data decreases the total burden hours from 18,998 to 18,298.
Annual Cost to Federal Government:
$35,356
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)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
Wendy JING 737 800-4627
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:
08/27/2024
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