[Federal Register Volume 87, Number 243 (Tuesday, December 20, 2022)]
[Notices]
[Pages 77961-77963]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-27628]


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DEPARTMENT OF THE TREASURY

Agency Information Collection Activities; Submission for OMB 
Review;


Comment Request; U.S. Business Income Tax Returns

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice of information collection; request for comment.

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SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the public and other 
Federal agencies to take this opportunity to comment on proposed and/or 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. Currently, the IRS is soliciting comments 
concerning the burden associated with the U.S. Business Income Tax 
Returns.

DATES: Comments should be received on or before January 19, 2023 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function. Copies of 
the submissions may be obtained from Melody Braswell by emailing 
[email protected], calling (202) 622-1035, or viewing the entire 
information collection request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Internal Revenue Service (IRS)

    Title: U.S. Business Income Tax Returns.
    OMB Control Number: 1545-0123.
    Form Numbers:1065, 1066, 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 
1120-L, 1120-ND, 1120-PC, 1120-POL,

[[Page 77962]]

1120-REIT, 1120-RIC, 1120-S, 1120-SF and related attachments.
    Abstract: These forms are used by businesses to report their income 
tax liability.
    Current Actions: There have been changes in regulatory guidance 
related to various forms approved under this approval package during 
the past year. Additionally, there have been additions and removals of 
some forms included in this approval package.
    Type of Review: Revision of currently approved collections.
    Affected Public: Corporations and Pass-Through Entities.
    Estimated Number of Respondents: 12,500,000.
    Total Estimated Time: 952,000,000 hours.
    Estimated Time per Respondent: 76 hours.
    Total Estimated Out-of-Pocket Costs: $59,487,000,000.
    Total Monetized Burden: $112,223,000,000.

           Fiscal Year (FY) 2023 Burden Total Estimates for Form 1120 and 1065 Series and Associated Forms, Schedules, and Regulations FY2023
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                                                                                                      Program change
                                                                     FY22         Program change due    due to new    Program change         FY23
                                                                                     to adjustment      legislation    due to agency
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Number of Taxpayers.........................................          12,300,000             200,000               0               0          12,500,000
Burden in Hours.............................................       1,138,000,000       (186,000,000)               0               0         952,000,000
Burden in Monetized Hours...................................      55,915,000,000     (3,179,000,000)  ..............  ..............      52,736,000,000
Out-of-Pocket Costs.........................................     $48,303,000,000     $11,184,000,000               0               0     $59,487,000,000
Total Monetized Burden *....................................    $104,218,000,000      $8,005,000,000               0               0    $112,223,000,000
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* Total monetized burden = Monetized hours + Out-of-pocket costs.


                           Table 1--Taxpayer Burden for Entities Taxed as Partnerships
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                                                   Total number                                       Average
     Primary form filed or type of taxpayer         of returns     Average  time  Average out-of-    monetized
                                                   (in millions)      (hrs.)        pocket cost       burden
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All partnerships................................             4.9              70          $4,700          $8,500
Small...........................................             4.6              60           3,100           5,400
Large *.........................................             0.3             225          26,700          52,200
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                                      Forms 1065, 1066, and all attachments
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                       Table 2--Taxpayer Burden for Entities Taxed as Taxable Corporations
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                                                   Total number                                       Average
     Primary form filed or type of taxpayer       of returns (in   Average time   Average out-of-    monetized
                                                     millions)        (hrs.)        pocket cost       burden
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All Taxable Corporations........................             2.1             110          $7,200         $15,100
Small...........................................             2.0              65           3,600           6,400
Large *.........................................             0.1             770          61,700         148,500
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  Forms 1120, 1120-C, 1120-F, 1120-H, 1120-ND, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-POL and all attachments
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                    Table 3--Taxpayer Burden for Entities Taxed as Pass-Through Corporations
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                                                   Total number                                       Average
     Primary form filed or type of taxpayer       of returns (in   Average time   Average out-of-    monetized
                                                     millions)        (hrs.)        pocket cost       burden
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All Pass-through Corporations...................             5.4              70          $3,900          $7,100
Small...........................................             5.3              65           3,500           6,200
Large *.........................................             0.1             320          34,900          70,800
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                              Forms 1120-REIT, 1120-RIC, 1120-S and all attachments
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* A large business is defined as one having end-of-year assets greater than $10 million. Total filers counts may
  not equal the burden total estimates table due to rounding.


                                                     FY2023
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                                                                                                      Average
                      Total positive income                        Average time   Average out-of-    monetized
                                                                      (hrs.)       pocket costs       burden
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                         Table 1A--Taxpayer Burden for Taxable Corporations on Form 1120
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1. <100k........................................................              55           1,569           2,547
2. 100k to 1mil.................................................              76           4,540           7,688
3. 1mil to 10mil................................................             118          12,676          25,162

[[Page 77963]]

 
4. 10mil to 100mil..............................................             491          52,315         107,655
5. >100mil......................................................           4,377         267,506         761,004
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                      Table 2A--Taxpayer Burden for Pass-Through Corporations on Form 1120S
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1. <100k........................................................              58           1,452           2,309
2. 100k to 1mil.................................................              66           3,593           6,062
3. 1mil to 10mil................................................              88           9,093          18,128
4. 10mil to 100mil..............................................             319          34,954          70,796
5. >100mil......................................................           1,385         147,205         302,504
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                             Table 3A--Taxpayer Burden for Partnerships on Form 1065
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1. < 100k.......................................................              52           1,633           2,683
2. 100k to 1mil.................................................              65           4,617           8,014
3. 1mil to 10mil................................................             109          12,993          24,824
4. 10mil to 100mil..............................................             400          48,022          92,986
5. > 100mil.....................................................           1,787         194,559         395,062
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    Authority: 44 U.S.C. 3501 et seq.

Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2022-27628 Filed 12-19-22; 8:45 am]
BILLING CODE 4830-01-P