[Federal Register Volume 88, Number 246 (Tuesday, December 26, 2023)]
[Notices]
[Pages 89053-89054]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-28446]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; U.S. Business Income Tax Return

AGENCY: Departmental Offices, 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 general 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 (PRA). The IRS is soliciting comments 
on forms used by business entity taxpayers.

DATES: Comments should be received on or before January 25, 2024 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.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Melody Braswell by emailing <a href="/cdn-cgi/l/email-protection#e5b5b7a4a5919780849690979ccb828a93"><span class="__cf_email__" data-cfemail="a8f8fae9e8dcdacdc9dbdddad186cfc7de">[email protected]</span></a>, 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 Return.
    OMB Number: 1545-0123.
    Form Numbers: Forms 1065, 1066, 1120, 1120-C, 1120-F, 1120-H, 1120-
ND, 1120-S, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-REIT, 1120-RIC, 
1120-POL and all attachments to these forms.
    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. There have been additions and removals of forms included 
in this approval package. It is anticipated that these changes will 
have an impact on the overall burden and cost estimates requested for 
this approval package. This approval package is being submitted for 
renewal purposes.
    Type of Review: Revision of currently approved collections.
    Affected Public: Corporations, Partnerships and Pass-Through 
Entities.
    Estimated Number of Respondents: 13,300,000.
    Estimated Time (Hours): 920,000,000.
    Estimated Time per Respondent (Hours): 35.
    Total Monetized Time: $54,743,000,000.
    Total Estimated Out-of-Pocket Costs: $66,717,000,000.
    Total Monetized Burden: $121,460,000,000.
    Note: Total Monetized Burden = Total Out-of-Pocket Costs + Total 
Annual Monetized Time.
    Note: Amounts below are estimates for Fiscal Year (FY) 2024. 
Reported time and cost burdens are national averages and do not 
necessarily reflect a ``typical case.'' Most taxpayers experience lower 
than average burden, with taxpayer burden varying considerably by 
taxpayer type. Detail may not add due to rounding.

               Fiscal Year (FY) 2024 Burden Total Estimates for Form 1120 and 1065 Series and Associated Forms, Schedules, and Regulations
                                                                         FY2024
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Program change     Program change
                                                                  FY23              due to           due to new       Program change          FY24
                                                                                  adjustment        legislation       due to agency
--------------------------------------------------------------------------------------------------------------------------------------------------------
Number of Taxpayers......................................         12,500,000            800,000                  0                  0         13,300,000
Burden in Hours..........................................        952,000,000       (32,000,000)          1,000,000                  0        920,000,000
Burden in Monetized Hours................................     52,736,000,000      1,950,000,000         57,000,000                  0     54,743,000,000
Out-of-Pocket Costs......................................    $59,487,000,000     $7,165,000,000        $65,000,000                  0    $66,717,000,000
Total Monetized Burden*..................................   $112,223,000,000     $9,115,000,000       $122,000,000                  0   $121,460,000,000
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Source: IRS:RAAS:KDA (12-1-23)
* Total monetized burden = Monetized hours + Out-of-pocket costs Note: Reported time and cost burdens are national averages and do not necessarily
  reflect a ``typical'' case. Most taxpayers experience lower than average burden, with taxpayer burden varying considerably by taxpayer type. Detail
  may not add due to rounding.


                           Table 1--Taxpayer Burden for Entities Taxed As Partnerships
----------------------------------------------------------------------------------------------------------------
                                                   Total number                                       Average
     Primary form filed or type of taxpayer       of returns (in   Average time   Average out-of-    monetized
                                                     millions)        (hrs.)        pocket cost       burden
----------------------------------------------------------------------------------------------------------------
All Partnerships................................             5.3              60          $5,000          $8,700
Small...........................................             4.9              50           3,200           5,200
Large *.........................................             0.4             200          27,800          50,800
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Forms 1065, 1066, and all attachments


[[Page 89054]]


                       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
----------------------------------------------------------------------------------------------------------------
All Taxable Corporations........................             2.1             105          $6,700         $14,900
Small...........................................             2.0              55           3,600           6,200
Large *.........................................             0.1             830          53,800         149,000
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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


                    Table 3--Taxpayer Burden for Entities Taxed As Pass-Through Corporations
----------------------------------------------------------------------------------------------------------------
                                                   Total number                                       Average
     Primary form filed or type of taxpayer       of returns (in   Average time   Average out-of-    monetized
                                                     millions)        (hrs.)        pocket cost       burden
----------------------------------------------------------------------------------------------------------------
All Pass-through Corporations...................             5.8              65          $4,400          $7,500
Small...........................................             5.7              60           3,800           6,400
Large *.........................................             0.1             295          37,700          71,800
----------------------------------------------------------------------------------------------------------------
Forms 1120-REIT, 1120-RIC, 1120-S and all attachments
Source: IRS: RAAS:KDA:TBL (12-1-23)
* 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.


                                                     FY2024
----------------------------------------------------------------------------------------------------------------
                                                                                                      Average
                     Total positive income                        Average time   Average out-of-     monetized
                                                                     (hrs.)        pocket costs       burden
----------------------------------------------------------------------------------------------------------------
                         Table 1A--Taxpayer Burden for Taxable Corporations on Form 1120
----------------------------------------------------------------------------------------------------------------
1. < 100k......................................................              42            1,330           1,987
2. 100k to 1mil................................................              63            4,323           6,916
3. 1mil to 10mil...............................................             113           12,359          24,573
4. 10mil to 100mil.............................................             546           43,055         105,788
5. > 100mil....................................................           4,398          220,425         725,848
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                      Table 2A--Taxpayer Burden for Pass-through Corporations on Form 1120S
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1. < 100k......................................................              52            1,564           2,338
2. 100k to 1mil................................................              59            3,814           6,015
3. 1mil to 10mil...............................................              79            9,595          17,797
4. 10mil to 100mil.............................................             287           36,698          69,606
5. > 100mil....................................................           1,200          148,905         286,533
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                             Table 3A--Taxpayer Burden for Partnerships on Form 1065
----------------------------------------------------------------------------------------------------------------
1. < 100k......................................................              45            1,627           2,530
2. 100k to 1mil................................................              56            4,601           7,501
3. 1mil to 10mil...............................................              93           12,960          23,196
4. 10mil to 100mil.............................................             327           46,258          83,805
5. > 100mil....................................................           1,447          190,307         356,260
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Source: IRS: RAAS: KDA:TBL (12-1-23).
Detail may not add to total due to rounding.

    Authority: 44 U.S.C. 3501 et seq.

Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2023-28446 Filed 12-22-23; 8:45 am]
BILLING CODE 4830-01-P


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