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 Department of the Treasury
 AGENCY: Departmental Offices, Department of the Treasury.
 ACTION: Notice of information collection; request for comment.
 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 
                        *PRA@treasury.gov,*
                         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
FY23
Program change due to 
                             adjustment
Program change due to new
                             legislation
Program change due to agency
FY24Number of Taxpayers
12,500,000
800,000
0
0
13,300,000Burden in Hours
952,000,000
(32,000,000)
1,000,000
0
920,000,000Burden in Monetized Hours
52,736,000,000
1,950,000,000
57,000,000
0
54,743,000,000Out-of-Pocket Costs
$59,487,000,000
$7,165,000,000
$65,000,000
0
$66,717,000,000Total Monetized Burden*
$112,223,000,000
$9,115,000,000
$122,000,000
0
$121,460,000,000Source: 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
Primary form filed or type of taxpayer
Total number of returns
                             (in millions)
Average time (hrs.)
Average out-of-pocket cost
Average monetized burdenAll Partnerships
5.3
60
$5,000
$8,700Small
4.9
50
3,200
5,200Large *
0.4
200
27,800
50,800Forms 1065, 1066, and all attachments
 
 
 Table 2—Taxpayer Burden for Entities Taxed As Taxable Corporations
Primary form filed or type of taxpayer
Total number of returns
                             (in millions)
Average time (hrs.)
Average out-of-pocket cost
Average monetized burdenAll Taxable Corporations
2.1
105
$6,700
$14,900Small
2.0
55
3,600
6,200Large *
0.1
830
53,800
149,000Forms 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
Primary form filed or type of taxpayer
Total number of returns
                             (in millions)
Average time (hrs.)
Average out-of-pocket cost
Average monetized burdenAll Pass-through Corporations
5.8
65
$4,400
$7,500Small
5.7
60
3,800
6,400Large *
0.1
295
37,700
71,800Forms 1120-REIT, 1120-RIC, 1120-S and all attachmentsSource: 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
Total
                             positive 
                             income
Average
                             time (hrs.)
Average
                             out-of-pocket 
                             costs
Average
                             monetized 
                             burden**Table 1A—Taxpayer Burden for Taxable Corporations on Form 1120**1. < 100k
42
1,330
1,9872. 100k to 1mil
63
4,323
6,9163. 1mil to 10mil
113
12,359
24,5734. 10mil to 100mil
546
43,055
105,7885. > 100mil
4,398
220,425
725,848**Table 2A—Taxpayer Burden for Pass-through Corporations on Form 1120S**1. < 100k
52
1,564
2,3382. 100k to 1mil
59
3,814
6,0153. 1mil to 10mil
79
9,595
17,7974. 10mil to 100mil
287
36,698
69,6065. > 100mil
1,200
148,905
286,533**Table 3A—Taxpayer Burden for Partnerships on Form 1065**1. < 100k
45
1,627
2,5302. 100k to 1mil
56
4,601
7,5013. 1mil to 10mil
93
12,960
23,1964. 10mil to 100mil
327
46,258
83,8055. > 100mil
1,447
190,307
356,260Source: 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