Federal Register / Vol. 88, No. 246 / Tuesday, December 26, 2023 / Notices 89053 

Bradley T. Smith, 

Director, Office of Foreign Assests Control, 

U.S. Department of the Treasury. 

[FR Doc. 2023–28360 Filed 12–22–23; 8:45 am] 

BILLING CODE 4830–01–P 

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. 

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 FY24 

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 

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

Primary form filed or type of taxpayer 

Total number 

of returns 

(in millions) 

Average time 

(hrs.) 

Average outof-pocket cost Average monetized 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 

Forms 1065, 1066, and all attachments 


khammond on DSKJM1Z7X2PROD with NOTICES
89054 Federal Register / Vol. 88, No. 246 / Tuesday, December 26, 2023 / Notices 

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 outof-pocket cost Average monetized 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 

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

Primary form filed or type of taxpayer 

Total number 

of returns 

(in millions) 

Average time 

(hrs.) 

Average outof-pocket cost Average monetized 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 

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 1,987 

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 

Table 2A—Taxpayer Burden for Pass-through Corporations on Form 1120S 

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 

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 

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 

DEPARTMENT OF VETERANS 

AFFAIRS 

Cooperative Studies Scientific 

Evaluation Committee; Notice of 

Meeting 

The Department of Veterans Affairs 

(VA) gives notice under the Federal 

Advisory Committee Act, 5 U.S.C. ch. 

10, that the Cooperative Studies 

Scientific Evaluation Committee 

(CSSEC) will hold a meeting on January 

18, 2024, via Zoom from 1–4 p.m. EST. 

The Committee provides expert 

advice on VA cooperative studies, 

multi-site clinical research activities 

and policies related to conducting and 

managing these efforts. The session will 

be open to the public for the first 30 

minutes of the meeting (approximately) 

for the discussion of administrative 

matters and the general status of the 

program. The remaining portion of the 

meeting will be closed to the public for 

the Committee’s review, discussion and 

evaluation of research and development 

applications. 


khammond on DSKJM1Z7X2PROD with NOTICES