U.S. Income Tax Return for an S Corporation

Forms and Documents

Document Name	Status
Form 1120S U. S. Income Tax Return for an S Corporation Form	Modified
Form Schedule M-3 (1120 Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More Form	New
FwM-3 -OMB.doc Justification for No Material/Nonsubstantive Change	2007-02-01
brdn_busi[1].pdf Supplementary Document	2007-02-01
1120S.Sup.doc Supporting Statement A	2006-09-13

IC Document Collections

IC ID	Document Title	Status
45218	U.S. Income Tax Return for an S Corporation (Farms)	Unchanged
39581	U. S. Income Tax Return for an S Corporation Form	Modified
178536	Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More Form	New

ICR Details

OMB Control No: 1545-0130	ICR Reference No: 200702-1545-002
Status: Historical Active	Previous ICR Reference No: 200608-1545-009
Agency/Subagency: TREAS/IRS	Agency Tracking No: LM-1545-0130-009
Title: U.S. Income Tax Return for an S Corporation
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/05/2007
	Date Received in OIRA: 02/01/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2009	11/30/2009	11/30/2009
Responses	15,077,000	0	15,042,000
Time Burden (Hours)	487,712,740	0	485,442,640
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1120S, Schedule D (Form 1120S), and Schedule K-1 (Form 1120S) are used by an S corporation to figure its tax liability, and income and other tax-related information to pass through to its shareholders. Schedule K-1 is used to report to shareholders their share of the corporation's income, deductions, credits, etc. IRS uses the information to determine the correct tax for the S corporation and its shareholders.

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Authorizing Statute(s): US Code: 26 USC 1986 Name of Law: null
  

Citations for New Statutory Requirements: US Code: 26 USC 1986 Name of Law: null

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 28418	05/16/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 55272	09/21/2006
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
U. S. Income Tax Return for an S Corporation	1120S	U.S. Income Tax Return for an S Corporation
U.S. Income Tax Return for an S Corporation (Farms)
Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More	Schedule M-3 (1120-S)	Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More

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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	15,077,000	15,042,000	0	35,000	0	0
Annual Time Burden (Hours)	487,712,740	485,442,640	0	2,270,100	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The legal authority for Schedule M-3 (Forms 1120-PC, 1120, 1120-L, 1065, and 1120S) is Internal Revenue Code section 6011 (P.L. 105-206, Title II, Sections 2001 through 2005). Also, the Schedule M-3 (Forms 1120-PC, 1120, 1120-L, 1065, an 1120S) has been developed at the request of the U.S. Department of the Treasury and IRS, LMSB.

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Annual Cost to Federal Government: $950,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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: 02/01/2007

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