U.S. Return of Partnership Income (Form 1065); and related Schedules

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form Form 1065 U.S. Return of Partnership Income (Form 1065)	Form	Modified	Available
Form Schedule M-3 Schedule M-3 - Net Income (Loss) Reconciliation for Certain Partnerships	Form	New	Available
Form Schedule M-2 Schedule M-2 - Analysis of Partners’ Capital Accounts	Form	New	Available
Form Schedule M-1 Schedule M-1 - Reconciliation of Income (Loss) per Books With Income (Loss) per Return	Form	New	Available
Form Schedule L Schedule L - Balance Sheets per Books	Form	New	Available
Form Schedule K-1 Schedule K-1 - Partner's Share of Income, Credits, Deductions, etc.	Form	New	Available
Form Schedule C (Form 1 Schedule C - Additional Information for Schedule M-3 Filers	Form	New	Available
PL 110-141.pdf	Supplementary Document	Uploaded 2008-09-02	Available
PL 110-245.pdf	Supplementary Document	Uploaded 2008-09-02	Available
Summary of Changes 2008.doc	Justification for No Material/Nonsubstantive Change	Uploaded 2008-09-02	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
46008	Worksheet for Figuring Net Income	Instruction	Modified
39519	U.S. Return of Partnership Income (Form 1065)	Form	Modified
186362	Schedule M-3 - Net Income (Loss) Reconciliation for Certain Partnerships	Form	New
186361	Schedule M-2 - Analysis of Partners’ Capital Accounts	Form	New
186360	Schedule M-1 - Reconciliation of Income (Loss) per Books With Income (Loss) per Return	Form	New
186359	Schedule L - Balance Sheets per Books	Form	New
186358	Schedule K-1 - Partner's Share of Income, Credits, Deductions, etc.	Form	New
186357	Schedule D - Capital Gains and Losses	Instruction	New
186356	Schedule C - Additional Information for Schedule M-3 Filers	Form	New

ICR Details

OMB Control No: 1545-0099	ICR Reference No: 200808-1545-027
Status: Historical Active	Previous ICR Reference No: 200706-1545-041
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: U.S. Return of Partnership Income (Form 1065); and related Schedules
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: 12/10/2008
	Date Received in OIRA: 10/09/2008
Terms of Clearance: Next time this form is up for revision or renewal, IRS should more thoroughly explain any major changes in burden.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2011	02/28/2011	02/28/2011
Responses	21,944,692	0	21,894,692
Time Burden (Hours)	721,761,123	0	803,424,312
Cost Burden (Dollars)	1,687,287	0	0

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Abstract: IRC section 6031 requires partnerships to file returns that show gross income items, allowable deductions, partners' names, addresses, and distribution shares, and other information. This information is used to verify correct reporting of partnership items and for general statistics.

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Authorizing Statute(s): US Code: 26 USC 6031 Name of Law: Return of partnership income
   US Code: 26 USC 6698 Name of Law: Failure to file partnership return
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
   US Code: 26 USC 6011 Name of Law: General requirement of return, statement, or list
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 245 111(a) Name of Law: HEROES EARNINGS ASSISTANCE AND RELIEF TAX ACT OF 2008
US Code: 26 USC 45P Name of Law: EMPLOYER WAGE CREDIT FOR EMPLOYEES WHO ARE ACTIVE DUTY MEMBERS OF THE UNIFORMED SERVICES
PL: Pub.L. 110 - 141 2, 8(b) Name of Law: EXCLUSION FROM INCOME FOR PAYMENTS FROM THE HOKIE SPIRIT MEMORIAL FUND.
US Code: 26 USC 45A(f) Name of Law: Indian employment credit: (f)Termination

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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:
	72 FR 21073	04/27/2007
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 40365	07/24/2007
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 9

table that charts list of burden

IC Title	Form No.	Form Name
Schedule M-1 - Reconciliation of Income (Loss) per Books With Income (Loss) per Return	Schedule M-1	Reconciliation of Income (Loss) per Books With Income (Loss) per Return
Schedule D - Capital Gains and Losses	Schedule D (Form 1065)	Capital Gains and Losses
Schedule C - Additional Information for Schedule M-3 Filers	Schedule C (Form 1065)	Additional Information for Schedule M-3 Filers
U.S. Return of Partnership Income (Form 1065)	Form 1065	U.S. Return of Partnership Income
Worksheet for Figuring Net Income
Schedule L - Balance Sheets per Books	Schedule L	Balance Sheets per Books
Schedule M-3 - Net Income (Loss) Reconciliation for Certain Partnerships	Schedule M-3	Net Income (Loss) Reconciliation for Certain Partnerships
Schedule K-1 - Partner's Share of Income, Credits, Deductions, etc.	Schedule K-1	Partner's Share of Income, Credits, Deductions, etc.
Schedule M-2 - Analysis of Partners’ Capital Accounts	Schedule M-2	Analysis of Partners� Capital Accounts

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ICR Summary of Burden

table that charts list 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	21,944,692	21,894,692	50,000	0	0	0
Annual Time Burden (Hours)	721,761,123	803,424,312	30,401,909	-9,204,178	-102,860,920	0
Annual Cost Burden (Dollars)	1,687,287	0	0	0	1,687,287	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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: Changes were made to Form 1065 and the related schedules to adhere to changes in the law. There were also changes made to the forms to simplify the understanding and/or processing of the data collected. Finally, changes were made to this ICR submission package to more accurately reflect the appropriate burden with each of the various forms and schedules.

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Annual Cost to Federal Government: $1,687,287

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: 10/09/2008

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