Profit and Loss from Business

Forms and Documents

Document Name	Status
Form Schedule C (1040) Profit and Loss From Business Form	Modified
1040-C_SupStat.doc Supporting Statement A	2009-08-14
Change Worksheet 2009.doc Supplementary Document	2009-08-14

IC Document Collections

IC ID	Document Title	Status
43900	Profit and Loss From Business Form	Modified

ICR Details

OMB Control No: 1545-1974	ICR Reference No: 200908-1545-017
Status: Historical Active	Previous ICR Reference No: 200604-1545-043
Agency/Subagency: TREAS/IRS	Agency Tracking No: db-1974-017
Title: Profit and Loss from Business
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/10/2009
	Date Received in OIRA: 09/02/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2012	36 Months From Approved	11/30/2009
Responses	10,000,236	0	10,000,236
Time Burden (Hours)	71,701,692	0	103,702,448
Cost Burden (Dollars)	0	0	0

---

Abstract: Schedule C (Form 1040) is used by individuals to report their business income, loss and expenses. The data is used to verify that the items reported on the form is correct and also for general statistical use.

---

Authorizing Statute(s): US Code: 26 USC 6011 Name of Law: General requirement of return, statement, or list
   US Code: 26 USC 6012 Name of Law: Persons required to make returns of income
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 5 a Name of Law: American Recovery and Reinvestment Act

---

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

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 27240	06/08/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 45280	09/01/2009
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Profit and Loss From Business	Schedule C (1040)	Profit and Loss From Business

---

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	10,000,236	10,000,236	0	0	0	0
Annual Time Burden (Hours)	71,701,692	103,702,448	-32,000,756	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: The Hurricane Katrina house credit, the increased expensing for qualified timber property in the Gulf Opportunity (GO) Zone, and the deduction for qualified clean-up costs in the GO Zone have expired. The increased section 179 deduction and special depreciation allowance have been extended through 2009 due to the American Recovery and Reinvestment Act (PL 111-5). These changes caused four lines to be deleted and four new code references to be added to this collection, as well as the addition of 8,827 words, resulting in a net burden decrease of 32,000,075 hours.

---

Annual Cost to Federal Government: $0

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)? Yes

Is this ICR related to the Pandemic Response? Uncollected

---

Common Form ICR:  No

---

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: 09/02/2009

---