Underpayment of Estimated Tax by Corporations

Forms and Documents

Document Name	Status
Form 2220 Underpayment of Estimated Tax by Corporations Form	Modified
Expiration Explanation.rtf Supplementary Document	2009-10-26
09 part3burden.PDF Supplementary Document	2009-10-26
09 part2burden.PDF Supplementary Document	2009-10-26
09 part1burden.pdf Supplementary Document	2009-10-26
09 2220burden.pdf Supplementary Document	2009-10-26
2220.Sup.doc Supporting Statement A	2009-10-26

IC Document Collections

IC ID	Document Title	Status
39609	Underpayment of Estimated Tax by Corporations Form	Modified

ICR Details

OMB Control No: 1545-0142	ICR Reference No: 200910-1545-024
Status: Historical Active	Previous ICR Reference No: 200608-1545-064
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-0142-024
Title: Underpayment of Estimated Tax by Corporations
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: 04/21/2010
	Date Received in OIRA: 11/24/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2013	36 Months From Approved	04/30/2010
Responses	707,880	0	778,080
Time Burden (Hours)	24,206,448	0	23,633,634
Cost Burden (Dollars)	0	0	0

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Abstract: Form 2220 is used by corporation to determine whether they are subject to the penalty for underpayment of estimated tax and, if so, the amount of the penalty. The IRS uses Form 2220 to determine if the penalty was correctly computed.

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Authorizing Statute(s): US Code: 26 USC 338(a) Name of Law: Certain stock purchases treated as asset acquisitions
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 42 202 Name of Law: Corporate Estimated Tax Shift Act of 2009

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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:
	74 FR 42166	08/20/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 61407	11/24/2009
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Underpayment of Estimated Tax by Corporations	2220	Underpayment of Estimated Tax by Corporations

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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	707,880	778,080	-70,200	0	0	0
Annual Time Burden (Hours)	24,206,448	23,633,634	0	0	572,814	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: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: Form 2220 is used by corporation to determine whether they are subject to the penalty for underpayment of estimated tax and, if so, the amount of the penalty. PL 111-42, section 202 (approved July 28, 2009), repealed the corporate estimated tax adjustments previous required for 2010, 2011, and 2013 which was originally added by PL 109-222, Title IV, section 401. To reflect the repeal of corporate adjustments reflected by PL 111-42, section 202; Section 401 of the Tax Increase Prevention and Reconciliation Act of 2005 (and any modifications of this section contained in any provision of law) does not apply to any corporate estimated tax installment payments, which, without regard to that section, would otherwise be due after December 31, 2009. Therefore, no adjustments are needed for installments due after December 31, 2009. The changes resulting from these new requirements will lower the estimated number of responses by 70,200. Various changes throughout the form have required that we recalculate the entire burden. As a result of the other changes throughout the form to improve accuracy and consistency of data requested, the total burden increased by 572,814 hours.

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Annual Cost to Federal Government: $8,061

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)? No

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: 11/24/2009

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