Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........
ICR 201001-1545-009 · OMB 1545-0123 · Historical Active
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 1545-0123 can be found here:
Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........
Per OMB request, agency revised burden estimates and supporting statements to more accurately account for burden changes due to statute and due to discretionary action.
Inventory as of this Action
Requested
Previously Approved
09/30/2013
36 Months From Approved
09/30/2010
5,887,967
0
4,997,967
362,868,167
0
359,896,005
0
0
0
Use Form 1120, U.S. Corporation Income Tax Return, to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.
US Code:
26 USC 6011
Name of Law: General requirement of return, statement, or list
US Code:
26 USC 1561
Name of Law: Limitations on certain multiple tax benefits in the case of certain controlled corporations
US Code:
26 USC 1563
Name of Law: Definitions and special rules
US Code:
26 USC 6012(a)(2)
Name of Law: Persons Required to Make Returns of Income
PL: Pub.L. 111 - 5 1142 Name of Law: AMERICAN RECOVERY AND REINVESTMENT ACT
Form 1120, U.S. Corporation Income Tax Return, is used to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation. Changes to this collection and the creation of a new schedule, has resulted in a combined burden increase of 890,000 responses and 2,972,162 hours.
Form 1120 contains statutory changes to comply with the Housing and Economic Recovery Act of 2008. Under section 3081 of the Act, corporations may elect to claim additional research and minimum tax credits in lieu of claiming the additional first year depreciation under section 168(k) for certain property. The increase in allowable credit is treated as refundable. Accordingly, we have added line 32g to page 1 of Form 1120 for corporations to use for this credit. Schedule J, Form 1120, contains statutory changes relating to the American Recovery and Reinvestment Act. Section 1142 of the Act provides for the creation of a credit for certain plug-in electric vehicles acquired after February 17, 2009. Accordingly we have added line 5b, Schedule J, for corporations to claim this credit. Under section 3022 of the Housing and Economic Recovery Act of 2008, the low-income housing tax credit and the rehabilitation credit may offset the alternative minimum tax. Form 3800, General Business Credit, will now contain the calculation of the tax liability limitation. Accordingly, we have eliminated the check boxes on Form 1120, page 3, Schedule J, Tax Computation, line 5c, General business credit.
These combined statutory changes have resulted in a decrease in burden by -477,788 hours.
Schedule K, Form 1120, contains discretionary changes. The entry columns for Questions 4a and 4b were deleted. This entity information is now required to be provided on Schedule G (Form 1120) to address concerns raised by Treasury. Schedule B, Form 1120, contains discretionary changes. At the request of the Large and Mid-size Business (LMSB) unit (within the IRS), question 8 was replaced with new questions 8 and 9. The changes deleted language involving Âmixed service costs and used the term Âindirect costsÂ. The changes also deleted references to the FERC (Federal Energy Regulatory Commission) method of accounting and expanded the range of entities subject to the questions. Question 10 was added at the request of LMSB to address future identification of potential section 118 abuses. Schedule G, Form 1120, was developed based on the discretionary suggestions of the Large and Mid-Size Business Unit (within the IRS) and Treasury to address disclosure issues pertaining to the information that was requested in Question 4 of the 2008 Form 1120, Schedule K. All discretionary changes to Schedule O, Form 1120, were made at the request of the Chief Counsel and Schedule O work group. New line 4 was added to clarify if the termination on line 3c or 3d was voluntary or involuntary. Lines 4, 5, and 6 were renumbered to read 5, 6, and 7. The language in line 7 was updated and a check box was added to identify corporations that have a short tax year that do not include December 31 to clarify how the allocations on pages two and three were determined.
The creation of new Schedule UTP (Uncertain Tax Position Disclosure Statement) is a result of discretionary action s as a result of Internal Revenue Service Announcements: 2010-9, 2010-17, and 2010-30. Existing business tax returns do not currently require that taxpayers identify and explain uncertain tax positions underlying their returns. The purpose of Schedule UTP (F1120) is to aid the Internal Revenue Service in focusing its examination resources on returns that contain specific uncertain tax positions that are of particular interest or of sufficient magnitude to warrant IRS inquiry and allow examination teams to identify all of the issues underlying the tax returns more efficiently. These discretionary changes resulted in a burden increase of 3,449,950 hours.
$1,813,109
No
No
No
Uncollected
Yes
Uncollected
D. Regier 202 622-3695
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:
(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;
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.
Form 1120, U.S. Corp. Income Tax Return, Schedule D, Capital Gains and Losses, Schedule H, Section 280H Limitations for a Personal Service Corporation (PSC), Schedule N, Foreign .........