Rev. Proc. 137505-09, Uniform Late S Corporation Election Revenue Procedure

Forms and Documents

Document Name	Status
Rev_Proc_137505-09_Draft.doc Supplementary Document	2012-10-02
JUSTIFICATION FOR NON.doc Justification for No Material/Nonsubstantive Change	2012-07-09
RP 2004-48.pdf Supplementary Document	2011-06-07
RP 2003-43.pdf Supplementary Document	2011-06-07

IC Document Collections

IC ID	Document Title	Status
18684	Revenue Procedure 137505-09 Uniform Late S Corp	Modified

ICR Details

OMB Control No: 1545-1548	ICR Reference No: 201207-1545-018
Status: Historical Active	Previous ICR Reference No: 201012-1545-043
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-1548-043
Title: Rev. Proc. 137505-09, Uniform Late S Corporation Election Revenue Procedure
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: 10/25/2012
	Date Received in OIRA: 10/02/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2014	07/31/2014	07/31/2014
Responses	50,000	0	50,000
Time Burden (Hours)	50,000	0	50,000
Cost Burden (Dollars)	0	0	0

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Abstract: The information will help the IRS determine whether a taxpayer has met the requirements of the Rev Proc and whether a taxpayer has reasonable cause for failing to make a timely election. The collection is required to make a late election pursuant to this Rev Proc. This information will be used to determine whether the eligibility requirements for obtaining relief have been met. The likely respondents are business or other for-profit institutions. Supersedes Rev Proc 2003-43 (OMB 1545-1548).

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Authorizing Statute(s): US Code: 26 USC 1361 Name of Law: S corporations defined
  

Citations for New Statutory Requirements: None

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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:
	75 FR 78804	12/16/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 34291	06/13/2011
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
Revenue Procedure 137505-09 Uniform Late S Corp

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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	50,000	50,000	0	0	0	0
Annual Time Burden (Hours)	50,000	50,000	0	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:

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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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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: 10/02/2012

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