U.S. Income Tax Return for an S Corporation

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form Schedules M-1 & M- SCH M-1: Reconciliation of Income (Loss) per Books With Income (Loss) per Return; M-2: Analysis of Accumulated Acount, Other Adj Accts, & Shareholders' Undistributed Taxable Income Previously Taxed	Form	Modified	Available
Form Schedule L (Form 1 Schedule L - Balance Sheets per Books	Form	Modified	Available
Form Schedule K-1 (Form Shareholder's Share of Income, Deductions, Credits, etc. (Sch K-1); (Sch K-1 Worksheet)	Form	Modified	Available
Form Schedule D (Form 1 Capital Gains and Losses and Built-In Gains (Schedule D)	Form	Modified	Available
Form Form 1120S U.S. Income Tax Return for an S Corporation	Form	Modified	Available
Form Schedule M-3 (1120 Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More	Form	Modified	Available
1120S Count Update_Final_073113.xlsx	Justification for No Material/Nonsubstantive Change	Uploaded 2013-08-02	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
191188	Schedule K-1 - Worksheet for Figuring a Shareholder’s Stock Basis	Other-Worksheet	Modified
183199	SCH M-1: Reconciliation of Income (Loss) per Books With Income (Loss) per Return; M-2: Analysis of Accumulated Acount, Other Adj Accts, & Shareholders' Undistributed Taxable Income Previously Taxed	Form	Modified
183198	Schedule L - Balance Sheets per Books	Form	Modified
183155	Shareholder's Share of Income, Deductions, Credits, etc. (Sch K-1); (Sch K-1 Worksheet)	Form	Modified
183154	Capital Gains and Losses and Built-In Gains (Schedule D)	Form	Modified
183152	U.S. Income Tax Return for an S Corporation	Form	Modified
178536	Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More	Form	Modified

ICR Details

OMB Control No: 1545-0130	ICR Reference No: 201308-1545-004
Status: Historical Active	Previous ICR Reference No: 201303-1545-001
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: U.S. Income Tax Return for an S Corporation
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: 11/07/2014
	Date Received in OIRA: 12/18/2013
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2016	05/31/2016	05/31/2016
Responses	28,268,309	0	15,077,000
Time Burden (Hours)	889,393,518	0	420,945,980
Cost Burden (Dollars)	0	0	0

---

Abstract: Form 1120S, Schedule D (Form 1120S), Schedule K-1 (Form 1120S), and Schedule M-3 (Form 1120S) are used by an S corporation to figure its tax liability, and income and other tax-related information to pass through to its shareholders. Schedule K-1 is used to report to shareholders their share of the corporation's income, deductions, credits, etc. IRS uses the information to determine the correct tax for the S corporation and its shareholders.

---

Authorizing Statute(s): US Code: 26 USC 1222 Name of Law: Other terms relating to capital gains and losses
   US Code: 26 USC 1374 Name of Law: Tax imposed on certain built-in gains
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
   US Code: 26 USC 94(d) Name of Law: Limitation on credit
   US Code: 26 USC 6037 Name of Law: Return of S corporation
  

Citations for New Statutory Requirements: None

---

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:
	77 FR 64848	10/23/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 19071	03/28/2013
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 7

table that charts list of burden

IC Title	Form No.	Form Name
Schedule L - Balance Sheets per Books	Schedule L (Form 1120S)	Balance Sheets per Books
Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More	Schedule M-3 (1120-S)	Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More
Capital Gains and Losses and Built-In Gains (Schedule D)	Schedule D (Form 1120S)	Capital Gains and Losses and Built-in Gains
Shareholder's Share of Income, Deductions, Credits, etc. (Sch K-1); (Sch K-1 Worksheet)	Schedule K-1 (Form 1120S)	Shareholder's Share of Income, Deductions, Credit, etc.
Schedule K-1 - Worksheet for Figuring a Shareholder’s Stock Basis
SCH M-1: Reconciliation of Income (Loss) per Books With Income (Loss) per Return; M-2: Analysis of Accumulated Acount, Other Adj Accts, & Shareholders' Undistributed Taxable Income Previously Taxed	Schedules M-1 & M-2 (Form 1120S)	M-1: Reconciliation of Income (Loss) per Books With Income (Loss) per Return; M-2: Analysis of Accumulated Acount, Other Adj Accts, & Shareholders' Undistributed Taxable Income Previously Taxed
U.S. Income Tax Return for an S Corporation	Form 1120S	U.S. Income Tax Return for an S Corporation

---

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	28,268,309	15,077,000	0	0	13,191,309	0
Annual Time Burden (Hours)	889,393,518	420,945,980	0	0	468,447,538	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: These forms are used by an S corporation to figure their tax liability, and income and other tax-related information to pass through to its shareholders. This request is being made to update the filing figures for the various forms submitted by S corporations to figure their tax liability. After updating the filing estimates of each of the IC's, we are requesting an increase in the estimated number of annual responses by 13,191,309. This will result in an estimated annual burden increase of 468,447,538 hours. Following this action on 1545-0130, the clearance will be subsumed into 1545-0123 as part of the business forms consolidation effort for Corporations and Partnerships.

---

Annual Cost to Federal Government: $15,819

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

---

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: 12/18/2013

---