Quarterly Federal Excise Tax Return

Forms and Documents

Document Name	Status
Form 720 - Sch, T 2010 - 720 Sch. T Form	Removed
Form 720 - Sch C 2010 - 720 Sch. C Form	Removed
Form 720 - Sch. A 2010 - 720 Sch A Form	Removed
Form 720-V 720-V Form and Instruction	Removed
Form 720 Part III 2010 - 720 Part III Form	Removed
Form 720 Part II 2010 - 720 Part II Form	Removed
Form 720 Form 720 Quarterly Federal Excise Tax Return Form	Modified
2014_Supp-Stmnt-720_REV.doc Supporting Statement A	2014-02-28

IC Document Collections

IC ID	Document Title	Status
194190	2010 - 720 Sch. T Form	Removed
194188	2010 - 720 Sch. C Form	Removed
194186	2010 - 720 Sch A Form	Removed
194185	720-V Form and Instruction	Removed
194184	2010 - 720 Part III Form	Removed
194181	2010 - 720 Part II Form	Removed
194180	Form 720 Quarterly Federal Excise Tax Return Form	Modified

ICR Details

OMB Control No: 1545-0023	ICR Reference No: 201311-1545-007
Status: Historical Active	Previous ICR Reference No: 201011-1545-025
Agency/Subagency: TREAS/IRS	Agency Tracking No: SC-201311-1545-007
Title: Quarterly Federal Excise Tax Return
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: 07/03/2014
	Date Received in OIRA: 02/28/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2017	36 Months From Approved	07/31/2014
Responses	405,744	0	405,744
Time Burden (Hours)	4,478,956	0	4,366,381
Cost Burden (Dollars)	0	0	0

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Abstract: The information supplied on Form 720 is used by the IRS to determine the correct tax liability. Additionally, the data is reported by the IRS to Treasury so that funds may be transferred from the general revenue funds to the appropriate trust funds.

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Authorizing Statute(s): US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and returns information
   US Code: 26 USC 4081 Name of Law: Imposition of tax
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 148 4375 Name of Law: The Affordable Care Act
PL: Pub.L. 111 - 148 4376 Name of Law: The Affordable Care Act

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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:
	78 FR 54512	09/04/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 11179	02/27/2014
Did the Agency receive public comments on this ICR? Yes

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

IC Title	Form No.	Form Name
2010 - 720 Part II	720 Part II	Quarterly Federal Excise Tax Return - Part II
2010 - 720 Part III	720 Part III	Quarterly Federal Excise Tax Return - Part III
720-V	720-V	Payment voucher - Form 720
2010 - 720 Sch A	720 - Sch. A	Quarterly Federal Excise Tax Retun - Sch A
2010 - 720 Sch. C	720 - Sch C	Quarterly Federal Excise Tax Return - Sch. C
2010 - 720 Sch. T	720 - Sch, T	Qualrterly Federal Excise Tax Return - Sch T
Form 720 Quarterly Federal Excise Tax Return	720	Quarterly Federal Excise Tax

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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	405,744	405,744	0	0	0	0
Annual Time Burden (Hours)	4,478,956	4,366,381	112,575	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: Part I, (Form 720)2nd-qtr, two lines were added to report the sale price of taxable medical devices (IRS No 136), Section 4191 of the Internal Revenue Code. Also, Part II, (Form 720)2nd-qtr, 7 lines were added to provide for the reporting and payment of the Patient Centered Outcomes Research Fee (IRS No 133), Section 4375 and 4376 of the Internal Revenue Code, which resulted in an increase of 112,575 burden hours.

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Annual Cost to Federal Government: $770,186

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: 02/28/2014

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