Changes in Methods of Accounting (RP 2016-29)

Forms and Documents

Document Name	Status
RP-2016-29.pdf Supplementary Document	2016-08-09
RP-135308-15 PRA memo FINAL.doc Supplementary Document	2016-08-25
Supporting Statement.doc Supporting Statement A	2016-08-09

IC Document Collections

IC ID	Document Title	Status
195246	Changes in Methods of Accounting (RP 2011-14)	Removed
18697	Changes in Methods of Accounting (RP 2016-29)	Modified

ICR Details

OMB Control No: 1545-1551	ICR Reference No: 201608-1545-007
Status: Historical Active	Previous ICR Reference No: 201306-1545-020
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Changes in Methods of Accounting (RP 2016-29)
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: 01/02/2017
	Date Received in OIRA: 08/31/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2020	36 Months From Approved	12/31/2016
Responses	27,336	0	14,130
Time Burden (Hours)	30,580	0	15,359
Cost Burden (Dollars)	0	0	0

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Abstract: This revenue procedure(2016–29) provides the procedures by which a taxpayer may obtain automatic consent for a change in method of accounting described in the APPENDIX of revenue procedure (2011-14). This revenue procedure amplifies, clarifies, modifies, and supersedes Rev. Proc. 2008–52, 2008–2 C.B. 587, as amplified, clarified, and modified by Rev. Proc. 2009–39, 2009–38 I.R.B. 371, Rev. Proc. 2009-39 was modified by Announcement 2009-67 which reduced some burden calculations that were disclosed in the PRA analysis for Rev. Proc. 2009-39; on January 10, 2011, Rev. Proc. 2008-52 was revised as Rev. Proc. 2011-14; and on February 2, 2015, the APPENDIX of Rev. Proc. 2011-14 was revised and published as Rev. Proc. 2015-14. and provides additional changes in methods of accounting for which a taxpayer may obtain automatic consent.

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Authorizing Statute(s): US Code: 26 USC 446(b) Name of Law: Exceptions
   US Code: 26 USC 446(e) Name of Law: Requirment Respecting Change of Accounting Method
  

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:
	81 FR 36654	06/07/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 60124	08/31/2016
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
Changes in Methods of Accounting (RP 2016-29)
Changes in Methods of Accounting (RP 2011-14)

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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	27,336	14,130	0	13,206	0	0
Annual Time Burden (Hours)	30,580	15,359	0	15,221	0	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: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: Changes in the burden estimates are due to Rev. Proc. 2016-29 (RP-135308-15) updating Rev. Proc. 2015-14 that revises Rev. Proc. 2011-14, to include the burden estimates for rev. Proc. 2012-19, Rev.Proc.2012-20; Rev. Proc.2014-16; Rev. Proc. 2014-17; Rev. Proc. 2014-54 which increased the annual burden hours to 30580 hrs. and annual responses to 27336.

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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: 08/31/2016

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