Qualified Business Income Deduction

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
2018-08-20_199A supporting statement.docx	Supporting Statement A	Uploaded 2018-08-20	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
232367	Special Rules for RPEs, PTPs, Trusts, and Estates		New
232366	Aggregation Rules		New

ICR Details

OMB Control No:	ICR Reference No: 201807-1545-014
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: D-0123-08-2019
Title: Qualified Business Income Deduction
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Withdrawn	Conclusion Date: 06/18/2019
	Date Received in OIRA: 08/20/2018
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This document contains proposed regulations concerning the deduction for qualified business income under section 199A of the Internal Revenue Code (Code). The regulations will affect individuals, partnerships, S corporations, trusts, and estates engaged in domestic trades or businesses. The proposed regulations also contain an anti-avoidance rule under section 643 of the Code to treat multiple trusts as a single trust in certain cases.

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Authorizing Statute(s): US Code: 26 USC 643 Name of Law: Definitions applicable to subparts A, B, C, and D
   US Code: 26 USC 199A Name of Law: Qualified business income
  

Citations for New Statutory Requirements: US Code: 26 USC 199A Name of Law: Qualified business income

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BO71	Proposed rulemaking	83 FR 40884	08/16/2018

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

table that charts list of burden

IC Title	Form No.	Form Name
Special Rules for RPEs, PTPs, Trusts, and Estates
Aggregation Rules

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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: Section 1.199A-4 of the proposed regulations requires an individual, trust, or estate that chooses to aggregate two or more trades or businesses to file an annual disclosure of the aggregation, describing the trades or businesses aggregated. This disclosure must be attached to the tax return. We estimate that approximately 1,200,000 aggregation disclosures will be filed, and that it will take approximately .66 hours to complete this requirement. The total burden for this citation is 800,000 hours. Section 1.199A-6 of the proposed regulations requires partnerships, S corporations, trusts, and estates to attach a statement describing the items relevant to the calculation of the section 199A deduction (that is, qualified business income, W-2 wages paid, unadjusted basis immediately after acquisition of qualified property, qualified real estate investment trust dividends, and qualified publicly traded partnership income) to the Schedule K-1 required under existing law to be issued to each partner, shareholder, or beneficiary. We estimate that approximately 8,800,000 documents will be filed and that it will take approximately 2.75 hours to complete this requirement. The total burden for this citation is 24,200,000 hours.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 08/20/2018

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