Qualified Business Income Deduction Simplified Computation (Form 8995)

Forms and Documents

Document Name	Status
Form 8995 Qualified Business Income Deduction Simplified Computation Form	New
1545-NEW SS for Form 8995.docx Supporting Statement A	2020-02-27

IC Document Collections

IC ID	Document Title	Status
237810	Qualified Business Income Deduction Simplified Computation Form	New

ICR Details

OMB Control No: 1545-2294	ICR Reference No: 201909-1545-016
Status: Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Qualified Business Income Deduction Simplified Computation (Form 8995)
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: Approved without change	Conclusion Date: 12/23/2020
	Date Received in OIRA: 02/27/2020
Terms of Clearance: This approval is granted to issue an OMB control number on the basis that a subsequent PRA submission will be made as necessary to revise the burden for Form 8995 and to add Form 8995A to the approved burden under this OMB control number.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2021	36 Months From Approved
Responses	10,000	0	0
Time Burden (Hours)	30,000	0	0
Cost Burden (Dollars)	0	0	0

---

Abstract: Form 8995 is used by taxpayers to figure the deduction for items of income, gain, deduction, and loss from trades or businesses that are effectively connected with the conduct of a trade or business in the U.S.

---

Authorizing Statute(s): PL: Pub.L. 115 - 97 11011 Name of Law: Deduction for Qualified Business Income
   US Code: 26 USC 199-A Name of Law: Qualified Business Income
  

Citations for New Statutory Requirements: PL: Pub.L. 115 - 97 199A Name of Law: new deduction for pass through business income

---

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:
	84 FR 52176	10/01/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 69824	12/19/2019
Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
Qualified Business Income Deduction Simplified Computation	8995	Qualified Business Income Deduction Simplified Computation

---

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	10,000	0	10,000	0	0	0
Annual Time Burden (Hours)	30,000	0	30,000	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: This is a new collection resulting from Section 199A of the Tax Cuts and Jobs Act, which necessitated the creation of Form 8995.

---

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.     Yes

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.     Yes

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? No

---

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: 02/27/2020

---