Depreciation and Amortization (Including Information on Listed Property)

Forms and Documents

Document Name	Status
Form 4562 Depreciation and Amortization (Including Information on Listed Property) Form	Modified
2020 SS 1545-0172.docx Supporting Statement A	2020-07-27

IC Document Collections

IC ID	Document Title	Status
39663	Depreciation and Amortization (Including Information on Listed Property) Form	Modified

ICR Details

OMB Control No: 1545-0172	ICR Reference No: 202004-1545-027
Status: Active	Previous ICR Reference No: 201704-1545-011
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Depreciation and Amortization (Including Information on Listed Property)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/03/2020
	Date Received in OIRA: 07/30/2020
Terms of Clearance: OMB understands that the IRS is currently in the process of revising the methodology it uses to estimate burden and costs. OMB expects that future ICRs under this OMB control number will include dollar estimates of annual burden costs to taxpayers calculated using this revised methodology.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2023	36 Months From Approved	12/31/2020
Responses	12,313,626	0	12,313,626
Time Burden (Hours)	448,368,447	0	448,368,447
Cost Burden (Dollars)	0	0	0

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Abstract: Taxpayers use Form 4562 to: claim a deduction for depreciation and/or amortization; make a section 179 election to expense depreciable assets; and answer questions regarding the use of automobiles and other listed property to substantiate the business use under section 274(d).

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Authorizing Statute(s): PL: Pub.L. 114 - 113 143(b)(4) Name of Law: PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015
   US Code: 26 USC 274(d)(4) Name of Law: Disallowanc of certain entertainment, ect, expenses
   PL: Pub.L. 114 - 113 143(b)(1) Name of Law: PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015
   US Code: 26 USC 179 Name of Law: Election to expense certain depreciable business assets
   US Code: 26 USC 280F Name of Law: Limitation on depreciation for luxury automobiles
   US Code: 26 USC 164 Name of Law: Deduction forTaxes
   PL: Pub.L. 114 - 113 143(b)(3) Name of Law: PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015
  

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:
	85 FR 21507	04/17/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 45956	07/30/2020
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
Depreciation and Amortization (Including Information on Listed Property)	4562	Depreciation and Amortization (Including Information on Listed Property)

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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	12,313,626	12,313,626	0	0	0	0
Annual Time Burden (Hours)	448,368,447	448,368,447	0	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:

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Annual Cost to Federal Government: $75,293

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.     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)? Yes

Is this ICR related to the Pandemic Response? No

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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: 07/30/2020

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