# Comment Request; U.S. Business Income Tax Returns
**AGENCY:**
Departmental Offices, U.S. Department of the Treasury.
**ACTION:**
Notice of information collection; request for comment.
**SUMMARY:**
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the burden associated with the U.S. Business Income Tax Returns.
**DATES:**
Comments should be received on or before January 19, 2023 to be assured of consideration.
**ADDRESSES:**
Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to *www.reginfo.gov/public/do/PRAMain.* Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. Copies of the submissions may be obtained from Melody Braswell by emailing *[email protected],* calling (202) 622-1035, or viewing the entire information collection request at *www.reginfo.gov.*
**SUPPLEMENTARY INFORMATION:**
**Internal Revenue Service (IRS)**
*Title:* U.S. Business Income Tax Returns.
*OMB Control Number:* 1545-0123.
*Form Numbers:* 1065, 1066, 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 1120-POL, 1120-REIT, 1120-RIC, 1120-S, 1120-SF and related attachments.
*Abstract:* These forms are used by businesses to report their income tax liability.
*Current Actions:* There have been changes in regulatory guidance related to various forms approved under this approval package during the past year. Additionally, there have been additions and removals of some forms included in this approval package.
*Type of Review:* Revision of currently approved collections.
*Affected Public:* Corporations and Pass-Through Entities.
*Estimated Number of Respondents:* 12,500,000.
*Total Estimated Time:* 952,000,000 hours.
*Estimated Time per Respondent:* 76 hours.
*Total Estimated Out-of-Pocket Costs:* $59,487,000,000.
*Total Monetized Burden:* $112,223,000,000.
| | FY22 | Program change due to adjustment | Program change due to new legislation | Program change due to agency | FY23 |
| --- | --- | --- | --- | --- | --- |
| Number of Taxpayers | 12,300,000 | 200,000 | 0 | 0 | 12,500,000 |
| Burden in Hours | 1,138,000,000 | (186,000,000) | 0 | 0 | 952,000,000 |
| Burden in Monetized Hours | 55,915,000,000 | (3,179,000,000) | | | 52,736,000,000 |
| Out-of-Pocket Costs | $48,303,000,000 | $11,184,000,000 | 0 | 0 | $59,487,000,000 |
| Total Monetized Burden * | $104,218,000,000 | $8,005,000,000 | 0 | 0 | $112,223,000,000 |
| Primary form filed or type of taxpayer | Total number of returns | Average | Average out-of-pocket cost | Average |
| --- | --- | --- | --- | --- |
| All partnerships | 4.9 | 70 | $4,700 | $8,500 |
| Small | 4.6 | 60 | 3,100 | 5,400 |
| Large * | 0.3 | 225 | 26,700 | 52,200 |
| Forms 1065, 1066, and all attachments | | | | |
| Primary form filed or type of taxpayer | Total number of returns | Average time | Average out-of-pocket cost | Average |
| --- | --- | --- | --- | --- |
| All Taxable Corporations | 2.1 | 110 | $7,200 | $15,100 |
| Small | 2.0 | 65 | 3,600 | 6,400 |
| Large * | 0.1 | 770 | 61,700 | 148,500 |
| Forms 1120, 1120-C, 1120-F, 1120-H, 1120-ND, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-POL and all attachments | | | | |
| Primary form filed or type of taxpayer | Total number of returns | Average time | Average out-of-pocket cost | Average |
| --- | --- | --- | --- | --- |
| All Pass-through Corporations | 5.4 | 70 | $3,900 | $7,100 |
| Small | 5.3 | 65 | 3,500 | 6,200 |
| Large * | 0.1 | 320 | 34,900 | 70,800 |
| Forms 1120-REIT, 1120-RIC, 1120-S and all attachments | | | | |
| Total positive income | Average time | Average out-of-pocket costs | Average |
| --- | --- | --- | --- |
| | | | |
| 1. <100k | 55 | 1,569 | 2,547 |
| 2. 100k to 1mil | 76 | 4,540 | 7,688 |
| 3. 1mil to 10mil | 118 | 12,676 | 25,162 |
| 4. 10mil to 100mil | 491 | 52,315 | 107,655 |
| 5. >100mil | 4,377 | 267,506 | 761,004 |
| | | | |
| 1. <100k | 58 | 1,452 | 2,309 |
| 2. 100k to 1mil | 66 | 3,593 | 6,062 |
| 3. 1mil to 10mil | 88 | 9,093 | 18,128 |
| 4. 10mil to 100mil | 319 | 34,954 | 70,796 |
| 5. >100mil | 1,385 | 147,205 | 302,504 |
| | | | |
| 1. < 100k | 52 | 1,633 | 2,683 |
| 2. 100k to 1mil | 65 | 4,617 | 8,014 |
| 3. 1mil to 10mil | 109 | 12,993 | 24,824 |
| 4. 10mil to 100mil | 400 | 48,022 | 92,986 |
| 5. > 100mil | 1,787 | 194,559 | 395,062 |
*Authority:* 44 U.S.C. 3501 *et seq.*
Spencer W. Clark,
Treasury PRA Clearance Officer.