# Agency Information Collection Activities; Submission for OMB Review; Comment Request; U.S. Business Income Tax Return
**AGENCY:**
Departmental Offices, 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 general 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 (PRA). The IRS is soliciting comments on forms used by business entity taxpayers.
**DATES:**
Comments should be received on or before January 25, 2024 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.
**FOR FURTHER INFORMATION CONTACT:**
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 Return.
*OMB Number:* 1545-0123.
*Form Numbers:* Forms 1065, 1066, 1120, 1120-C, 1120-F, 1120-H, 1120-ND, 1120-S, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-REIT, 1120-RIC, 1120-POL and all attachments to these forms.
*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. There have been additions and removals of forms included in this approval package. It is anticipated that these changes will have an impact on the overall burden and cost estimates requested for this approval package. This approval package is being submitted for renewal purposes.
*Type of Review:* Revision of currently approved collections.
*Affected Public:* Corporations, Partnerships and Pass-Through Entities.
*Estimated Number of Respondents:* 13,300,000.
*Estimated Time (Hours):* 920,000,000.
*Estimated Time per Respondent (Hours):* 35.
*Total Monetized Time:* $54,743,000,000.
*Total Estimated Out-of-Pocket Costs:* $66,717,000,000.
*Total Monetized Burden:* $121,460,000,000.
*Note:* Total Monetized Burden = Total Out-of-Pocket Costs + Total Annual Monetized Time.
*Note:* Amounts below are estimates for Fiscal Year (FY) 2024. Reported time and cost burdens are national averages and do not necessarily reflect a “typical case.” Most taxpayers experience lower than average burden, with taxpayer burden varying considerably by taxpayer type. Detail may not add due to rounding.
| | FY23 | Program change due to | Program change due to new | Program change due to agency | FY24 |
| --- | --- | --- | --- | --- | --- |
| Number of Taxpayers | 12,500,000 | 800,000 | 0 | 0 | 13,300,000 |
| Burden in Hours | 952,000,000 | (32,000,000) | 1,000,000 | 0 | 920,000,000 |
| Burden in Monetized Hours | 52,736,000,000 | 1,950,000,000 | 57,000,000 | 0 | 54,743,000,000 |
| Out-of-Pocket Costs | $59,487,000,000 | $7,165,000,000 | $65,000,000 | 0 | $66,717,000,000 |
| Total Monetized Burden* | $112,223,000,000 | $9,115,000,000 | $122,000,000 | 0 | $121,460,000,000 |
| Primary form filed or type of taxpayer | Total number of returns | Average time (hrs.) | Average out-of-pocket cost | Average monetized burden |
| --- | --- | --- | --- | --- |
| All Partnerships | 5.3 | 60 | $5,000 | $8,700 |
| Small | 4.9 | 50 | 3,200 | 5,200 |
| Large * | 0.4 | 200 | 27,800 | 50,800 |
| Primary form filed or type of taxpayer | Total number of returns | Average time (hrs.) | Average out-of-pocket cost | Average monetized burden |
| --- | --- | --- | --- | --- |
| All Taxable Corporations | 2.1 | 105 | $6,700 | $14,900 |
| Small | 2.0 | 55 | 3,600 | 6,200 |
| Large * | 0.1 | 830 | 53,800 | 149,000 |
| Primary form filed or type of taxpayer | Total number of returns | Average time (hrs.) | Average out-of-pocket cost | Average monetized burden |
| --- | --- | --- | --- | --- |
| All Pass-through Corporations | 5.8 | 65 | $4,400 | $7,500 |
| Small | 5.7 | 60 | 3,800 | 6,400 |
| Large * | 0.1 | 295 | 37,700 | 71,800 |
| Total | Average | Average | Average |
| --- | --- | --- | --- |
| | | | |
| 1. < 100k | 42 | 1,330 | 1,987 |
| 2. 100k to 1mil | 63 | 4,323 | 6,916 |
| 3. 1mil to 10mil | 113 | 12,359 | 24,573 |
| 4. 10mil to 100mil | 546 | 43,055 | 105,788 |
| 5. > 100mil | 4,398 | 220,425 | 725,848 |
| | | | |
| 1. < 100k | 52 | 1,564 | 2,338 |
| 2. 100k to 1mil | 59 | 3,814 | 6,015 |
| 3. 1mil to 10mil | 79 | 9,595 | 17,797 |
| 4. 10mil to 100mil | 287 | 36,698 | 69,606 |
| 5. > 100mil | 1,200 | 148,905 | 286,533 |
| | | | |
| 1. < 100k | 45 | 1,627 | 2,530 |
| 2. 100k to 1mil | 56 | 4,601 | 7,501 |
| 3. 1mil to 10mil | 93 | 12,960 | 23,196 |
| 4. 10mil to 100mil | 327 | 46,258 | 83,805 |
| 5. > 100mil | 1,447 | 190,307 | 356,260 |
*Authority:* 44 U.S.C. 3501 *et seq.*
Melody Braswell,
Treasury PRA Clearance Officer.