# Proposed Collection; Comment Request for 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 Related Attachments
**AGENCY:**
Departmental Offices, U.S. Department of the Treasury.
**ACTION:**
Notice.
**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 21, 2025 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 This approval package is being submitted for renewal purposes.
*Type of Review:* Revision of a currently approved collection.
*Affected Public:* Corporations, Partnerships and Pass-Through Entities.
*Estimated Number of Respondents:* 13,900,000.
*Estimated Time per Respondent (Hours):* 67 hours, 25 minutes.
*Estimated Total Annual Time (Hours):* 935,100,000.
*Estimated Total Annual Monetized Time ($):* 56,152,000,000.
*Estimated Total Out-of-Pocket Costs ($):* 71,617,000,000.
*Estimated Total Monetized Burden ($):* 127,769,000,000.
**Note:**
Total Monetized Burden = Total Out-of-Pocket Costs + Total Annual Monetized Time.
*Tax Compliance Burden:* Tax compliance burden is defined as the time and money taxpayers spend to comply with their tax filing responsibilities. Time-related activities include recordkeeping, tax planning, gathering tax materials, learning about the law and what you need to do, and completing and submitting the return. Out-of-pocket costs include expenses such as purchasing tax software, paying a third-party preparer, and printing and postage. Tax compliance burden does not include a taxpayer's tax liability, economic inefficiencies caused by sub-optimal choices related to tax deductions or credits, or psychological costs.
| Primary form filed or type of taxpayer | Total number of returns | Average time | Average | Average |
| --- | --- | --- | --- | --- |
| All Partnerships | 5.4 | 60 | $5,000 | $8,500 |
| Small | 5.0 | 50 | 3,100 | 5,100 |
| Large * | 0.4 | 190 | 28,200 | 50,000 |
| Primary form filed or type of taxpayer | Total number of returns | Average time | Average | Average |
| --- | --- | --- | --- | --- |
| All Taxable Corporations | 2.3 | 100 | $7,400 | $15,400 |
| Small | 2.1 | 50 | 3,500 | 6,000 |
| Large * | 0.2 | 690 | 59,200 | 139,600 |
| Primary form filed or type of taxpayer | Total number of returns | Average time | Average | Average |
| --- | --- | --- | --- | --- |
| All Pass-through Corporations | 6.2 | 60 | $4,500 | $8,500 |
| Small | 6.1 | 60 | 3,900 | 5,100 |
| Large * | 0.1 | 300 | 40,600 | 50,000 |
Tables 1A-3A show the average burden estimate for business entities by *total positive income.* Total positive income is defined as the sum of all positive income amounts reported on the return.
| Total positive income | Average time | Average | Average |
| --- | --- | --- | --- |
| 1. <100k | 33 | $1,412 | $1,931 |
| 2. 100k to 1mil | 49 | 4,559 | 6,604 |
| 3. 1mil to 10mil | 93 | 13,893 | 23,988 |
| 4. 10mil to 100mil | 390 | 54,933 | 100,276 |
| 5. >100mil | 3,325 | 290,812 | 677,311 |
| Total positive income | Average time | Average | Average |
| --- | --- | --- | --- |
| 1. <100k | 47 | $1,686 | $2,381 |
| 2. 100k to 1mil | 52 | 4,014 | 5,934 |
| 3. 1mil to 10mil | 72 | 10,223 | 17,779 |
| 4. 10mil to 100mil | 276 | 40,402 | 72,483 |
| 5. >100mil | 1,199 | 167,915 | 307,245 |
| Total positive income | Average time | Average | Average |
| --- | --- | --- | --- |
| 1. <100k | 39 | $1,663 | $2,453 |
| 2. 100k to 1mil | 49 | 4,743 | 7,319 |
| 3. 1mil to 10mil | 86 | 13,803 | 23,334 |
| 4. 10mil to 100mil | 319 | 51,636 | 88,752 |
| 5. >100mil | 1,494 | 223,989 | 397,651 |
(Authority: 44 U.S.C. 3501 *et seq.* )
Melody Braswell,
Treasury PRA Clearance Officer.