Reconciliation of Cost of Goods Sold Reported on Schedule M-3

Forms and Documents

Document Name	Status
Form 8916-A Reconciliation of Cost of Goods Sold Reported on Schedule M-3 Form and Instruction	New
Supporting Statement 8916-A.rtf Supporting Statement A	2006-11-27
ombat2.doc Supplementary Document	2006-11-27
brdn_busi.pdf Supplementary Document	2006-11-27

IC Document Collections

IC ID	Document Title	Status
46167	Reconciliation of Cost of Goods Sold Reported on Schedule M-3 Form and Instruction	New

ICR Details

OMB Control No: 1545-2061	ICR Reference No: 200611-1545-029
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Reconciliation of Cost of Goods Sold Reported on Schedule M-3
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 12/15/2006
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/26/2007
	Date Received in OIRA: 11/29/2006
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2007	6 Months From Approved
Responses	156,000	0	0
Time Burden (Hours)	3,456,960	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Form 8916-A is a detailed schedule that reconciles the amount of the cost of goods sold reported on Schedule M-3 for the Form 1120, Form 1065, or 1120-S.

Emergency Justfication: The Form 8916-A is a required attachment to the 1120, 1120S, and 1065 Schedule M-3s for certain filers that are reporting a reconciliation of cost of goods on the Schedule M-3. If the Form 8916-A is not available it cannot be attached to the Schedule M-3 submitted by these taxpayers, and these taxpayers will be unable to file an accurate and complete Schedule M-3 as required under Internal Revenue Code section 6011 (P.L. 105-206, Title II, Section 2001 through 2005). Also, if the Form 8916-A is not available for filing by taxpayers, the Internal Revenue Service will be unable to accomplish the stated mission of the Schedule M-3 initiative supported by LMSB and the U.S. Department of the Treasury, which is obtaining greater transparency of taxpayer books and records.

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Authorizing Statute(s): None

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

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
Reconciliation of Cost of Goods Sold Reported on Schedule M-3	8916-A	Reconciliation of Cost of Goods Sold Reported on Schedule M-3

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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	156,000	0	0	156,000	0	0
Annual Time Burden (Hours)	3,456,960	0	0	3,456,960	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new form. Use Form 8916-A to provide a detailed schedule of the amount reported on Schedule M-3 for Form 1120,Form 1065, or 1120S for Cost of Goods Sold.

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Annual Cost to Federal Government: $1,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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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: 11/29/2006

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