U.S. Income Tax Return for an S Corporation

Forms and Documents

Document Name	Status
Form Schedule K-1 (Form Shareholder's Share of Income, Deductions, Credits, etc. (Sch K-1); (Sch K-1 Worksheet) Form	Modified
Form Schedule D (Form 1 Capital Gains and Losses and Built-In Gains (Schedule D) Form	Modified
Form Form 1120S U.S. Income Tax Return for an S Corporation Form	Modified
Form Schedule M-3 (1120 Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More Form	Modified
ombat1.doc Supplementary Document	2009-11-04
1120S_2009Sup.doc Supporting Statement A	2009-11-04

IC Document Collections

IC ID	Document Title	Status
191188	Schedule K-1 - Worksheet for Figuring a Shareholder’s Stock Basis Other-worksheet	New
183199	Schedule M-1 Reconciliation of Income (Loss) per Books with Income (Loss) per Return Other-Schedule	Modified
183198	Schedule L - Balance Sheets per Books Other-Schedule	Modified
183155	Shareholder's Share of Income, Deductions, Credits, etc. (Sch K-1); (Sch K-1 Worksheet) Form	Modified
183154	Capital Gains and Losses and Built-In Gains (Schedule D) Form	Modified
183152	U.S. Income Tax Return for an S Corporation Form	Modified
178536	Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More Form	Modified

ICR Details

OMB Control No: 1545-0130	ICR Reference No: 200911-1545-010
Status: Historical Active	Previous ICR Reference No: 200712-1545-019
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: U.S. Income Tax Return for an S Corporation
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/22/2010
	Date Received in OIRA: 11/17/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2013	36 Months From Approved	03/31/2010
Responses	15,077,000	0	15,077,000
Time Burden (Hours)	420,945,980	0	420,860,930
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1120S, Schedule D (Form 1120S), Schedule K-1 (Form 1120S), and Schedule M-3 (Form 1120S) are used by an S corporation to figure its tax liability, and income and other tax-related information to pass through to its shareholders. Schedule K-1 is used to report to shareholders their share of the corporation's income, deductions, credits, etc. IRS uses the information to determine the correct tax for the S corporation and its shareholders.

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Authorizing Statute(s): US Code: 26 USC 6037 Name of Law: Return of S corporation
   US Code: 26 USC 1222 Name of Law: Other terms relating to capital gains and losses
   US Code: 26 USC 1374 Name of Law: Tax imposed on certain built-in gains
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
   US Code: 26 USC 94(d) Name of Law: Limitation on credit
  

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:
	74 FR 38086	07/30/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 59030	11/16/2009
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 7

IC Title	Form No.	Form Name
Capital Gains and Losses and Built-In Gains (Schedule D)	Schedule D (Form 1120S)	Capital Gains and Losses and Built-in Gains
Shareholder's Share of Income, Deductions, Credits, etc. (Sch K-1); (Sch K-1 Worksheet)	Schedule K-1 (Form 1120S)	Shareholder's Share of Income, Deductions, Credit, etc.
Schedule K-1 - Worksheet for Figuring a Shareholder’s Stock Basis
Schedule M-1 Reconciliation of Income (Loss) per Books with Income (Loss) per Return
U.S. Income Tax Return for an S Corporation	Form 1120S	U.S. Income Tax Return for an S Corporation
Schedule L - Balance Sheets per Books
Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More	Schedule M-3 (1120-S)	Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More

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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	15,077,000	15,077,000	0	0	0	0
Annual Time Burden (Hours)	420,945,980	420,860,930	0	85,050	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: Form 1120S, Schedule D (Form 1120S), Schedule K-1 (Form 1120S), and Schedule M-3 (Form 1120S) are used by an S corporation to figure its tax liability, and income and other tax-related information to pass through to its shareholders. Changes were requested by the LMSB M-3 Team to clarify the proper reporting of information. Two new lines are added to Part III of the 2010 Schedule M-3 (Form 1120S). New line 29 requires the filer of the Schedule to enter research and development costs; new line 30 requires the filer to enter the amount taken as Section 118 exclusion. Former lines 29 and 30 are redesigned as lines 31 and 32. Purpose is compliance with IRC sections 174 and 118. These changes result in a total burden increase of 85,050 hours.

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Annual Cost to Federal Government: $950,000

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)? No

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: 11/17/2009

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