The information collected in the four revenue procedures is required in order for the Commissioner to determine whether the taxpayer properly is requesting to change its method of accounting and the terms and conditions of the change.
US Code:
26 USC 446(b)
Name of Law: Exceptions
US Code:
26 USC 446(e)
Name of Law: Requirment Respecting Change of Accounting Method
In general, Rev. Proc. 2010-XX continues to have the same requirements as Rev. Proc. 2008-52, as amplified, clarified, and modified by Rev. Proc. 2009-39. The areas in which the requirements are changed by Rev. Proc. 2010-XX are described below.
First, section 6.24 of the APPENDIX of Rev. Proc. 2008-52, as modified by Rev. Proc. 2009-39, (concerning dispositions of a structural component of a building) required a taxpayer making an accounting method change under this section to prepare and attach a statement. Rev. Proc. 2010-XX modifies this requirement by asking whether a taxpayer is a public utility.
Second, there is also a reduction in burden under section 6.24 of Rev. Proc. 2008-52, as modified by Rev. Proc. 2009-39. Section 6.24 required taxpayers to provide three copies of the Form 3115 to various IRS offices. The requirement to file the third copy is removed from the filing requirements under Rev. Proc. 2010-XX.
Third, section 6.25 of the APPENDIX of Rev. Proc. 2008-52, as modified by Rev. Proc. 2009-39, (concerning dispositions of tangible depreciable assets (other than a building or its structural components) required a taxpayer making an accounting method change under this section to prepare and attach a statement. Rev. Proc. 2010-XX modifies this requirement by asking whether a taxpayer is a public utility.
Fourth, there is also a reduction in burden under section 6.25 of Rev. Proc. 2008-52, as modified by Rev. Proc. 2009-39. Section 6.25 required taxpayers to provide three copies of the Form 3115 to various IRS offices. The requirement to file the third copy is removed from the filing requirements under Rev. Proc. 2010-XX.
Fifth, section 15.11 of the APPENDIX of Rev. Proc. 2001-XX (advance payments change in applicable financial statements (AFS)) requires a taxpayer making a change under this section to prepare and attach a statement in lieu of a Form 3115, to its tax return for the year of change.
Sixth, section 29.01 of the APPENDIX of Rev. Proc. 2010-XX (change in functional currency) requires a taxpayer making a change under this section to prepare and attach a statement to the Form 3115.
Seventh, Rev. Proc. 2008-52, as amplified, clarified, and modified by Rev. Proc. 2009-39, required sections 6.01, 6.02, 6.04, 6.05, 6.06, 6.07, 6.08, 6.09, 6.10, 6.11, 6.12, 6.14, 6.15, 6.16, 6.17, 6.18, 6.19, 6.20, 6.21, 6.22, 6.23, 6.24, 6.25, 9.01, and 9.02 of the APPENDIX to provide a copy of the application to the national office. However, Rev. Proc. 2010-XX modifies the filing requirements for these sections and requires the copy of the application to be provided to the IRS office in Ogden, UT. Rev. Proc. 2010-XX does not change the quantity of copies required to be provided, and therefore there will be no increased burden for purposes of the PRA. However, this change is included in the PRA analysis to provide an adequate and full disclosure of the filing changes being made in Rev. Proc. 2010-XX.
Burden descriptions and calculations for Rev. Proc. 2008-52, as amplified, clarified, and modified by Rev. Proc. 2009-39, reflect a more accurate accounting of respondent and with respect to Rev. Proc. 2010-XX, we estimate that the total number of respondents will be 14,130 and the total annual recordkeeping and reporting burden is 15,359 hours.
$0
No
No
No
No
No
Uncollected
Grant Anderson 202 622-4930 grant.d.anderson@irscounsel.treas.gov
No
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:
(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;
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.
Summary of Changes.doc
RP 2008-52.pdf
RP 150563-09 - Changes in Methods of Accounting (RP 2010-XX)