Form 4562 - Depreciation and Amortization (Including Information on Listed Property)

Forms and Documents

Document Name	Status
Form 4562 Depreciation and Amortization (Form) Form	Modified
Supporting_Statement_-_2013_Form_4562[1].doc Supporting Statement A	2014-02-18

IC Document Collections

IC ID	Document Title	Status
39663	Depreciation and Amortization (Form) Form	Modified
194535	Depreciation and Amortization (Worksheet) Other-Worksheet	Removed

ICR Details

OMB Control No: 1545-0172	ICR Reference No: 201312-1545-029
Status: Historical Active	Previous ICR Reference No: 201009-1545-010
Agency/Subagency: TREAS/IRS	Agency Tracking No: kd1545-029
Title: Form 4562 - Depreciation and Amortization (Including Information on Listed Property)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/05/2014
	Date Received in OIRA: 02/28/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2017	36 Months From Approved	05/31/2014
Responses	12,313,626	0	12,313,626
Time Burden (Hours)	448,368,447	0	448,368,447
Cost Burden (Dollars)	0	0	0

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Abstract: Taxpayers use Form 4562 to: claim a deduction for depreciation and/or amortization; make a section 179 election to expense depreciable assets; and answer questions regarding the use of automobiles and other listed property to substantiate the business use under section 274(d).

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Authorizing Statute(s): US Code: 26 USC 179 Name of Law: Election to expense certain depreciable business assets
   US Code: 26 USC 274(d) Name of Law: Disallowance of certain entertainment, etc., expenses
   US Code: 26 USC 280F Name of Law: Limitation on depreciation for luxury automobiles
   US Code: 26 USC 164 Name of Law: Taxes
   PL: Pub.L. 111 - 5 1201(a) Name of Law: American Recovery and Reinvestment Act of 2009
   PL: Pub.L. 111 - 5 1201(b) Name of Law: American Recovery and Reinvestment Act of 2009
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 240 2021(a)(1)(B) Name of Law: Small Business Jobs Act of 2010
PL: Pub.L. 111 - 240 2021(a)(2)(B) Name of Law: Small Business Jobs Act of 2010

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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:
	78 FR 57219	09/17/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 11178	02/27/2014
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Depreciation and Amortization (Worksheet)
Depreciation and Amortization (Form)	4562	Depreciation and Amortization

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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	12,313,626	12,313,626	0	0	0	0
Annual Time Burden (Hours)	448,368,447	448,368,447	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: The overall annual time burden has not changed and the total number of responses remains the same as well. The increase in the Form 4562 IC burden resulted in the combining of the Form and Worksheet IC into one consolidated IC. The agency deleted the separate worksheet IC and added the worksheet burden to the forms burden for simplicity in reporting. There is no change in the overall burden for this collection.

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Annual Cost to Federal Government: $39,100

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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

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: 02/28/2014

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