Quarterly Federal Excise Tax Return

Forms and Documents

Document Name	Status
Form 720 Form 720 Quarterly Federal Excise Tax Return Form	Modified
2017-07-19 SS 1545-0023r.doc Supporting Statement A	2017-07-19

IC Document Collections

IC ID	Document Title	Status
194180	Form 720 Quarterly Federal Excise Tax Return Form	Modified

ICR Details

OMB Control No: 1545-0023	ICR Reference No: 201706-1545-006
Status: Active	Previous ICR Reference No: 201311-1545-007
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Quarterly Federal Excise Tax Return
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: 12/18/2017
	Date Received in OIRA: 07/25/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2020	36 Months From Approved	12/31/2017
Responses	405,744	0	405,744
Time Burden (Hours)	4,475,817	0	4,478,956
Cost Burden (Dollars)	0	0	0

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Abstract: The information supplied on Form 720 is used by the IRS to determine the correct tax liability. Additionally, the data is reported by the IRS to Treasury so that funds may be transferred from the general revenue funds to the appropriate trust funds.

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Authorizing Statute(s): US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and returns information
   US Code: 26 USC 4081 Name of Law: Imposition of tax
   PL: Pub.L. 111 - 148 4375 Name of Law: The Affordable Care Act
   PL: Pub.L. 111 - 148 4376 Name of Law: The Affordable Care Act
  

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:
	82 FR 17089	04/07/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 32053	07/11/2017
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
Form 720 Quarterly Federal Excise Tax Return	720	Quarterly Federal Excise Tax

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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	405,744	405,744	0	0	0	0
Annual Time Burden (Hours)	4,475,817	4,478,956	0	-3,139	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The change in burden reflects the removal of burden associated with the pre-printed payment vouchers form. While the burden for the preprinted Voucher was removed, the burden associated with the 720-OCR increased because the filers that previously filed the pre-printed 720 voucher are now using the 720-OCR. The removal of the pre-printed voucher did not affect the number of filers because the remaining voucher has an increase of filers equal to the discontinued voucher. The burden decreased over all by 3,139 hours due to the change in time per response for the extra filers. Instead of the previous .97 hour per response the filers were filing the 720 OCR voucher which was response time of .24 and resulted in a net decrease of 3,139 hours.

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Annual Cost to Federal Government: $770,186

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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

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)? 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: 07/25/2017

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