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From: Light Clarence O
Sent: Wednesday, November 08, 2006
10:31 AM
To: Durbala R Joseph
Subject: FW: Updated: M-3 and
OMB Procedures
Attachments:
1120-PC_Schedule_M-3_Purpose_Legal_Auth.doc;
1120_Schedule_M-3_Purpose_Legal_Auth.doc;
1120-L_Schedule_M-3_Purpose_Legal_Auth.doc
Joe,
Actually, the legal authority is the same for all of
them. Use the para. listed in the attached files for the 1120, 1120-L,
1120-PC, 1065, and 1120S M-3s. That is, the following.
Legal
authority—The legal authority for Schedule M-3 (Forms 1120-PC, 1120,
1120-L, 1065, and 1120S) is Internal Revenue Code section 6011 (P.L.
105-206, Title II, Sections 2001 through 2005). Also, the Schedule M-3 (Forms 1120-PC, 1120,
1120-L, 1065, an 1120S) has been developed at the request of the U.S.
Department of the Treasury and IRS, LMSB.
Thanks,
Clarence
Joe,
Per our earlier agreement (see below), I've attached
the purpose of form and legal authority for the Schedule M-3s for the 1120,
1120-L and 1120-PC. This has probably already been done for the 1120
as it has been available since 2004, but the M-3s for Forms 1120-L and 1120-PC
are new. The M-3s for the 1065 and 1120S are assigned to Pam Terembes
and Patti Ghezzi. You can contact them to obtain the necessary
information.
Please contact me if yon need additional info. or you
have any questions.
Thank you.
Clarence O. Light
Tax Law Specialist
SE:W:CAR:MP:T:B:C
Phone: 202-283-0130
Fax: 202-283-4544
Emp. No.: 50-20735
To all:
Thanks to everyone for your
participation in the meeting earlier today. Based on my recollection (if
anyone understood differently, please chime in) we reached the following
conclusions regarding the proper OMB processing for the Schedules
M-3.
1) The OMB number at the
top right of each Schedule M-3 should match the 1065, 1120, 1120S, 1120-L, or
1120-PC. The 1065 and 1120S may have the OMB number for the
1120? Even though a particular M-3 can be filed with more
than one return, e.g., 1065 and 1065-B and 1120 and 1120-C, we
will use only the OMB number for the major form in that family on the M-3s,
e.g., 1065 and 1120.
2) The burden numbers
for each M-3 will be identified in the major form in the
family (1065, 1120, 1120S, 1120-L, or 1120-PC) with a reference at the
bottom of the related M-3 to the major form. We have been doing this with
other schedules, and thanks Joan for pointing that out. Example: At
the bottom of each M-3, add "For Privacy Act and Paperwork Reduction Act notice,
see the Instructions for Form 1120 and 1120A (or 1065, or 1120S,
etc.).
3) We need to get the
following things to the OMB section ASAP; Joe will be our POC. All
can be sent to him via email.
a)
Drafts of each Schedule M-3 and INST so the OMB section can
begin calculating the burden numbers. Patti and Pam, let's go with
what we have as PDF on Early Release and last composition. The LMSB
M-3 team has assured us they don't expect many changes.
b) A
summary of why the form was created and its purpose. Start with the
"Purpose of Schedule" in each M-3 INST. If OMB needs more we'll
oblige them.
c) Legal authority for the
M-3s. I will provide this to OMB for all of them from our POCs at
LMSB.
4) Barbara and Rene, do we
need to do another early release for the 1065 and 1120S M-3s as they have an
incorrect OMB number?
I can't think of anything
else. Thank you again.
Please contact me or anyone on the email with questions/concerns/suggestions and
please reply to all if we need more discussion on this.
Clarence
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