U.S. Income Tax Return for Cooperative Associations.

ICR 200704-1545-066

OMB: 1545-2052

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2007-04-30
Supplementary Document
2007-04-30
Supplementary Document
2006-10-17
Supplementary Document
2006-10-17
IC Document Collections
ICR Details
1545-2052 200704-1545-066
Historical Active 200610-1545-025
TREAS/IRS
U.S. Income Tax Return for Cooperative Associations.
Extension without change of a currently approved collection   No
Regular
Approved without change 09/13/2007
Retrieve Notice of Action (NOA) 06/08/2007
  Inventory as of this Action Requested Previously Approved
09/30/2010 36 Months From Approved 09/30/2007
4,000 0 4,000
430,400 0 430,400
0 0 0

IRS Code section 1381 requires subchapter T cooperatives to file returns. Previously, farmers' cooperatives filed Form 990-C and other subchapter T cooperatives filed Form 1120. If the subchapter T cooperative does not meet certain requirements, the due date of their return is two and one-half months after the end of their tax year which is the same as the due date for all other corporations. The due date for income tax returns filed by subchapter T cooperatives who meet certain requirements is eight and one-half months after the end of their tax year. Cooperatives who filed their income tax returns on Form 1120 were considered to be late and penalties were assessed since they had not filed by the normal due date for Form 1120. Due to the assessment of the penalties, burden was placed on the taxpayer and on the IRS employees to resolve the issue. Proposed regulations (Reg-149436-04) published in the Federal Register (71 FR 43811), proposes that all subchapter T cooperatives will file Form 1120-C, U.S. Income Tax Return for Cooperative Associations.

US Code: 26 USC 1381 Name of Law: Organizations to which part applies
  
None

Not associated with rulemaking

  72 FR 8057 02/22/2007
72 FR 31897 06/08/2007
No

1
IC Title Form No. Form Name
U.S. Income Tax Return for Cooperative Associations. 1120-C U.S. Income Tax Return for Cooperative Associations

  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 4,000 4,000 0 0 0 0
Annual Time Burden (Hours) 430,400 430,400 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$4,500
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Linda Burke 202 622-3092

  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.
06/08/2007


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