Election by a Small Business Corporation

Forms and Documents

Document Name	Status
Form 2553 Election by a Small Business Corporation Form	Modified
ombat1.doc Supplementary Document	2008-02-13
I 2553 summary of changes.pdf Supplementary Document	2008-02-13
F 2553 summary of changes.pdf Supplementary Document	2008-02-13
brdn_busi.pdf Justification for No Material/Nonsubstantive Change	2008-02-13
2553.SUP.doc Supporting Statement A	2008-02-13

IC Document Collections

IC ID	Document Title	Status
17010	Election by a Small Business Corporation Form	Modified

ICR Details

OMB Control No: 1545-0146	ICR Reference No: 200802-1545-003
Status: Historical Active	Previous ICR Reference No: 200503-1545-012
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Election by a Small Business Corporation
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: 08/05/2008
	Date Received in OIRA: 04/25/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2011	36 Months From Approved	08/31/2008
Responses	500,000	0	500,000
Time Burden (Hours)	8,190,000	0	8,555,000
Cost Burden (Dollars)	0	0	0

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Abstract: Form 2553 is filed by a qualifying corporation to elect to be an S corporation as defined in Code section 1361. The information obtained is necessary to determine if the election should be accepted by the IRS. When the election is accepted, the qualifying corporation is classified as an S corporation and the corporation's income is taxed to the shareholders of the corporation.

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Authorizing Statute(s): US Code: 26 USC 1362(a) Name of Law: Election; revocation; termination
   US Code: 26 USC 1361 Name of Law: S corporation defined
  

Citations for New Statutory Requirements: US Code: 26 USC 1361(a)(1) Name of Law: S corporation defined

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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:
	72 FR 70940	12/13/2007
30-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 22461	04/25/2008
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
Election by a Small Business Corporation	2553	Election by a Small Business Corporation

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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	500,000	500,000	0	0	0	0
Annual Time Burden (Hours)	8,190,000	8,555,000	-365,000	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: Beginning with tax years ending on or after December 31, 2007, a taxpayer may be eligible to make a late S corporation election by filing Form 2553 with Form 1120S, U.S. Income Tax Return for an S Corporation. This option is explained in Rev. Proc 2007-62, which starts on page 786 of Internal Revenue Bulletin 2007-41. To support this new Revenue Procedure and to facilitate the reporting and collection of information contained on Form 2553, we have made several changes to the text of the form. Additionally, the length of the form has increased from two pages to three pages. ------ The revisions made to the instructions are to support the changes made by Rev. Proc. 2007-62 and the changes made to Form 2553.

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Annual Cost to Federal Government: $3,600

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]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

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

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: 04/25/2008

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