Taxpayers required to account for all
or part of any long-term contract entered into after February 28,
1986, under the percentage of completion method must use Form 8697
to compute and report interest due or to be refunded under IRC
section 460(b)(3). The IRS uses Form 8697 to determine if the
interest has been figured correctly. Taxpayers may compute interest
using the actual method (Part I) or the Simplified Marginal Impact
Method (Part II).
Deleted 18 code references for
a net decrease in 4,999 burden hours. Also, there is an adjustment
to more accurately reflect the number of responses per year.
$5,572
No
No
Uncollected
Uncollected
Uncollected
Uncollected
D Decasseres 2029274268
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.