Form 1125-A, Cost of Goods Sold; Form 1125-E, Compensation of Officers.

ICR 201109-1545-026

OMB: 1545-2225

Federal Form Document

Forms and Documents
Document
Name
Status
Form
New
Form and Instruction
New
Supplementary Document
2011-10-20
Supporting Statement A
2012-01-05
IC Document Collections
ICR Details
1545-2225 201109-1545-026
Historical Active
TREAS/IRS 1545-XXXX-026
Form 1125-A, Cost of Goods Sold; Form 1125-E, Compensation of Officers.
New collection (Request for a new OMB Control Number)   No
Regular
Approved with change 01/06/2012
Retrieve Notice of Action (NOA) 12/22/2011
Modifications made to supporting statement to better reflect purpose of information collection.
  Inventory as of this Action Requested Previously Approved
01/31/2015 36 Months From Approved
6,560,000 0 0
44,085,600 0 0
0 0 0

Form 1125-A: During a re-design of Form 1120, U.S. Corporation Income Tax Return, related to the inclusion of "Merchant Card Receipts", it was deemed to be more efficient to present the data required to report "Cost of Goods Sold" on a new form. This new form, 1125-A, will be attached to form 1120, as well as to other forms that require this information. Form 1125-E: Similarly, during the re-design of Form 1120, U.S. Corporation Income Tax Return, related to the inclusion of "Merchant Card Receipts", it was deemed to be more efficient to capture the data required to report "Compensation of Officers" on a new form. This new form, 1125-E, would be attached to form 1120, as well as to other forms that require this information.

US Code: 26 USC 6012 Name of Law: Persons Required to Make Returns of Income
  
None

Not associated with rulemaking

  76 FR 44658 07/26/2011
76 FR 79272 12/21/2011
No

2
IC Title Form No. Form Name
Form 1125-A, Cost of Goods Sold 1125-A Cost of Goods Sold
Form 1125-E, Compensation of Officers 1125-E Compensation of Officers

  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 6,560,000 0 0 6,560,000 0 0
Annual Time Burden (Hours) 44,085,600 0 0 44,085,600 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
Form 1120, U.S. Corporation Income Tax Return, was re-designed for tax year 2011. In the previous version of Form 1120, "Cost of Goods Sold" was calculated on Schedule A of the form, and "Compensation of Officers" was calculated on Schedule E of the form. During the re-design of Form 1120, it was deemed to be more efficient to present the data required to report both "Cost of Goods Sold" and "Compensation of Officers" on new, separate forms; Form 1125-A, "Cost of Goods Sold", and Form 1125-E, "Compensation of Officers". These forms will be attached to form 1120, as well as to other forms that require this information. It is estimated that 3,560,000 respondents will file Form 1125-A, with each response requiring approximately 8 hours, 44 minutes. This results in a burden for this form of 31,185,600 hours. It is estimated that 3,000,000 respondents will file Form 1125-E, with each response requiring approximately 4 hours, 30 minutes. This results in a burden for this form of 12,900,000 hours. The total estimated burden for these two forms is 44,085,000 hours.

No
No
No
No
No
Uncollected
Richard Behan 202 622-4713

  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.
12/22/2011


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