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
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.