OMB understands
that the IRS is currently in the process of revising the
methodology it uses to estimate burden and costs. OMB expects that
future ICRs under this OMB control number will include dollar
estimates of annual burden costs to taxpayers calculated using this
revised methodology.
Inventory as of this Action
Requested
Previously Approved
04/30/2022
36 Months From Approved
04/30/2019
200
0
200
50
0
50
0
0
0
Paragraph (d)(3) of section 1.166-2 of
the previously approved regulations allows banks and thrifts to
elect to conform their tax accounting for bad debts with their
regulatory accounting. An election, or revocation thereof, is a
change in method of accounting. The collection of information
required in section 1.166-2(d)(3) is necessary to monitor the
elections.
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.