Internal Revenue Service (IRS), Treasury.
Notice and request for comments.
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 1125-A, Cost of Goods Sold.
Written comments should be received on or before September 26, 2011 to be assured of consideration.
Direct all written comments to Yvette Lawrence, Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or copies of the form and instructions should be directed to Joel Goldberger, (202) 927-9368, at Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet at Joel.P.Goldberger@irs.gov.End Further Info End Preamble Start Supplemental Information
Title: Cost of Goods Sold.
OMB Number: 1545-XXXX.
Form Number: Form 1125-A.
Abstract: 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, would be attached to form 1120, as well as to other forms that require this information.
Current Actions: This new form is being submitted for OMB approval.
Type of Review: New collection.
Affected Public: Businesses and other for-profit organizations.
Estimated Number of Respondents: 3,560,000.
Estimated Time per Respondent: 8 hours 47 minutes.
Estimated Total Annual Burden Hours: 31,185,600.
The following paragraph applies to all of the collections of information covered by this notice:Start Printed Page 44658
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number.
Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record.
Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.Start Signature
Approved: July 18, 2011.
IRS Reports Clearance Officer.
[FR Doc. 2011-18781 Filed 7-25-11; 8:45 am]
BILLING CODE 4830-01-P