[Federal Register Volume 75, Number 122 (Friday, June 25, 2010)]
[Notices]
[Pages 36478-36479]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-15406]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1120-C
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: 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 1120-C, U.S. Income Tax Return for Cooperative Associations.
DATES: Written comments should be received on or before August 24, 2010
to be assured of consideration.
ADDRESSES: Direct all written comments to Gerald J. Shields, Internal
Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to R. Joseph
Durbala, (202) 622-3634, at Internal Revenue Service, room 6129, 1111
Constitution Avenue NW., Washington, DC 20224, or through the Internet
at [email protected].
SUPPLEMENTARY INFORMATION:
Title: U.S. Income Tax Return for Cooperative Associations.
OMB Number: 1545-2052.
Form Number: 1120-C.
Abstract: IRS Code section 1381 requires subchapter T cooperatives
to file returns. Previously, farmers' cooperatives filed Form 990-C and
other subchapter T cooperatives filed Form 1120. If the subchapter T
cooperative does not meet certain requirements, the due date of their
return is two and one-half months after the end of their tax year which
is the same as the due date for all other corporations. The due date
for income tax returns filed by subchapter T cooperatives who meet
certain requirements is eight and one-half months after the end of
their tax year. Cooperatives who filed their income tax returns on Form
1120 were considered to be late and penalties were assessed since they
had not filed by the normal due date for Form 1120. Due to the
assessment of the penalties, burden was placed on the taxpayer and on
the IRS employees to resolve the issue. Proposed regulations (Reg-
149436-04) published in the Federal Register (71 FR 43811), proposes
that all subchapter T cooperatives will file Form 1120-C, U.S. Income
Tax Return for Cooperative Associations.
Current Actions: There is no change in the paperwork burden
previously approved by OMB. This form is being submitted for renewal
purposes only.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses and other for-profit organizations.
Estimated Number of Respondents: 4,000.
Estimated Time per Respondent: 107 hours, 36 minutes.
[[Page 36479]]
Estimated Total Annual Burden Hours: 430,400.
The following paragraph applies to all of the collections of
information covered by this notice:
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.
Approved: June 14, 2010.
Gerald J. Shields,
IRS Supervisory Tax Analyst.
[FR Doc. 2010-15406 Filed 6-24-10; 8:45 am]
BILLING CODE 4830-01-P