[Federal Register Volume 76, Number 143 (Tuesday, July 26, 2011)]
[Notices]
[Pages 44657-44658]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-18781]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1125-A

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 1125-A, Cost of Goods Sold.

DATES: Written comments should be received on or before September 26, 
2011 to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette Lawrence, 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 Joel 
Goldberger, (202) 927-9368, at Internal Revenue Service, room 6129, 
1111 Constitution Avenue, NW., Washington, DC 20224, or through the 
Internet at [email protected].

SUPPLEMENTARY 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:

[[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.

    Approved: July 18, 2011.
Gerald Shields,
IRS Reports Clearance Officer.
[FR Doc. 2011-18781 Filed 7-25-11; 8:45 am]
BILLING CODE 4830-01-P