[Federal Register Volume 81, Number 248 (Tuesday, December 27, 2016)]
[Notices]
[Pages 95308-95309]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-31202]
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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. 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 February 27,
2017 to be assured of consideration.
ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal
Revenue Service, Room 6526, 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 Allan Hopkins
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 are no changes being made to this collection
at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses and other for-profit organizations.
Estimated Number of Respondents: 3,000.
Estimated Time per Respondent: 111 hours, 54 minutes.
Estimated Total Annual Burden Hours: 335,700.
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
[[Page 95309]]
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: December 21, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016-31202 Filed 12-23-16; 8:45 am]
BILLING CODE 4830-01-P