ACCOUNTING FOR LONG-TERM CONTRACTS -- LR-274-81 (FINAL)

OMB Control No: 1545-0736	ICR Reference No: 199202-1545-008
Status: Historical Active	Previous ICR Reference No: 198901-1545-014
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: ACCOUNTING FOR LONG-TERM CONTRACTS -- LR-274-81 (FINAL)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/04/1992
Retrieve Notice of Action (NOA)	Date Received in OIRA: 02/03/1992
Terms of Clearance: Aproved through March 1994. The information collections in these regulations have been in effect since January 1986. As part of its next request for review of the information collections in these regulations, the Department should ensure that the Department has documented IRS use of the information and consultations with the affected public. Documentation should include answers to questions suc as: 1) the extent to which the informaton required by these regulation has been used for tax administration, 2) how difficult has it been for taxpayers to comply with the recordkeeping requirements, 3) what specific comments have been received from taxpayers, and 4) when and from whom were the comments received?

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/1994	03/31/1994	04/30/1992
Responses	1,000	0	1,000
Time Burden (Hours)	10,010	0	110,000
Cost Burden (Dollars)	0	0	0

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Abstract: THESE RECORDKEEPING REQUIREMENTS ARE NECESSARY TO DETERMINE WHETHER TH TAXPAYER PROPERLY ALLOCATES INDIRECT CONTRACT COSTS TO EXTENDED PERIOD LONG-TERM CONTRACTS IN ACCORDANCE WITH THE PROPOSED REGULATIONS. THE RECORDKEEPING REQUIREMENT IS EFFECTIVE TO TAXABLE YEARS BEGINNING AFTER 1982. THE INFORMATION WILL BE USED TO VERIFY THE TAXPAYER'S ALLOCATIONS OF CERTAIN INDIRECT COSTS.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title Form No. Form Name ACCOUNTING FOR LONG-TERM CONTRACTS -- LR-274-81 (FINAL)

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	1,000	1,000	0	0	0	0
Annual Time Burden (Hours)	10,010	110,000	0	-99,990	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:
		(a) It is necessary for the proper performance of agency functions;
		(b) It avoids unnecessary duplication;
		(c) It reduces burden on small entities;
		(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
		(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
		(f) It indicates the retention periods for recordkeeping requirements;
		(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
			(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;
		(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
		(i) It uses effective and efficient statistical survey methodology (if applicable); and
		(j) It makes appropriate use of information technology.
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.
Certification Date: 02/03/1992

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