OMB.report

Federal forms, ICRs, and supporting documents

Information Collection Request

Internet Computation Under the Look-Back Method for Completed Long-Term Contracts

ICR 200809-1545-003 · OMB 1545-1031 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
Form 8697 Internet Computation Under the Look-Back Method for Completed Long-Term Contracts Form Modified Available
8697.Sup.doc Supporting Statement A Uploaded 2008-09-26 Available
Expiration Explanation.rtf Supplementary Document Uploaded 2008-09-05 Available
part 1 burden.PDF Supplementary Document Uploaded 2008-09-05 Repair queued
IC Document Collections
IC IDCollectionTypeStatusForm
39997 Internet Computation Under the Look-Back Method for Completed Long-Term Contracts Form Modified
ICR Details
1545-1031 200809-1545-003
Historical Active 200603-1545-032
TREAS/IRS ah-1031-003
Internet Computation Under the Look-Back Method for Completed Long-Term Contracts
Revision of a currently approved collection   No
Regular
Approved without change 12/17/2008
Retrieve Notice of Action (NOA) 09/29/2008
  Inventory as of this Action Requested Previously Approved
12/31/2011 36 Months From Approved 12/31/2008
3,333 0 3,333
40,557 0 45,556
0 0 0
Taxpayers required to account for all or part of any long-term contract entered into after February 28, 1986, under the percentage of completion method must use Form 8697 to compute and report interest due or to be refunded under IRC section 460(b)(3). The IRS uses Form 8697 to determine if the interest has been figured correctly. Taxpayers may compute interest using the actual method (Part I) or the Simplified Marginal Impact Method (Part II).
US Code: 26 USC 460(b)(3) Name of Law: Special rules.
  
None
Not associated with rulemaking
  73 FR 36592 06/27/2008
73 FR 55595 09/25/2008
No
  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 3,333 3,333 0 0 0 0
Annual Time Burden (Hours) 40,557 45,556 0 0 -4,999 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
Deleted 18 code references for a net decrease in 4,999 burden hours. Also, there is an adjustment to more accurately reflect the number of responses per year.
$5,572
No
No
Uncollected
Uncollected
Uncollected
Uncollected
D Decasseres 2029274268
  No
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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
09/29/2008