IRS modified the short statement and supporting statement to address changes due to new tax laws and changes due to discretionary actions, as well as more recent estimates of respondents and burden.
Inventory as of this Action
Requested
Previously Approved
02/28/2014
36 Months From Approved
01/31/2011
12,313,626
0
4,800,000
448,368,447
0
217,872,000
0
0
0
Taxpayers use Form 4562 to: (1 claim a deduction for depreciation and/or amortization; (2) make a section 179 election to expense depreciable assets; and (3) answer questions regarding the use of automobiles and other listed property to substantiate the business use under section 274(d).
US Code:
26 USC 179
Name of Law: Election to expense certain depreciable business assets
US Code:
26 USC 274(d)
Name of Law: Disallowance of certain entertainment, etc., expenses
US Code:
26 USC 280F
Name of Law: Limitation on depreciation for luxury automobiles
US Code:
26 USC 164
Name of Law: Taxes
PL:
Pub.L. 111 - 5 1201(a)
Name of Law: American Recovery and Reinvestment Act of 2009
PL:
Pub.L. 111 - 5 1201(b)
Name of Law: American Recovery and Reinvestment Act of 2009
PL: Pub.L. 111 - 240 2021(a)(1)(B) Name of Law: Small Business Jobs Act of 2010
PL: Pub.L. 111 - 240 2021(a)(2)(B) Name of Law: Small Business Jobs Act of 2010
Form 4562 is used to; claim the deduction for depreciation and amotization, make the election under section 179to expense certain property, and provide information on the business/investment use of automobiles and other listed property.
Adjustments have been made to this collection to more accurately reflect the Agency estimates of the number of filers to the form and the associated burden. This includes;
* An increase in the estimated number of filers of the form by 7,331,126.
* The creation of a new IC to account for the burden associated with the use and completion of the Depreciation and Amortization Worksheet (located in the instructions). This results in an adjustment increase of 182,500 responses and 487,275 burden hours.
* A correction was also made to the burden associated with the Form 4562 to account for inconsistencies within this collection by decreasing the burden by 960,000 hours.
The end result of these adjustments results in a total adjustment increase of 7,513,626 estimated responses and a total burden decrease adjustment of 472,725 hours.
Changes were also made to the form and instructions to account for changes in the tax laws;
For tax years beginnin after 2009, cellular telephones and similar telecommunications equipment have been removed from the definition of listed property. For tax years beginning in 2010; the maximum section 179 esxpense deduction changed to $500,000, the definition of section 179 property has been expanded to include certain qualified real property, and for qualified property aquired after September 8, 2010, taxpayer may be able to take a depreciation deduction of 100% of the cost of the property. The changes made to the form and instructions have resulted in total burden increase of 331,293,584 hours as a result of agency discretion and a total burden decrease of 100,324,412 hours related to the changes in Statute.
$39,100
No
No
No
No
Yes
Uncollected
Emile Beausejour 2026228003
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.
Supporting Statement [Form 4562].doc
2010 Summary of Changes.pdf
Depreciation and Amortization (Form)