OMB understands that the IRS is currently in the process of revising the methodology it uses to estimate burden and costs. OMB expects that future ICRs under this OMB control number will include dollar estimates of annual burden costs to taxpayers calculated using this revised methodology.
Inventory as of this Action
Requested
Previously Approved
12/31/2023
36 Months From Approved
12/31/2020
12,313,626
0
12,313,626
448,368,447
0
448,368,447
0
0
0
Taxpayers use Form 4562 to: claim a deduction for depreciation and/or amortization; make a section 179 election to expense depreciable assets; and answer questions regarding the use of automobiles and other listed property to substantiate the business use under section 274(d).
PL:
Pub.L. 114 - 113 143(b)(4)
Name of Law: PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015
US Code:
26 USC 274(d)(4)
Name of Law: Disallowanc of certain entertainment, ect, expenses
PL:
Pub.L. 114 - 113 143(b)(1)
Name of Law: PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015
US Code:
26 USC 179
Name of Law: Election to expense certain depreciable business assets
US Code:
26 USC 280F
Name of Law: Limitation on depreciation for luxury automobiles
US Code:
26 USC 164
Name of Law: Deduction forTaxes
PL:
Pub.L. 114 - 113 143(b)(3)
Name of Law: PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015
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.
Form 4562 Depreciation and Amortization (Including Information on Listed Property)
2020 SS 1545-0172.docx
Depreciation and Amortization (Including Information on Listed Property)