SECTION 6. PAPERWORK

REDUCTION ACT

The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545–1551. 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. The collection of information in this revenue procedure is in section 3.03. This information is necessary and will be used to determine whether the taxpayer properly changed to a permitted method of accounting. The collections of information are required for the taxpayer to obtain consent to change its method of accounting. The likely respondents are the following: individuals,

farms, business or other for-profit institutions, nonprofit institutions, and small businesses or organizations that use an accrual method of accounting. The estimated cumulative annual reporting and/ or recordkeeping burden for the method changes described under OMB control number 1545-1551 before this revenue procedure is 27,336 respondents, and a total annual reporting and/or recordkeeping burden of 30,580 hours. The estimated annual burden per respondent/recordkeeper under OMB control number 1545-1551 before this revenue procedure varies from 1/6 hour to 8½ hours, depending on individual circumstances, with an estimated average of 1¼ hours.

The estimated cumulative annual reporting and/or recordkeeping burden for the method changes described under OMB control number 1545-1551 after this revenue procedure is accounted for is 27,346 respondents, and a total annual reporting and/or recordkeeping burden is 31,479 hours. The change described in section 3.03 of this revenue procedure has an estimated annual burden per respondent/recordkeeper that varies from 3/4 hour to 2¼ hours, depending on individual circumstances, with an estimated average of 1½ hours. The estimated number of respondents is 80. The estimated annual frequency of responses is on occasion.