Table of Contents
We ask for the information on these forms in order to carry out the Internal Revenue laws of the United States. Section 4101 and its regulations require you to file an information return with the IRS. Form 720-CS is used to report the information. Section 6109 requires you to provide your taxpayer identification number. Routine uses of tax information include giving it to the Department of Justice for civil and criminal litigation, and to cities, states, the District of Columbia, and U.S. commonwealths and possessions for use in administering their tax laws. We may also disclose this information to foreign countries pursuant to tax treaty and federal and state agencies to enforce federal nontax criminal laws and to combat terrorism. If you fail to provide this information in a timely manner, you may be subject to penalties.
You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103.
The time needed to complete and file these forms will vary depending on individual circumstances. The estimated average times are:
|Learning about||Preparing, copying, assembling,|
|Form||Recordkeeping||the law or||and sending the|
|the form||form to the IRS|
|720-CS||16 hr., 2 min.||30 min.||45 min.|
If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. You can write to the Internal Revenue Service, Tax Products Coordinating Committee, SE:W:CAR:MP:T:T:SP, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not send the tax form to this address. Instead, see Where To File on page 1.
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