[Federal Register Volume 84, Number 230 (Friday, November 29, 2019)]
[Notices]
[Pages 65898-65899]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-25881]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request on Returns Regarding Payments of 
Interest

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the public and other 
Federal agencies to take this opportunity to comment on proposed and/or 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. Currently, the IRS is soliciting comments 
concerning the collection of information related to the requirements 
for reporting on returns regarding payments of interest.

DATES: Written comments should be received on or before January 28, 
2020 to be assured of consideration.

ADDRESSES: Direct all written comments to Philippe Thomas, Internal 
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be directed to R. Joseph Durbala, at Internal Revenue Service, 
Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or 
through the internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Returns regarding payments of interest.
    OMB Number: 1545-0112.
    Regulatory Number: TD 7873.
    Form Number: 1099-INT.
    Abstract: IRC section 6049 requires payers of interest of $10 or 
more to file

[[Page 65899]]

a return showing the aggregate amount of interest paid to a payee. 
Regulations sections 1.6049 4 and 1.6049 7 require Form 1099-INT to be 
used to report this information. IRC section 6041 and Regulations 
section 1.6041 1 require persons paying interest (that is not covered 
under section 6049) of $600 or more in the course of their trades or 
businesses to report that interest on Form 1099-INT. IRS uses Form 
1099-INT to verify compliance with the reporting rules and to verify 
that the recipient has included the proper amount of interest on his or 
her income tax return.
    Current Actions: There is no change to the burden previously 
approved by OMB. This form is being submitted for renewal purposes 
only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
Federal Government, individuals or households, and not-for-profit 
institutions.
    Estimated Number of Responses: 141,555,000.
    Estimated Time per Respondent: 13 min.
    Estimated Total Annual Burden Hours: 46,403,150.
    The following paragraph applies to all the collections of 
information covered by this notice:
    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.
    Books or records relating to a collection of information must be 
retained if their contents may become material in the administration of 
any internal revenue law. Generally, tax returns and tax return 
information are confidential, as required by 26 U.S.C. 6103.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: November 22, 2019.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2019-25881 Filed 11-27-19; 8:45 am]
 BILLING CODE 4830-01-P