[Federal Register Volume 85, Number 138 (Friday, July 17, 2020)]
[Notices]
[Page 43648]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-15440]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Proceeds From Broker and
Barter Exchange Transactions, Form 1099-B
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 general 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 Form 1099-B, Proceeds From Broker and Barter
Exchange Transactions.
DATES: Written comments should be received on or before September 15,
2020 to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224. Requests for additional information or copies of the form and
instructions should be directed to LaNita Van Dyke, at Internal Revenue
Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224
or through the internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Proceeds From Broker and Barter Exchange Transactions.
OMB Number: 1545-0715.
Form Number: Form 1099-B.
Abstract: Internal Revenue Code section 6045 requires the filing of
an information return by brokers to report the gross proceeds from
transactions and by barter exchanges to report exchanges of property or
services. Form 1099-B is used to report proceeds from these
transactions to the Internal Revenue Service. Current Actions: There
are no changes in the paperwork burden previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations and
individuals.
Estimated Number of Responses: 1,434,809,803.
Estimated Time per Response: 47 minutes.
Estimated Total Annual Burden Hours: 674,360,608.
The following paragraph applies to all of 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 as long as
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.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information shall have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Approved: July 6, 2020.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2020-15440 Filed 7-16-20; 8:45 am]
BILLING CODE 4830-01-P