82 FR 45675 - Proposed Collection; Comment Request for Form 1099-C and TD 9793

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 188 (September 29, 2017)

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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning cancellation of debt and removal of the 36-month non-payment testing period rule.

[Federal Register Volume 82, Number 188 (Friday, September 29, 2017)]
[Notices]
[Pages 45675-45676]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-20875]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1099-C and TD 9793

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 
information collections, as required by the Paperwork Reduction Act of 
1995. The IRS is soliciting comments concerning cancellation of debt 
and removal of the 36-month non-payment testing period rule.

DATES: Written comments should be received on or before November 28, 
2017 to be assured of consideration.

ADDRESSES: Direct all written comments to L. Brimmer, 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 Sara Covington, at Internal Revenue 
Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224 
or through the Internet at [email protected],gov.

SUPPLEMENTARY INFORMATION: 
    Title: Cancellation of Debt.
    OMB Number: 1545-1424.
    Form Number: 1099-C.
    Regulation Project Number: TD 9793.
    Abstract: Form 1099-C is used by Federal government agencies, 
financial institutions, and credit unions to report the cancellation or 
forgiveness of a debt of $600 or more, as required by section 6050P of 
the Internal Revenue Code. The IRS uses the form to verify compliance 
with the reporting rules and to verify that the debtor has included the 
proper amount of canceled debt in income on his or her income tax 
return.
    TD: 9793.
    Abstract: These regulations under section 6050P of the Internal 
Revenue Code (Code), relating to the rule in Sec.  1.6050P-1(b)(2)(iv) 
that the 36-month non-payment testing period is an identifiable event 
triggering an information reporting obligation on Form 1099-C for 
discharge of indebtedness by certain entities.
    Current Actions: There are no major changes being made to the form 
or regulations. However, there are changes to the estimated number of 
filers (3,885,872 to 6,540,900) will result in a total burden increase 
of 584,106 (854,892 to 1,438,998).
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations, not-
for-profit institutions, and the Federal government.
    Estimated Number of Responses: 6,540,900.
    Estimated Time per Response: 13 min.
    Estimated Total Annual Burden Hours: 1,438,998.
    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.

[[Page 45676]]

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: September 21, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-20875 Filed 9-28-17; 8:45 am]
 BILLING CODE 4830-01-P