82_FR_45863 82 FR 45675 - Proposed Collection; Comment Request for Form 1099-C and TD 9793

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)

Page Range45675-45676
FR Document2017-20875

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 Issue 188 (Friday, September 29, 2017) 
[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

Federal Register / Vol. 82, No. 188 / Friday, September 29, 2017 / Notices 45675 DEPARTMENT OF THE TREASURY The following paragraph applies to all 36-month non-payment testing period of the collections of information covered rule. Internal Revenue Service by this notice: DATES: Written comments should be An agency may not conduct or received on or before November 28, Proposed Collection; Comment sponsor, and a person is not required to Request for Regulation Project 2017 to be assured of consideration. respond to, a collection of information ADDRESSES: Direct all written comments AGENCY: Internal Revenue Service (IRS), unless the collection of information to L. Brimmer, Internal Revenue Treasury. displays a valid OMB control number. Service, Room 6526, 1111 Constitution ACTION: Notice and request for Books or records relating to a collection Avenue NW., Washington, DC 20224. comments. of information must be retained as long Requests for additional information or as their contents may become material copies of the form and instructions SUMMARY: The Internal Revenue Service, in the administration of any internal as part of its continuing effort to reduce should be directed to Sara Covington, at revenue law. Generally, tax returns and Internal Revenue Service, Room 6526, paperwork and respondent burden, tax return information are confidential, invites the general public and other 1111 Constitution Avenue NW., as required by 26 U.S.C. 6103. Washington, DC 20224 or through the Federal agencies to take this Request for Comments: Comments opportunity to comment on information Internet at Sara.L.Covington@irs,gov. submitted in response to this notice will SUPPLEMENTARY INFORMATION: collections, as required by the be summarized and/or included in the Paperwork Reduction Act of 1995. The Title: Cancellation of Debt. request for OMB approval. All OMB Number: 1545–1424. IRS is soliciting comments concerning comments will become a matter of certain returned magazines, paperbacks, Form Number: 1099–C. public record. Comments are invited on: Regulation Project Number: TD 9793. or records. (a) Whether the collection of DATES: Written comments should be Abstract: Form 1099–C is used by information is necessary for the proper Federal government agencies, financial received on or before November 28, performance of the functions of the 2017 to be assured of consideration. institutions, and credit unions to report agency, including whether the the cancellation or forgiveness of a debt ADDRESSES: Direct all written comments information shall have practical utility; of $600 or more, as required by section to L. Brimmer, Internal Revenue (b) the accuracy of the agency’s estimate 6050P of the Internal Revenue Code. Service, Room 6526, 1111 Constitution of the burden of the collection of The IRS uses the form to verify Avenue NW., Washington, DC 20224. information; (c) ways to enhance the Requests for additional information or compliance with the reporting rules and quality, utility, and clarity of the to verify that the debtor has included copies of the regulation should be information to be collected; (d) ways to directed to Sara Covington, at Internal the proper amount of canceled debt in minimize the burden of the collection of income on his or her income tax return. Revenue Service, Room 6526, 1111 information on respondents, including Constitution Avenue NW., Washington, TD: 9793. through the use of automated collection Abstract: These regulations under DC 20224 or, through the Internet, at techniques or other forms of information Sara.L.Covington@irs.gov. section 6050P of the Internal Revenue technology; and (e) estimates of capital Code (Code), relating to the rule in SUPPLEMENTARY INFORMATION: or start-up costs and costs of operation, Title: Certain Returned Magazines, § 1.6050P–1(b)(2)(iv) that the 36-month maintenance, and purchase of services non-payment testing period is an Paperbacks, or Records. to provide information. OMB Number: 1545–0879. Regulation identifiable event triggering an Project Number: TD 8426 (IA–195–78). Approved: September 21, 2017. information reporting obligation on Abstract: The regulations provide L. Brimmer, Form 1099–C for discharge of rules relating to an exclusion from gross Senior Tax Analyst. indebtedness by certain entities. income for certain returned [FR Doc. 2017–20874 Filed 9–28–17; 8:45 am] Current Actions: There are no major merchandise. The regulations provide changes being made to the form or BILLING CODE 4830–01–P that in addition to physical return of the regulations. However, there are changes merchandise, a written statement listing to the estimated number of filers certain information may constitute DEPARTMENT OF THE TREASURY (3,885,872 to 6,540,900) will result in a evidence of the return. Taxpayers who total burden increase of 584,106 receive physical evidence of the return Internal Revenue Service (854,892 to 1,438,998). may, in lieu of retaining physical Type of Review: Revision of a evidence, retain documentary evidence Proposed Collection; Comment currently approved collection. of the return. Taxpayers in the trade or Request for Form 1099–C and TD 9793 Affected Public: Business or other for- business of selling magazines, profit organizations, not-for-profit AGENCY: Internal Revenue Service (IRS), institutions, and the Federal paperbacks, or records, who elect a Treasury. certain method of accounting, are government. affected. ACTION: Notice and request for Estimated Number of Responses: Current Actions: There is no change to comments. 6,540,900. this existing regulation. Estimated Time per Response: 13 min. Type of Review: Extension of a SUMMARY: The Internal Revenue Service, Estimated Total Annual Burden asabaliauskas on DSKBBXCHB2PROD with NOTICES currently approved collection. as part of its continuing effort to reduce Hours: 1,438,998. Affected Public: Business or other for- paperwork and respondent burden, The following paragraph applies to all profit organizations. invites the general public and other of the collections of information covered Estimated Number of Respondents: Federal agencies to take this by this notice: 19,500. opportunity to comment on information An agency may not conduct or Estimated Time per Respondent: 25 collections, as required by the sponsor, and a person is not required to minutes. Paperwork Reduction Act of 1995. The respond to, a collection of information Estimated Total Annual Burden IRS is soliciting comments concerning unless the collection of information Hours: 8,125 hours. cancellation of debt and removal of the displays a valid OMB control number. VerDate Sep<11>2014 18:50 Sep 28, 2017 Jkt 241001 PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 E:\FR\FM\29SEN1.SGM 29SEN1

45676 Federal Register / Vol. 82, No. 188 / Friday, September 29, 2017 / Notices Books or records relating to a collection directed to Martha R. Brinson, Internal information to be collected; (d) ways to of information must be retained as long Revenue Service, Room 6526, 1111 minimize the burden of the collection of as their contents may become material Constitution Avenue NW., Washington, information on respondents, including in the administration of any internal DC 20224, or through the Internet at through the use of automated collection revenue law. Generally, tax returns and Martha.R.Brinson@irs.gov. techniques or other forms of information tax return information are confidential, SUPPLEMENTARY INFORMATION: technology; and (e) estimates of capital as required by 26 U.S.C. 6103. Title: Amortizable Bond Premium. or start-up costs and costs of operation, Request for Comments: Comments OMB Number: 1545–1491. maintenance, and purchase of services submitted in response to this notice will Regulation Project Number: T.D. 8746. to provide information. be summarized and/or included in the Abstract: This regulation addresses Approved: September 21, 2017. request for OMB approval. All the tax treatment of bond premium. The L. Brimmer, comments will become a matter of regulation provides that a holder may public record. Comments are invited on: Senior Tax Analyst. make an election to amortize bond [FR Doc. 2017–20872 Filed 9–28–17; 8:45 am] (a) Whether the collection of premium by offsetting interest income information is necessary for the proper with bond premium, and the holder BILLING CODE 4830–01–P performance of the functions of the must attach a statement to their tax agency, including whether the return providing certain information. information shall have practical utility; DEPARTMENT OF THE TREASURY The regulation also provides that a (b) the accuracy of the agency’s estimate taxpayer may receive automatic consent of the burden of the collection of Internal Revenue Service to change its method of accounting for information; (c) ways to enhance the Proposed Collection; Comment premium provided the taxpayer attaches quality, utility, and clarity of the Request for Regulation Project a statement to its tax return. The information to be collected; (d) ways to information requested is necessary for minimize the burden of the collection of AGENCY: Internal Revenue Service (IRS), the IRS to determine whether an issuer information on respondents, including Treasury. or a holder has changed its method of through the use of automated collection ACTION: Notice and request for accounting for premium. techniques or other forms of information comments. Current Actions: There is no change to technology; and (e) estimates of capital this existing regulation. SUMMARY: The Internal Revenue Service, or start-up costs and costs of operation, Type of Review: Extension of a as part of its continuing effort to reduce maintenance, and purchase of services currently approved collection. paperwork and respondent burden, to provide information. Affected Public: Businesses or other invites the general public and other Approved: September 21, 2017. for-profit organizations and individuals. L. Brimmer, Federal agencies to take this Estimated Number of Respondents: opportunity to comment on proposed Senior Tax Analyst. 10,000. and/or continuing information [FR Doc. 2017–20875 Filed 9–28–17; 8:45 am] Estimated Time per Respondent: 45 collections, as required by the BILLING CODE 4830–01–P minutes. Paperwork Reduction Act of 1995. The Estimated Total Annual Burden IRS is soliciting comments concerning Hours: 7,500. information collection requirements DEPARTMENT OF THE TREASURY The following paragraph applies to all related to additional first year of the collections of information covered depreciation deduction. Internal Revenue Service by this notice: DATES: Written comments should be An agency may not conduct or Proposed Collection; Comment received on or before November 28, sponsor, and a person is not required to Request for Regulation Project 2017 to be assured of consideration. respond to, a collection of information AGENCY: Internal Revenue Service (IRS), unless the collection of information ADDRESSES: Direct all written comments Treasury. displays a valid OMB control number. to L. Brimmer, Internal Revenue ACTION: Notice and request for Books or records relating to a collection Service, Room 6526, 1111 Constitution comments. of information must be retained as long Avenue NW., Washington, DC 20224. as their contents may become material Requests for additional information or SUMMARY: The Internal Revenue Service in the administration of any internal copies of the regulation should be (IRS), as part of its continuing effort to revenue law. Generally, tax returns and directed to Sara Covington, at the reduce paperwork and respondent tax return information are confidential, Internal Revenue Service, Room 6526, burden, invites the general public and as required by 26 U.S.C. 6103. 1111 Constitution Avenue NW., other Federal agencies to take this Request for Comments: Comments Washington, DC 20224, or through the opportunity to comment on information submitted in response to this notice will internet at Sara.L.Covington@irs.gov. collections, as required by the be summarized and/or included in the SUPPLEMENTARY INFORMATION: Paperwork Reduction Act of 1995. The request for OMB approval. All Title: Additional First Year IRS is soliciting comments concerning comments will become a matter of Depreciation Deduction. amortizable bond premium. public record. Comments are invited on: OMB Number: 1545–2207. DATES: Written comments should be asabaliauskas on DSKBBXCHB2PROD with NOTICES (a) Whether the collection of Regulation Project Number: Revenue received on or before November 28, information is necessary for the proper Procedure 2011–26, 2017 to be assured of consideration. performance of the functions of the Abstract: This revenue procedure ADDRESSES: Direct all written comments agency, including whether the provides guidance under § 2022(a) of to L. Brimmer, Internal Revenue information shall have practical utility; the Small Business Jobs Act of 2010, Service, Room 6526, 1111 Constitution (b) the accuracy of the agency’s estimate Public Law 111–240, 124 Stat. 2504 Avenue NW., Washington, DC 20224. of the burden of the collection of (September 27, 2010) (SBJA), and Requests for additional information or information; (c) ways to enhance the § 401(a) and (b) of the Tax Relief, copies of the regulations should be quality, utility, and clarity of the Unemployment Insurance VerDate Sep<11>2014 18:50 Sep 28, 2017 Jkt 241001 PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 E:\FR\FM\29SEN1.SGM 29SEN1


Document Created: 2017-09-29 03:26:42
Document Modified: 2017-09-29 03:26:42
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice and request for comments.
DatesWritten comments should be received on or before November 28, 2017 to be assured of consideration.
FR Citation82 FR 45675 
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