Notice2022-25074
Proposed Collection; Requesting Comments on Form 1098-F
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 17, 2022
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
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. The IRS is soliciting comments concerning Form 1098-F (Fines, Penalties, and Other Amounts).
Full Text
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<title>Federal Register, Volume 87 Issue 221 (Thursday, November 17, 2022)</title>
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[Federal Register Volume 87, Number 221 (Thursday, November 17, 2022)]
[Notices]
[Pages 69077-69078]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-25074]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting Comments on Form 1098-F
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. The IRS is soliciting comments
concerning Form 1098-F (Fines, Penalties, and Other Amounts).
DATES: Written comments should be received on or before January 16,
2023 to be assured of consideration.
[[Page 69078]]
ADDRESSES: Direct all written comments to Andres Garcia, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224, or by email to <a href="/cdn-cgi/l/email-protection#f3838192dd909c9e9e969d8780b39a8180dd949c85"><span class="__cf_email__" data-cfemail="4f3f3d2e612c2022222a213b3c0f263d3c61282039">[email protected]</span></a>. Include OMB Control No.
1545-1276 in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this collection should be directed to Jon Callahan, (737)
800-7639, at Internal Revenue Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or through the internet at
<a href="/cdn-cgi/l/email-protection#99f3f6f7b7ebb7faf8f5f5f8f1f8f7d9f0ebeab7fef6ef"><span class="__cf_email__" data-cfemail="1a707574346834797b76767b727b745a736869347d756c">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: Form 1098-F--Fines, Penalties, and Other Amounts.
OMB Number: 1545-2284.
Form Number: 1098-F.
Abstract: Public Law 115-97, Tax Cuts and Jobs Act of 2017 (TCJA),
amended Internal Revenue Code (IRC) section 162(f) regarding allowable
deductions of fines, penalties, and other amounts paid to, or at the
direction of, a government or governmental entity in relation to the
violation of any law or the investigation or inquiry by such government
or entity into the potential violation of any law. The TCJA also added
IRC section 6050X, requiring the official of any government or entity
described in IRC section 162(f)(5) to file an information return with
respect to certain fines, penalties, and other amounts paid. Treasury
Decision (TD) 9946 contains final regulations providing guidance on IRC
sections 162(f) and 6050X. Treasury Regulations section 1.6050X-1
provides guidance on the information reporting requirements of IRC
section 6050X and names Form 1098-F as the return to report the
information. Form 1098-F is used to report the amounts paid as required
by IRC section 6050X to the IRS and provide a statement to the payer.
Current Actions: The form and instructions have been revised to
reflect the rules under the final regulations for IRC section 6050X.
There is no change in burden due to the revisions. However, the number
of responses has increased due to better estimates.
Type of Review: Revision of a currently approved collection.
Affected Public: Federal government, State, Local, or Tribal
Government.
Estimated Number of Responses: 137,500.
Estimated Time per Respondent: 7 minutes.
Estimated Total Annual Burden Hours: 16,500.
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: November 14, 2022.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2022-25074 Filed 11-16-22; 8:45 am]
BILLING CODE 4830-01-P
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