Notice2023-00568
Proposed Collection; Comment Request Concerning Information Reporting for Hedging Transactions, and Third-Party Network Transactions
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
January 13, 2023
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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning information reporting for hedging transactions, and third-party network transactions.
Full Text
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<title>Federal Register, Volume 88 Issue 9 (Friday, January 13, 2023)</title>
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[Federal Register Volume 88, Number 9 (Friday, January 13, 2023)]
[Notices]
[Page 2389]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-00568]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request Concerning Information
Reporting for Hedging Transactions, and Third-Party Network
Transactions
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
continuing information collections, as required by the Paperwork
Reduction Act of 1995. The IRS is soliciting comments concerning
information reporting for hedging transactions, and third-party network
transactions.
DATES: Written comments should be received on or before March 14, 2023
to be assured of consideration.
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#dfafadbef1bcb0b2b2bab1abac9fb6adacf1b8b0a9"><span class="__cf_email__" data-cfemail="2c5c5e4d024f4341414942585f6c455e5f024b435a">[email protected]</span></a>. Include OMB control number
1545-1480 or comments concerning information reporting for hedging
transactions.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulation should be directed to Kerry Dennis at (202)
317-5751, or 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#f2b99780808bdcbedcb6979c9c9b81b29b8081dc959d84"><span class="__cf_email__" data-cfemail="8ac1eff8f8f3a4c6a4ceefe4e4e3f9cae3f8f9a4ede5fc">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Hedging Transactions.
OMB Number: 1545-1480.
Regulation Project Number: T.D. 8985.
Abstract: TD 8985 contains final regulations relating to the
character of gain or loss from hedging transactions. The regulations
reflect changes to the law made by the Ticket to Work and Work
Incentives Improvement Act of 1999. The regulations affect businesses
entering in to hedging transactions.
Current Actions: There are no changes to burden.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 167,100.
Estimated Time per Respondent: 8 hours.
Estimated Total Annual Burden Hours: 171,050 hours.
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.
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: January 9, 2023.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2023-00568 Filed 1-12-23; 8:45 am]
BILLING CODE 4830-01-P
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