Notice2023-16909
Proposed Collection; Comment Request for Form 1099-INT
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
August 8, 2023
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
The Internal Revenue Service (IRS), 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 returns regarding payments of interest.
Full Text
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<title>Federal Register, Volume 88 Issue 151 (Tuesday, August 8, 2023)</title>
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[Federal Register Volume 88, Number 151 (Tuesday, August 8, 2023)]
[Notices]
[Pages 53601-53602]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-16909]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1099-INT
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Internal Revenue Service (IRS), 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 returns regarding
payments of interest.
DATES: Written comments should be received on or before October 10,
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#215153400f424e4c4c444f5552614853520f464e57"><span class="__cf_email__" data-cfemail="c2b2b0a3eca1adafafa7acb6b182abb0b1eca5adb4">[email protected]</span></a>. Include ``OMB Number 1545-
0112-Interest Income'' in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this collection should be directed to Martha R. Brinson, at
(202) 317-5753, 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#4c012d3e38242d621e620e3e25223f23220c253e3f622b233a"><span class="__cf_email__" data-cfemail="4904283b3d2128671b670b3b20273a262709203b3a672e263f">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Interest Income.
OMB Number: 1545-0112.
Form Number: 1099-INT.
Regulation Number: TD 7873.
Abstract: IRC section 6049 requires payers of interest of $10 or
more to file a return showing the aggregate amount of interest paid to
a payee. Regulations sections 1.6049-4 and 1.6049-7 require Form 1099-
INT to be used to report this information. IRC section 6041 and
Regulations section 1.6041-1 require persons paying interest (that is
not
[[Page 53602]]
covered under section 6049) of $600 or more in the course of their
trades orbusinesses to report that interest on Form 1099-INT. IRS uses
Form 1099-INT to verify compliance with the reporting rules and to
verify that the recipient has included the proper amount of interest on
his or her income tax return.
Current Actions: There are no changes to the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations,
Federal Government, individuals or households, and not-for-profit
institutions.
Estimated Number of Responses: 141,555,000.
Estimated Time per Respondent: 13 minutes.
Estimated Total Annual Burden Hours: 46,403,150.
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.
Comments will be 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 has
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 onor 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 31, 2023.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2023-16909 Filed 8-7-23; 8:45 am]
BILLING CODE 4830-01-P
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