Notice2024-05466
Proposed Collection; Comment Request for Form 1099-C and TD 9793
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
March 15, 2024
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, cancellation of debt and removal of the 36-month non-payment testing period rule.
Full Text
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<title>Federal Register, Volume 89 Issue 52 (Friday, March 15, 2024)</title>
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[Federal Register Volume 89, Number 52 (Friday, March 15, 2024)]
[Notices]
[Page 19015]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-05466]
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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 (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, cancellation of
debt and removal of the 36-month non-payment testing period rule.
DATES: Written comments should be received on or before May 14, 2024 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#354547541b565a5858505b4146755c47461b525a43"><span class="__cf_email__" data-cfemail="433331226d202c2e2e262d3730032a31306d242c35">[email protected]</span></a>. Include ``OMB Number 1545-
1424--Cancellation of Debt'' 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#15587467617d743b473b57677c7b667a7b557c67663b727a63"><span class="__cf_email__" data-cfemail="eaa78b989e828bc4b8c4a8988384998584aa839899c48d859c">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Cancellation of Debt.
OMB Number: 1545-1424.
Form Number: 1099-C.
Regulation Project Number: TD 9793.
Abstract: This form 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 changes being made to the form or
regulation at this time.
Type of Review: Extension 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 minutes.
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. 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 on 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: March 8, 2024.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2024-05466 Filed 3-14-24; 8:45 am]
BILLING CODE 4830-01-P
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