Notice2024-23118
Agency Information Collection Activities; New Proposed Information Collection Request; Request for Comments; Digital Asset Proceeds From Broker 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
October 7, 2024
Issuing agencies
Treasury Department
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 collection requirements related to digital asset proceeds from broker transactions.
Full Text
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<title>Federal Register, Volume 89 Issue 194 (Monday, October 7, 2024)</title>
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[Federal Register Volume 89, Number 194 (Monday, October 7, 2024)]
[Notices]
[Pages 81151-81152]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-23118]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; New Proposed
Information Collection Request; Request for Comments; Digital Asset
Proceeds From Broker Transactions
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
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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 collection requirements related to digital asset proceeds
from broker transactions.
DATES: Comments should be received on or before November 6, 2024 to be
assured of consideration.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Melody Braswell by emailing <a href="/cdn-cgi/l/email-protection#5303011213272136322026212a7d343c25"><span class="__cf_email__" data-cfemail="5404061514202631352721262d7a333b22">[email protected]</span></a>, calling
(202) 622-1035, or viewing the entire information collection request at
<a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Internal Revenue Service (IRS)
Title: Digital Asset Proceeds from Broker Transactions.
OMB Number Control No.: 1545-NEW.
Form Numbers: 1099-DA.
[[Page 81152]]
Abstract: Form 1099-DA is used by brokers to report proceeds from
(and in some cases, basis for) digital asset dispositions to taxpayers
and to the IRS (Internal Revenue Code section 6045(a)). Taxpayers may
be required to recognize gain from these dispositions of digital
assets. Reporting is also required when brokers know or have reason to
know that a corporation in which a taxpayer owns digital assets, that
is also stock, has had a reportable change in control or capital
structure. Taxpayers may be required to recognize gain from the receipt
of cash, services, digital assets, or other property that was exchanged
for a digital asset that is also the corporation's stock.
Type of Review: New collection.
Affected Public: Business or other for-profit organizations,
individuals or households, and not-for-profit institutions.
Estimated Number of Respondents: 5,300.
Estimated Number of Responses per Respondents: 2,736.
Estimated Time per Response: 0.15 hours.
Estimated Total Annual Burden Hours: 2,252,500 hours.
Authority: U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2024-23118 Filed 10-4-24; 8:45 am]
BILLING CODE 4830-01-P
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