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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1545-2186
ICR Reference No:
201607-1545-028
Status:
Historical Active
Previous ICR Reference No:
201308-1545-011
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
TD 9504, Basis Reporting by Securities Brokers and Basis Determination for Stock; TD 9616,TD9713, and TD 9750
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
01/13/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/29/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2020
36 Months From Approved
01/31/2017
Responses
11,211,500
0
4,011,500
Time Burden (Hours)
694,750
0
241,417
Cost Burden (Dollars)
0
0
0
Abstract:
This document contains regulations relating to reporting by brokers for transactions involving debt instruments and options. These regulations reflect changes in the law made by the Energy Improvement and Extension Act of 2008 that require brokers when reporting the sale of securities to the IRS to include the customer's adjusted basis in the sold securities and to classify any gain or loss as long-term or short-term.
Authorizing Statute(s):
PL:
Pub.L. 110 - 343 403
Name of Law: Energy Improvement and Extension Act of 2008
US Code:
26 USC 1,6045-1(n)(5)
Name of Law: Returns of information of brokers and barter exchanges
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
81 FR 8149
02/18/2016
30-day Notice:
Federal Register Citation:
Citation Date:
81 FR 49716
07/28/2016
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Basis Reporting by Securities Brokers and Basis Determination ro Debt Instruments and Options
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
11,211,500
4,011,500
0
7,200,000
0
0
Annual Time Burden (Hours)
694,750
241,417
0
453,333
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The first update to the burden was required when the regulations were amended to require transfer statement reporting for debt instruments, options, and securities futures contracts in REG-102988-11. The first update increased the burden by 450,000 hours and was not included in the last OMB approval. The third update to the burden was required when the regulations were amended to require transfer statement reporting for section 1256 options and additional transfer statement information for debt instruments in TD 9713. See ยง1.6045A-1(e) and (f). The third update increased the burden by 3,333 hours, for a total burden request of 694,750 hours due to program changes.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Pamela Lew 202 622-3950
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
07/29/2016
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