View Information Collection Request (ICR) Package
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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:
1545-0110
ICR Reference No:
200908-1545-012
Status:
Historical Active
Previous ICR Reference No:
200808-1545-011
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
em-0110-012
Title:
Dividends and Distributions
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/21/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/24/2009
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2011
11/30/2011
11/30/2011
Responses
111,922,150
0
111,922,150
Time Burden (Hours)
38,053,531
0
34,695,867
Cost Burden (Dollars)
0
0
0
Abstract:
The form is used by the Service to insure that dividends are properly reported as required by Code section 6042 and that liquidation distributions are correctly reported as required by Code section 6043, and to determine whether payees are correctly reporting their income.
Authorizing Statute(s):
US Code:
26 USC 6042
Name of Law: Returns regarding payments of dividends and corporate earnings and profits.
US Code:
26 USC 6043
Name of Law: Liquidating, etc., transactions.
PL:
Pub.L. 111 - 5 1521 (54F)
Name of Law: Qualified School Constructive Bonds
PL:
Pub.L. 111 - 5 1531 (54AA)
Name of Law: Build America Bonds
PL:
Pub.L. 111 - 5 1541 (853A)
Name of Law: Credits From Tax Credit Bonds Allowed to Shareholders
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 5 1541 Name of Law: The American Recovery and Reinvestment Act of 2009
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:
73 FR 32083
06/05/2008
30-day Notice:
Federal Register Citation:
Citation Date:
73 FR 55595
09/25/2008
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
Dividends and Distributions
1099-DIV
Dividends and Distributions
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
111,922,150
111,922,150
0
0
0
0
Annual Time Burden (Hours)
38,053,531
34,695,867
3,357,664
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Form 1099-DIV is used by the Service to insure that dividends are properly reported as required by Code section 6042 and that liquidation distributions are correctly reported as required by Code section 6043, and to determine whether payees are correctly reporting their income. Correction made to reflect changes in the law. The American Recovery and Reinvestment Act of 2009 , section 1541, added new IRC section 853A, which allows Regulated Investment companys (RICs), to make an election to distribute tax credit bond credits to shareholders. For the reporting of the tax credit bond credits, we added boxes 10a and 10b to the form. We also added under the Instructions for Recipients, text for boxes 10a and 10b. Under IRC section 54A(h), Real Estate Investment Trusts (REITS), that hold qualified tax credit bonds distribute credits to shareholders more accurate filing figures. These changes resulted in a total burden increase of 3,357,664 hours.
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]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Yes
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Janice Martin 202 622-3312
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:
11/24/2009
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