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:
1545-0112
ICR Reference No:
201701-1545-012
Status:
Historical Active
Previous ICR Reference No:
201309-1545-040
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Form 1099-INT - Interest Income
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:
07/13/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/28/2017
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2020
36 Months From Approved
07/31/2017
Responses
141,555,000
0
243,536,300
Time Burden (Hours)
46,403,150
0
63,079,438
Cost Burden (Dollars)
0
0
0
Abstract:
This form is used for reporting interest income paid, as required by sections 6049 and 6041 of the Internal Revenue Code. It is used to verify that payees are correctly reporting their income.
Authorizing Statute(s):
US Code:
26 USC 6049
Name of Law: Returns regarding payments of interest
US Code:
26 USC 6041
Name of Law: Information at source
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 79095
11/10/2016
30-day Notice:
Federal Register Citation:
Citation Date:
82 FR 12026
02/27/2017
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Box 5 burden for Form 1099-INT
Form 1099-INT - Interest Income
1099-INT
Interest Income
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
141,555,000
243,536,300
0
0
-101,981,300
0
Annual Time Burden (Hours)
46,403,150
63,079,438
0
16,977,541
-33,653,829
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:
Based on estimated filing figures, the number of responses has decreased by 101,981,300 (243,536,300 to 141,555,000). This change results in a burden decrease of 33,653,829 hours. New box 10 for reporting market discount and new box 11 for reporting bond premium (renumbered prior 10 and 11)(TD 9616 made changes to Treas. Regulations 1.6045-1 to include basis reporting by broker transactions involving debt instruments and options). Also, two new boxes were added to the form. New Box 12 is reserved for future developments and box 13 is for Tax-exempt bond premium (TD 9616 and letter dated January 27, 2014, from the Securities Industry and Financial Markets Association (SIMFA). We also added a check box to indicate that there is a FATCA filing requirement regarding information reported on the form. (P.L. 111-147, Section 501 and email from FATCA team via section chief 6/9/2014.) These changes will result in a program change increase of 16,977,541 hours.
Annual Cost to Federal Government:
$405,852
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:
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:
02/28/2017
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