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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:
1545-0715
ICR Reference No:
201705-1545-021
Status:
Historical Active
Previous ICR Reference No:
201308-1545-028
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Proceeds From Broker and Barter Exchange Transactions
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:
11/25/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/28/2017
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2020
36 Months From Approved
11/30/2017
Responses
1,434,809,803
0
117,611,875
Time Burden (Hours)
674,360,608
0
49,396,988
Cost Burden (Dollars)
0
0
0
Abstract:
Form 1099-B is used by brokers and barter exchanges to report proceeds from transactions to the Internal Revenue Service. The form will be used by IRS to verify compliance with the reporting rules and to verify that the recipient has included the proper amount of income on his or her return.
Authorizing Statute(s):
US Code:
26 USC 6045
Name of Law: Returns of brokers
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 147 541 Name of Law: Substitute Dividends and Dividend Equivalent Payments Received by Foreign Persons Treated as Dividen
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:
82 FR 21459
05/08/2017
30-day Notice:
Federal Register Citation:
Citation Date:
82 FR 35264
07/28/2017
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
Proceeds From Broker and Barter Exchange Transactions
1099-B
Proceeds From Broker and Barter Exchange Transactions
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
1,434,809,803
117,611,875
0
0
1,317,197,928
0
Annual Time Burden (Hours)
674,360,608
49,396,988
5,880,594
0
619,083,026
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:
The Form 1099-B has been revised to reflect new textboxes to indicate if the account is a non-U.S. account and descriptions of the type of account. This increased burden associated with the new requirement of 5,880,594. Form 1099-B has an increase in burden due to an increase in the number of filers. The filers increased from 117,611,875 to 1,434,809,803 an increase in filers of 1,317,197,928, resulting in associated burden hour increase of 619,083,026. The total burden hour increase from 49,396,988 plus the burden associated with compliance to the FATCA requirements 5,880,594 plus the burden associated with the additional filers of 619,083,026 amount to a total burden hours requested of 674,360,614. The excerpt from Publication 6961 attributes a substantial increase in 1099 filings due to the increase in 1099-B filings. Excerpt as follows; IRS Office of Research staff within the Research, Applied Analytics and Statistics organization provide calendar year projections of information and withholding documents (IRP) on an annual basis to accommodate more recent filing experiences. These information documents also incorporate current legislative and administrative initiatives, as well as relevant economic and demographic trends. Forecasts of economic/demographic data used to develop some of these projections are provided by IHS Global Inc. The research to compose Publication 6961 shows a major portion of the net revision is driven by the increase in the projections of Form 1099-B (i.e., 845.1 million more) and Form 1099-DIV (i.e., 3.4 million more). These upward revisions are in response to the actual CY 2015 and year to date (mid-July) CY 2016 filing experiences.
Annual Cost to Federal Government:
$175,046
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
Yes
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:
07/28/2017
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