Proposed Collection; Comment Request for Form 1099-K, 53009 [2013-20780]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 78, Number 166 (Tuesday, August 27, 2013)]
[Notices]
[Page 53009]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-20780]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1099-K

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, 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 proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting 
comments concerning Form 1099-K, Payment Card and Third Party Network 
Transactions.

DATES: Written comments should be received on or before October 28, 
2013 to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette Lawrence, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Kerry Dennis, 
at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the Internet at Kerry.Dennis@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Payment Card and Third Party Network Transactions.
    OMB Number: 1545-2205.
    Form Number: Form 1099-K.
    Abstract: This form is in response to section 3091(a) of Public Law 
110-289, the Housing Assistance Tax Act of 2008 (Div. C of the Housing 
and Economic Recovery Act of 2010). The form reflects payments made in 
settlement of merchant card and third party network transactions for 
purchases of goods and/or services made with merchant cards and through 
third party networks.
    Current Actions: The department's most recent and updated estimate 
in the number of responses has increased by 8,971,742. In addition to 
the change in estimated number of responses, a change in the forms 
number of lines this results in an overall burden increase of 
4,037,564. Form changes include the addition of a payment 
identification settlement box so that payees know the source of the 
information on the form. An additional checkbox was created for filers 
to check their identity as payment settlement entities (PSE) or as 
electronic payment. The reporting of backup withholding is now reported 
on Box 4 as determined in Notice 2011-88, which postponed the effective 
date for withholdings until December 31, 2012 as required in section 
6050W. A checkbox was also added for 2nd TIN notices if the filer was 
notified twice within three calendar years that the payee provided an 
incorrect TIN, so that the IRS will not send any further notices about 
the account.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 8,973,742.
    Estimated Time per Respondent: 27 minutes.
    Estimated Total Annual Burden Hours: 4,038,184.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number.
    Books or records relating to a collection of information must be 
retained as long as their contents may become material in the 
administration of any internal revenue law. Generally, tax returns and 
tax return information are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: August 15, 2013.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2013-20780 Filed 8-26-13; 8:45 am]
BILLING CODE 4830-01-P