Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Form 1098, 15853 [2023-05182]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 88, Number 49 (Tuesday, March 14, 2023)]
[Notices]
[Page 15853]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-05182]



[[Page 15853]]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request for Form 1098

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the 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 mortgage interest and reporting requirements for recipients 
of points paid on residential mortgages (Form 1098, Mortgage Interest 
Statement).

DATES: Written comments should be received on or before May 15, 2023 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Andr[eacute]s Garcia, 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, 
Washington, DC 20224, or by email to [email protected]. Please 
include, ``OMB Number: 1545-1380--Public Comment Request Notice'' in 
the Subject line.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Ronald J. 
Durbala, at (202) 317-5746, at Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Reporting Requirements for Recipients of Points Paid on 
Residential Mortgages and Mortgage Interest Statement.
    OMB Number: 1545-1380.
    Form Number: Form 1098.
    Regulation Project Number: TD 8191 as amended by TD 8507, TD 8571, 
TD 8734, and TD 9849.
    Abstract: Section 6050H provides that an information return must be 
made by any person who is engaged in a trade or business and who, 
during that trade or business, receives from any individual $600 or 
more of interest on any mortgage in a calendar year. Any person 
required to make an information return under section 6050H also must 
furnish a statement to the payor of record on or before January 31 of 
the year following the calendar year in which the interest was 
received. Form 1098, Mortgage Interest Statement, is used to report 
mortgage interest (including points) received during the year.
    Current Actions: There is an increase in the estimated number of 
respondents previously approved by OMB. IRS has increased the number of 
respondents by 16,708,000 based on the projected number of filers from 
IRS Publication 6961. This update to the agency estimate has increased 
the burden by 4,187,000 hours.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 97,358,960.
    Estimated Time per Respondent: 25 minutes.
    Estimated Total Annual Burden Hours: 24,318,656.
    The following paragraph applies to all 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 if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility.
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used.
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: March 9, 2023.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2023-05182 Filed 3-13-23; 8:45 am]
BILLING CODE 4830-01-P