Proposed Collection; Comment Request for Digital Asset Proceeds From Broker Transactions, 29433 [2024-08528]
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Federal Register / Vol. 89, No. 78 / Monday, April 22, 2024 / Notices
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Digital Asset Proceeds
From Broker Transactions
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service,
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 continuing
information collections, as required by
the Paperwork Reduction Act of 1995.
The IRS is soliciting comments
concerning information collection
requirements related to digital asset
proceeds from broker transactions.
DATES: Written comments should be
received on or before June 21, 2024 to
be assured of consideration.
ADDRESSES: Direct all written comments
to Andres Garcia, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or
by email to pra.comments@irs.gov.
Include ‘‘Digital Asset Proceeds From
Broker Transactions’’ in the subject line
of the message.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form should be directed to
Andres Garcia, (202) 317–4542, or at
Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW,
Washington, DC 20224, or through the
internet, at pra.comments@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Digital Asset Proceeds From
Broker Transactions.
OMB Number: 1545–NEW
Form Number: 1099–DA.
Abstract: Form 1099–DA is used by
brokers to report proceeds from (and in
some cases, basis for) digital asset
dispositions to taxpayers and to the IRS
(Internal Revenue Code section 6045(a)).
Taxpayers may be required to recognize
gain from these dispositions of digital
assets. Reporting is also required when
brokers know or have reason to know
that a corporation in which a taxpayer
owns digital assets, that is also stock,
has had a reportable change in control
or capital structure. Taxpayers may be
required to recognize gain from the
receipt of cash, services, digital assets,
or other property that was exchanged for
a digital asset that is also the
corporation’s stock.
Current Actions: This is a new
collection.
lotter on DSK11XQN23PROD with NOTICES1
SUMMARY:
VerDate Sep<11>2014
06:41 Apr 20, 2024
Jkt 262001
Type of Review: New collection.
Affected Public: Business or other forprofit organizations, individuals or
households, and not-for-profit
institutions.
Estimated Number of Respondents:
5,050.
Estimated Number of Responses per
Respondents: 2,833.
Estimated Time per Response: 0.15
hours.
Estimated Total Annual Burden
Hours: 2,146,250 hours.
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.
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: April 16, 2024.
Andres Garcia Leon,
Supervisory Tax Analyst.
[FR Doc. 2024–08528 Filed 4–19–24; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Internal Revenue Service Advisory
Council (IRSAC); Nominations
Internal Revenue Service,
Department of the Treasury.
ACTION: Request for nominations.
AGENCY:
PO 00000
Frm 00152
Fmt 4703
Sfmt 4703
29433
The Internal Revenue Service
(IRS) is accepting applications for the
2025 Internal Revenue Service Advisory
Council (IRSAC), including nominees
for a new subcommittee focused on
fairness issues. IRSAC members are
drawn from substantially diverse
backgrounds representing a crosssection of the taxpaying public with
substantial, disparate experience in: tax
preparation for individuals, small
businesses and large, multi-national
corporations; tax-exempt and
government entities; information
reporting; taxpayer or consumer
advocacy; fairness in tax administration;
and civil rights and community
engagement. Nominations of qualified
individuals may come from individuals
or organizations.
DATES: Applications must be received
on or before May 31, 2024.
ADDRESSES: Applications should be
submitted to IRS National Public
Liaison via email to publicliaison@
irs.gov or electronic fax to 855–811–
8021. Applications are available on the
IRS website at https://www.irs.gov/irsac.
FOR FURTHER INFORMATION CONTACT:
Anna Millikan at 202–317–6564 (not a
toll-free number) or send an email to
publicliaison@irs.gov.
SUPPLEMENTARY INFORMATION: The
IRSAC serves as an advisory body to the
IRS commissioner and agency
leadership. The group is organized
under the Federal Advisory Committee
Act, 5 U.S.C. 10, and includes volunteer
members with a diverse set of interests
in tax issues. IRSAC provides an
organized forum for discussion of
relevant tax administration issues
between IRS officials and
representatives of the public.
The advisory council: proposes
enhancements to IRS operations;
recommends administrative and policy
changes to improve taxpayer services,
fairness in tax administration and
compliance; discusses issues and
recommends solutions relevant to
information reporting; addresses matters
concerning tax exempt and government
entities; and conveys the public’s
perception of professional standards
and best practices for tax professionals.
In addition, this January IRSAC will
launch its first-ever Subcommittee on
Fairness in Tax Administration. This
subcommittee will review and issue
specific recommendations related to
fairness in tax administration for lowincome communities, communities of
color and other historically underserved
populations. The subcommittee will
focus on how the IRS can address tax
administration disparities that may keep
some communities from fully benefiting
SUMMARY:
E:\FR\FM\22APN1.SGM
22APN1
]]>Agencies
[Federal Register Volume 89, Number 78 (Monday, April 22, 2024)]
[Notices]
[Page 29433]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-08528]
[[Page 29433]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Digital Asset Proceeds
From Broker Transactions
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 general public
and other Federal agencies to take this opportunity to comment on
continuing information collections, as required by the Paperwork
Reduction Act of 1995. The IRS is soliciting comments concerning
information collection requirements related to digital asset proceeds
from broker transactions.
DATES: Written comments should be received on or before June 21, 2024
to be assured of consideration.
ADDRESSES: Direct all written comments to Andres Garcia, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224, or by email to [email protected]. Include ``Digital Asset
Proceeds From Broker Transactions'' in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form should be directed to Andres Garcia, (202) 317-4542,
or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW,
Washington, DC 20224, or through the internet, at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Digital Asset Proceeds From Broker Transactions.
OMB Number: 1545-NEW
Form Number: 1099-DA.
Abstract: Form 1099-DA is used by brokers to report proceeds from
(and in some cases, basis for) digital asset dispositions to taxpayers
and to the IRS (Internal Revenue Code section 6045(a)). Taxpayers may
be required to recognize gain from these dispositions of digital
assets. Reporting is also required when brokers know or have reason to
know that a corporation in which a taxpayer owns digital assets, that
is also stock, has had a reportable change in control or capital
structure. Taxpayers may be required to recognize gain from the receipt
of cash, services, digital assets, or other property that was exchanged
for a digital asset that is also the corporation's stock.
Current Actions: This is a new collection.
Type of Review: New collection.
Affected Public: Business or other for-profit organizations,
individuals or households, and not-for-profit institutions.
Estimated Number of Respondents: 5,050.
Estimated Number of Responses per Respondents: 2,833.
Estimated Time per Response: 0.15 hours.
Estimated Total Annual Burden Hours: 2,146,250 hours.
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.
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: April 16, 2024.
Andres Garcia Leon,
Supervisory Tax Analyst.
[FR Doc. 2024-08528 Filed 4-19-24; 8:45 am]
BILLING CODE 4830-01-P
