[Federal Register Volume 81, Number 129 (Wednesday, July 6, 2016)]
[Notices]
[Pages 44089-44090]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-15892]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1099-OID
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, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
Form 1099-OID, Original Issue Discount.
DATES: Written comments should be received on or before September 6,
2016 to be assured of consideration.
ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
[[Page 44090]]
copies of the form and instructions should be directed to Martha R.
Brinson, Internal Revenue Service, Room 6526, 1111 Constitution Avenue
NW., Washington, DC 20224, or through the Internet at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Original Issue Discount.
OMB Number: 1545-0117.
Form Number: Form 1099-OID.
Abstract: Form 1099-OID is used for reporting original issue
discount as required by section 6049 of the Internal Revenue Code. It
is used to verify that income earned on discount obligations is
properly reported by the recipient.
Current Actions: There are no changes being made to the form at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Responses: 2,667,000.
Estimated Time per Response: 12 min.
Estimated Total Annual Burden Hours: 526,730.
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: June 27, 2016.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2016-15892 Filed 7-5-16; 8:45 am]
BILLING CODE 4830-01-P