[Federal Register Volume 82, Number 55 (Thursday, March 23, 2017)]
[Notices]
[Pages 14941-14942]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-05592]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request
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-S, Proceeds from Real Estate
Transactions.
DATES: Written comments should be received on or before May 22, 2017 to
be assured of consideration.
ADDRESSES: Direct all written comments to Laurie Brimmer, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington,
DC 20224.
Requests for additional information or copies of the form and
instructions should be directed to Martha R. Brinson, Internal Revenue
Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224,
or through the Internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Proceeds from Real Estate Transactions.
OMB Number: 1545-0997.
Form Number: 1099-S.
Abstract: Internal Revenue Code section 6045(e) and the regulations
there under require persons treated as real estate brokers to submit an
information return to the IRS to report the gross proceeds from real
estate transactions. Form 1099-S is used for this purpose. The IRS uses
the information on the form to verify compliance with the reporting
rules regarding real estate transactions.
Current Actions: New Box 5 was added to identify foreign investors
in US Real Property.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations and
individuals or households.
Estimated Number of Responses: 2,573,400.
Estimated Time per Response: 10 minutes.
Estimated Total Annual Burden Hours: 411,744.
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
[[Page 14942]]
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: March 13, 2017.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-05592 Filed 3-22-17; 8:45 am]
BILLING CODE 4830-01-P