[Federal Register Volume 83, Number 88 (Monday, May 7, 2018)]
[Notices]
[Pages 20144-20145]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-09597]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1099-S
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act
of 1995. The IRS is soliciting comments concerning Proceeds From Real
Estate Transactions.
DATES: Written comments should be received on or before July 6, 2018 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.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Martha R.
Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526,
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: There are no changes being made to Form 1099-S at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations and
individuals or households.
Estimated Number of Respondents: 2,573,400.
Estimated Time Per Respondent: 10 mins.
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.
Comments will be of public record. Comments are invited on: (a) Whether
the collection of information is necessary for the proper performance
of the functions of the
[[Page 20145]]
agency, including whether the information has 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 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 26, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-09597 Filed 5-4-18; 8:45 am]
BILLING CODE 4830-01-P