2017-05592. Proposed Collection; Comment Request  

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    AGENCY:

    Internal Revenue Service (IRS), Treasury.

    ACTION:

    Notice and request for comments.

    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 Martha.R.Brinson@irs.gov.

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    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 Start Printed Page 14942of 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.

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    Approved: March 13, 2017.

    Laurie Brimmer,

    Senior Tax Analyst.

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    [FR Doc. 2017-05592 Filed 3-22-17; 8:45 am]

    BILLING CODE 4830-01-P

Document Information

Published:
03/23/2017
Department:
Internal Revenue Service
Entry Type:
Notice
Action:
Notice and request for comments.
Document Number:
2017-05592
Dates:
Written comments should be received on or before May 22, 2017 to be assured of consideration.
Pages:
14941-14942 (2 pages)
PDF File:
2017-05592.Pdf