[Federal Register Volume 64, Number 109 (Tuesday, June 8, 1999)]
[Notices]
[Pages 30570-30571]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-14388]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1099-C

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, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 1099-C, Cancellation of Debt.

DATES: Written comments should be received on or before August 9, 1999 
to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 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 Faye Bruce, 
(202) 622-6665, Internal Revenue Service, room 5577, 1111 Constitution 
Avenue NW, Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Cancellation of Debt.
    OMB Number: 1545-1424.
    Form Number: 1099-C.
    Abstract: Form 1099-C is used by Federal government agencies, 
financial institutions, and credit unions to report the cancellation or 
forgiveness of a debt of $600 or more, as required by section 6050P of 
the Internal Revenue Code. The IRS uses the form to verify compliance 
with the reporting rules and to verify that the debtor has included the 
proper amount of canceled debt in income on his or her income tax 
return.

[[Page 30571]]

    Current Actions: There are no changes being made to the form at 
this time. However, separate specific form instructions are being 
proposed for payers who wish to order only the information pertaining 
to Form 1099-C. The specific instructions would be combined with the 
general instructions to create a booklet similar to the 1999 
Instructions for Forms 1099, 1098, 5498, and W-2G.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, not-
for-profit institutions, and the Federal government.
    Estimated Number of Responses: 647,993.
    Estimated Time Per Response: 10 min.
    Estimated Total Annual Burden Hours: 110,159.
    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 1, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-14388 Filed 6-7-99; 8:45 am]
BILLING CODE 4830-01-U