[Federal Register Volume 77, Number 161 (Monday, August 20, 2012)]
[Notices]
[Pages 50210-50211]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-20292]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1099-K

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-K, Merchant Card and Third Party Payments.

DATES: Written comments should be received on or before October 19, 
2012 to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette Lawrence, Internal 
Revenue Service, room 6129, 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 Allan 
Hopkins, (202) 622-6665, at Internal Revenue Service, room 6129, 1111 
Constitution Avenue NW., Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Merchant Card and Third Party Payments.
    OMB Number: 1545-2205.
    Form Number: Form 1099-K.
    Abstract: This is a new form is in response to section 102 of 
Public Law 111-147, the Hiring Incentives to Restore Employment (HIRE) 
Act. The form reflects a new non-Code general business credit for the 
retention of certain qualified individuals hired in 2010. The credit is 
first available for an employer's income tax return with a tax year 
ending after 3/18/10 where new hired employees hired after 2/3/10 and 
before 1/1/11 worked not less 52 consecutive weeks where wages paid in 
last 26 weeks of employment were at least 80% of wages paid in first 26 
weeks. These requirements are to be met before employer is legibile for 
the lesser $1,000 or 6.2% of wages paid by the employer to the employee 
during the 52 consecutive week period of each qualified retained 
worker.
    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: Individuals or households, Business or other for-
profit groups, Not-for-profit institutions, Farms, Federal Government, 
State, Local, or Tribal Governments.
    Estimated Number of Respondents: 2,000.
    Estimated Time per Respondent: 18 minutes.
    Estimated Total Annual Burden Hours: 620.
    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

[[Page 50211]]

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: August 10, 2012.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2012-20292 Filed 8-17-12; 8:45 am]
BILLING CODE 4830-01-P