[Federal Register Volume 77, Number 229 (Wednesday, November 28, 2012)]
[Notices]
[Pages 71039-71040]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-28802]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

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 
Information Reporting Requirements for Certain Payments Made on Behalf 
of Another Person, Payments to Joint Payees, and Payments of Gross 
Proceeds From Sales Involving Investment Advisers.

DATES: Written comments should be received on or before January 28, 
2013 to be assured of consideration.

ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal 
Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Martha R. Brinson, at 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 622-3869, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Information Reporting Requirements for Certain Payments Made 
on Behalf of Another Person, Payments to Joint Payees, and Payments of 
Gross Proceeds From Sales Involving Investment Advisers
    OMB Number: 1545-1705.
    Regulation Project Number: TD 9010.
    Abstract: This regulation under section 6041 clarifies who is the 
payee for information reporting purposes if a check or other instrument 
is made payable to joint payees, provides information reporting 
requirements for escrow agents and other persons making payments on 
behalf of another person, and clarifies that the amount to be reported 
as paid is the gross amount of the payment. The regulation also removes 
investment advisers from the list of exempt recipients for information 
reporting purposes under section 6045.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    The estimate of the reporting burden in Sec.  1.6041-1 is reflected 
in the burden of Form 1099-MISC. The estimate of the reporting burden 
in Sec.  1.6045-1 is

[[Page 71040]]

reflected in the burden of Form 1099-B.
    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: November 9, 2012.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2012-28802 Filed 11-27-12; 8:45 am]
BILLING CODE 4830-01-P