[Federal Register Volume 78, Number 119 (Thursday, June 20, 2013)]
[Notices]
[Pages 37277-37278]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-14585]


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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 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-S, Proceeds From Real Estate Transactions.

DATES: Written comments should be received on or before August 19, 2013 
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 Kerry Dennis, 
at (202) 927-9368, or at Internal Revenue Service, Room 6129, 1111 
Constitution Avenue NW., Washington, DC 20224, or through the internet, 
at [email protected]

SUPPLEMENTARY INFORMATION:

    Title: Proceeds From Real Estate Transactions.

[[Page 37278]]

    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 the form at 
this time. However, changes to the estimated number of filers 
(3,646,110 to 2,573,400), will result in a burden decrease (510,456 to 
360,276).
    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: 8 min.
    Estimated Total Annual Burden Hours: 360,276.
    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 7, 2013.
Allan Hopkins,
IRS Reports Clearance Officer.
[FR Doc. 2013-14585 Filed 6-19-13; 8:45 am]
BILLING CODE 4830-01-P