[Federal Register Volume 86, Number 213 (Monday, November 8, 2021)]
[Notices]
[Page 61851]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-24339]


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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 Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning Proceeds From Real 
Estate Transactions.

DATES: Written comments should be received on or before January 7, 2022 
to be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue Service, Room 6526, 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 Martha R. 
Brinson, at (202)317-5753, or at Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet at [email protected].

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: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other-for-profit organizations and 
individuals or households.
    Estimated Number of Respondents: 2,573,400.
    Estimated Time per Respondent: 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. 
Comments will be 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 has 
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 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 3, 2021.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2021-24339 Filed 11-5-21; 8:45 am]
BILLING CODE 4830-01-P