[Federal Register Volume 87, Number 221 (Thursday, November 17, 2022)]
[Notices]
[Pages 69077-69078]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25074]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Requesting Comments on Form 1098-F

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, 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. The IRS is soliciting comments 
concerning Form 1098-F (Fines, Penalties, and Other Amounts).

DATES: Written comments should be received on or before January 16, 
2023 to be assured of consideration.

[[Page 69078]]


ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224, or by email to [email protected]. Include OMB Control No. 
1545-1276 in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection should be directed to Jon Callahan, (737) 
800-7639, at Internal Revenue Service, Room 6526, 1111 Constitution 
Avenue NW, Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    Title: Form 1098-F--Fines, Penalties, and Other Amounts.
    OMB Number: 1545-2284.
    Form Number: 1098-F.
    Abstract: Public Law 115-97, Tax Cuts and Jobs Act of 2017 (TCJA), 
amended Internal Revenue Code (IRC) section 162(f) regarding allowable 
deductions of fines, penalties, and other amounts paid to, or at the 
direction of, a government or governmental entity in relation to the 
violation of any law or the investigation or inquiry by such government 
or entity into the potential violation of any law. The TCJA also added 
IRC section 6050X, requiring the official of any government or entity 
described in IRC section 162(f)(5) to file an information return with 
respect to certain fines, penalties, and other amounts paid. Treasury 
Decision (TD) 9946 contains final regulations providing guidance on IRC 
sections 162(f) and 6050X. Treasury Regulations section 1.6050X-1 
provides guidance on the information reporting requirements of IRC 
section 6050X and names Form 1098-F as the return to report the 
information. Form 1098-F is used to report the amounts paid as required 
by IRC section 6050X to the IRS and provide a statement to the payer.
    Current Actions: The form and instructions have been revised to 
reflect the rules under the final regulations for IRC section 6050X. 
There is no change in burden due to the revisions. However, the number 
of responses has increased due to better estimates.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Federal government, State, Local, or Tribal 
Government.
    Estimated Number of Responses: 137,500.
    Estimated Time per Respondent: 7 minutes.
    Estimated Total Annual Burden Hours: 16,500.
    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 14, 2022.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2022-25074 Filed 11-16-22; 8:45 am]
BILLING CODE 4830-01-P