[Federal Register Volume 88, Number 9 (Friday, January 13, 2023)]
[Notices]
[Page 2389]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-00568]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request Concerning Information 
Reporting for Hedging Transactions, and Third-Party Network 
Transactions

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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning 
information reporting for hedging transactions, and third-party network 
transactions.

DATES: Written comments should be received on or before March 14, 2023 
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, or by email to [email protected]. Include OMB control number 
1545-1480 or comments concerning information reporting for hedging 
transactions.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation should be directed to Kerry Dennis at (202) 
317-5751, or at Internal Revenue Service, Room 6526, 1111 Constitution 
Avenue NW, Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Hedging Transactions.
    OMB Number: 1545-1480.
    Regulation Project Number: T.D. 8985.
    Abstract: TD 8985 contains final regulations relating to the 
character of gain or loss from hedging transactions. The regulations 
reflect changes to the law made by the Ticket to Work and Work 
Incentives Improvement Act of 1999. The regulations affect businesses 
entering in to hedging transactions.
    Current Actions: There are no changes to burden.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 167,100.
    Estimated Time per Respondent: 8 hours.
    Estimated Total Annual Burden Hours: 171,050 hours.
    The following paragraph applies to all 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 if 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: January 9, 2023.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2023-00568 Filed 1-12-23; 8:45 am]
BILLING CODE 4830-01-P