[Federal Register Volume 89, Number 52 (Friday, March 15, 2024)]
[Notices]
[Page 19015]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-05466]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1099-C and TD 9793

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, cancellation of 
debt and removal of the 36-month non-payment testing period rule.

DATES: Written comments should be received on or before May 14, 2024 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 Number 1545-
1424--Cancellation of Debt'' in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection 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: Cancellation of Debt.
    OMB Number: 1545-1424.
    Form Number: 1099-C.
    Regulation Project Number: TD 9793.
    Abstract: This form is used by Federal Government agencies, 
financial institutions, and credit unions to report the cancellation or 
forgiveness of a debt of $600 or more, as required by section 6050P of 
the Internal Revenue Code. The IRS uses the form to verify compliance 
with the reporting rules and to verify that the debtor has included the 
proper amount of canceled debt in income on his or her income tax 
return.

TD 9793

    Abstract: These regulations under section 6050P of the Internal 
Revenue Code (Code), relating to the rule in Sec.  1.6050P-1(b)(2)(iv) 
that the 36-month non-payment testing period is an identifiable event 
triggering an information reporting obligation on Form 1099-C for 
discharge of indebtedness by certain entities.
    Current Actions: There are no changes being made to the form or 
regulation at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, not-
for-profit institutions, and the Federal Government.
    Estimated Number of Responses: 6,540,900.
    Estimated Time per Response: 13 minutes.
    Estimated Total Annual Burden Hours: 1,438,998.
    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: March 8, 2024.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2024-05466 Filed 3-14-24; 8:45 am]
BILLING CODE 4830-01-P