[Federal Register Volume 89, Number 78 (Monday, April 22, 2024)]
[Notices]
[Page 29433]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-08528]



[[Page 29433]]

-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Digital Asset Proceeds 
From Broker Transactions

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 collection requirements related to digital asset proceeds 
from broker transactions.

DATES: Written comments should be received on or before June 21, 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 ``Digital Asset 
Proceeds From Broker Transactions'' in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Andres Garcia, (202) 317-4542, 
or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, 
Washington, DC 20224, or through the internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Digital Asset Proceeds From Broker Transactions.
    OMB Number: 1545-NEW
    Form Number: 1099-DA.
    Abstract: Form 1099-DA is used by brokers to report proceeds from 
(and in some cases, basis for) digital asset dispositions to taxpayers 
and to the IRS (Internal Revenue Code section 6045(a)). Taxpayers may 
be required to recognize gain from these dispositions of digital 
assets. Reporting is also required when brokers know or have reason to 
know that a corporation in which a taxpayer owns digital assets, that 
is also stock, has had a reportable change in control or capital 
structure. Taxpayers may be required to recognize gain from the receipt 
of cash, services, digital assets, or other property that was exchanged 
for a digital asset that is also the corporation's stock.
    Current Actions: This is a new collection.
    Type of Review: New collection.
    Affected Public: Business or other for-profit organizations, 
individuals or households, and not-for-profit institutions.
    Estimated Number of Respondents: 5,050.
    Estimated Number of Responses per Respondents: 2,833.
    Estimated Time per Response: 0.15 hours.
    Estimated Total Annual Burden Hours: 2,146,250 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: April 16, 2024.
Andres Garcia Leon,
Supervisory Tax Analyst.
[FR Doc. 2024-08528 Filed 4-19-24; 8:45 am]
BILLING CODE 4830-01-P