[Federal Register: October 2, 2006 (Volume 71, Number 190)]
[Notices]
[Page 58053-58054]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr02oc06-159]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG-246249-96]
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, 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, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an
existing final regulation, REG-246249-96 (TD 9010), Information
Reporting Requirements for Certain Payments Made on Behalf of Another
Person, Payments to Joint Payees, and Payments of Gross Proceeds From
Sales Involving Investment Advisers (Sec. Sec. 1.6041-1 and 1.6045-1).
DATES: Written comments should be received on or before December 1,
2006 to be assured of consideration.
ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal
Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulations should be directed to Allan Hopkins, at
Internal Revenue Service, room 6516, 1111 Constitution Avenue NW.,
Washington, DC 20224, or at (202) 622-6665, or through the Internet at
Allan.M.Hopkins@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Information Reporting Requirements for Certain Payments Made
on Behalf of Another Person, Payments to Joint Payees, and Payments of
Gross Proceeds From Sales Involving Investment Advisers.
OMB Number: 1545-1705.
Regulation Project Number: REG-246249-96.
Abstract: This regulation under section 6041 clarifies who is the
payee for information reporting purposes if a check or other instrument
is made payable to joint payees, provides information reporting
requirements for escrow agents and other persons making payments on
behalf of another person, and clarifies that the amount to be reported
as paid is the gross amount of the payment. The regulation also removes
investment advisers from the list of exempt recipients for information
reporting purposes under section 6045.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
The estimate of the reporting burden in Sec. 1.6041-1 is reflected
in the burden of Form 1099-MISC. The estimate of the reporting burden
in Sec. 1.6045-1 is reflected in the burden of Form 1099-B.
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,
[[Page 58054]]
maintenance, and purchase of services to provide Information.
Approved: September 18, 2006.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6-16124 Filed 9-29-06; 8:45 am]
BILLING CODE 4830-01-P