REG-116641-01 (NPRM) Information Reporting and Backup Withholding for Payment Card Transactions

ICR 200407-1545-047

OMB: 1545-1819

Federal Form Document

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ICR Details
1545-1819 200407-1545-047
Historical Active 200212-1545-010
TREAS/IRS
REG-116641-01 (NPRM) Information Reporting and Backup Withholding for Payment Card Transactions
No material or nonsubstantive change to a currently approved collection   No
Regular
Approved without change 07/08/2004
Retrieve Notice of Action (NOA) 07/08/2004
  Inventory as of this Action Requested Previously Approved
01/31/2006 01/31/2006 01/31/2006
235,000,000 0 235,000,000
11,750,000 0 11,750,000
0 0 0

The proposed regulations provide that backup withholding does not apply to payment card transactions if the reportable payments are made through a Qualified Payment Card Agent (QPCA) and the payee is a qualified payee. Under the proposed regulations, a QPCA must notify a cardholder/payor or any merchant/payees that are not qualified payees.

None
None


No

1
IC Title Form No. Form Name
REG-116641-01 (NPRM) Information Reporting and Backup Withholding for Payment Card Transactions 116641-01-FINAL

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 235,000,000 235,000,000 0 0 0 0
Annual Time Burden (Hours) 11,750,000 11,750,000 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
07/08/2004


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