REG-116641-01 (Final), and REG-163195-05 (NPRM) Information Reporting and Backup Withholding for Payment Card Transactions,

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
JUSTIFICATIO1.doc	Justification for No Material/Nonsubstantive Change	Uploaded 2007-08-22	Available
REG-163195-05 Sup.doc	Supporting Statement A	Uploaded 2007-08-22	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
19440	REG-116641-01 (Final) Information Reporting and Backup Withholding for Payment Card Transactions		Modified
181768	REG-163195-05 (NPRM)		New

ICR Details

OMB Control No: 1545-1819	ICR Reference No: 200708-1545-027
Status: Historical Inactive	Previous ICR Reference No: 200512-1545-011
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-1819-027
Title: REG-116641-01 (Final), and REG-163195-05 (NPRM) Information Reporting and Backup Withholding for Payment Card Transactions,
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Disapproved and continue	Conclusion Date: 01/17/2008
	Date Received in OIRA: 12/31/2007
Terms of Clearance: OIRA does not agree that this is a non-substantive change. The change is due to a new rulemaking that, according to IRS' estimates, will impose almost 26 million burden hours. This request should be resubmitted as revision associated with a proposed rule.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2008	12/31/2008	11/30/2009
Responses	235,000,000	0	235,000,000
Time Burden (Hours)	11,750,000	0	11,750,000
Cost Burden (Dollars)	0	0	0

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Abstract: This document contains final regulations and proposed regulations relating to the information reporting requirements, information reporting penalties, and backup withholding requirements for payment card transactions. This document also contains final regulations and proposed regulations relating to the IRS TIN Matching Program.

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Authorizing Statute(s): US Code: 26 USC 6041(a) Name of Law: Payments of $600 or more.
   US Code: 26 USC 3406 Name of Law: Backup withholding
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

table that charts list of burden

IC Title	Form No.	Form Name
REG-163195-05 (NPRM)
REG-116641-01 (Final) Information Reporting and Backup Withholding for Payment Card Transactions

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: An NPRM was added to modify the original regulation

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 12/31/2007

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