This form is in response to section
3091(a) of Public Law 110-289, the Housing Assistance Tax Act of
2008 (Div. C of the housing and economic Recovery Act of 2010). The
form reflects payments made in settlement of merchant card and
third party network transactions for purchases of goods and/or
services made with merchant cards and through third party
networks.
On July 30, 2008, as
part of the Housing Assistance Tax Act of 2008, Div. C of the
Housing and Economic Recovery Act of 2008, Public Law (P.L.)
110-289, section 6050W of the Code was enacted, requiring the
creation of the new Form 1099-K, Merchant Card and Third Party
Network Payments. The process of developing the forms layout and
its associated instructions with assistance from Chief Counsel,
public comments, public stakeholders, and the Information Reporting
Document Matching (IRDM) team, resulted in numerous overhauls and
approaches before a final agreed upon design for processing and
collection of required information delayed the submission to OMB in
a timely manner. An earlier request to OMB for Paperwork Reduction
Act submission on the form and its instructions would have yielded
incorrect results. The normal clearance procedures of the form and
instructions will present a hardship for taxpayers needing to file
this form before the end of the normal clearance processing time.
Delay in providing this form to the public, will prevent timely
collection of information required by code section 6050W, and will
not allow taxpayers to perform the necessary adjustments to paper
and computerized record-keeping systems to report the information
required by new code section 6050W and its regulations; which were
issued via Treasury Decision (T.D.) 9496 on August 16, 2010.
Therefore, we are respectfully requesting an emergency Paperwork
Reduction Act review by February 11, 2011.
This is a new form is in
response to section 3091(a) of Public Law 110-289. The form
reflects payments made in settlement of merchant card and third
party network transactions for purchases of goods and/or services
made with merchant cards and through third party networks. This
results in a total estimated burden increase of 620 hours and 2,000
responses.
$500,000
No
No
No
No
No
Uncollected
Melody Devoe 2022837635
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.
Form 1099-K 1099-K, Merchant Card and Third Party Payments
TD 9496.pdf
Expiration Explanation.rtf
1099-K, Merchant Card and Third Party Payments