Acquisition or Abandonment of Secured Property

Forms and Documents

Document Name	Status
Form 1099-A Acquisition or Abandonment of Secured Property Form	Modified
Justification_for_Change (1545-0877).doc Justification for No Material/Nonsubstantive Change	2013-06-11
Justification for Change.doc Justification for No Material/Nonsubstantive Change	2013-03-25

IC Document Collections

IC ID	Document Title	Status
17470	Acquisition or Abandonment of Secured Property Form	Modified

ICR Details

OMB Control No: 1545-0877	ICR Reference No: 201206-1545-024
Status: Historical Active	Previous ICR Reference No: 201108-1545-013
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-0877-013
Title: Acquisition or Abandonment of Secured Property
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: Approved without change	Conclusion Date: 06/26/2013
	Date Received in OIRA: 03/26/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2014	12/31/2014	12/31/2014
Responses	1,267,500	0	386,356
Time Burden (Hours)	202,800	0	61,817
Cost Burden (Dollars)	0	0	0

---

Abstract: Form 1099-A is used by persons who lend money in connection with a trade or business, and who acquire an interest in the property that is security for the loan or who have reason to know that the property has been abandoned, to report the acquisition or abandonment.

---

Authorizing Statute(s): US Code: 26 USC 6050J Name of Law: Returns relating to foreclosures and abandonments of security
  

Citations for New Statutory Requirements: None

---

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

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 33415	06/08/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 70224	11/10/2011
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Acquisition or Abandonment of Secured Property	1099-A, 1099-A	Acquisition or Abondonment of Secured Property ,   Acquisition or Abandonment of Secured Property

---

ICR Summary of Burden

	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	1,267,500	386,356	0	0	881,144	0
Annual Time Burden (Hours)	202,800	61,817	0	0	140,983	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: The estimated number of filers for 2013 will be increased to 42,250. This will add an additional burden of 140,983 hours.

---

Annual Cost to Federal Government: $11,720

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

---

Common Form ICR:  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:

(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: 03/26/2013

---