Proceeds From Broker and Barter Exchange Transactions

Forms and Documents

Document Name	Status
Form 1099-B 2012 Proceeds From Broker and Bater Exchange Transactions Form	Modified
2013-SupStmt1099-B-[1](1545-0715).doc Supporting Statement A	2014-01-31

IC Document Collections

IC ID	Document Title	Status
17324	Proceeds From Broker and Bater Exchange Transactions Form	Modified

ICR Details

OMB Control No: 1545-0715	ICR Reference No: 201308-1545-028
Status: Historical Active	Previous ICR Reference No: 201009-1545-040
Agency/Subagency: TREAS/IRS	Agency Tracking No: sc-0715-040
Title: Proceeds From Broker and Barter Exchange Transactions
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/03/2014
	Date Received in OIRA: 01/31/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2017	36 Months From Approved	07/31/2014
Responses	117,611,875	0	117,611,875
Time Burden (Hours)	49,396,988	0	39,988,038
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1099-B is used by brokers and barter exchanges to report proceeds from transactions to the Internal Revenue Service. The form will be used by IRS to verify compliance with the reporting rules and to verify that the recipient has included the proper amount of income on his or her return.

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Authorizing Statute(s): US Code: 26 USC 6045 Name of Law: Returns of brokers
  

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
60-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 36828	06/19/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 5525	01/31/2014
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Proceeds From Broker and Bater Exchange Transactions	1099-B- 2013, 1099-B 2012	Proceeds From Broker and Barter Exchange transactions

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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	117,611,875	117,611,875	0	0	0	0
Annual Time Burden (Hours)	49,396,988	39,988,038	0	9,408,950	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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: Treasury Regulations 1.6045-1(a)(15); there was a program change initiated by Treasury, Income Tax Withholding, to add three lines to the form because several states have requested boxes for reporting withholding of state income tax. To provide additional information to recipients and Internal Revenue Service, two more lines were added for stock or other applicable symbol's for the stock/security and the quantity of shares sold. These changes resulted in an increase in burden. We are making this submission to renew the OMB approval.

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Annual Cost to Federal Government: $175,046

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

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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: 01/31/2014

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