Form 1099-K, Payment Card and Third Party Network Transactions

Forms and Documents

Document Name	Status
Form 1099-K Form 1099-K, Payment Card and Third Party Network Transactions Form	Modified
brdn3.PDF Supplementary Document	2016-02-23
1545-2205_Supporting_Statement_(2016)(UPDATED1).docx Supporting Statement A	2016-02-24
Notice 2011-71.pdf Supplementary Document	2011-08-31
TD 9496.pdf Supplementary Document	2011-02-08

IC Document Collections

IC ID	Document Title	Status
196146	Form 1099-K, Payment Card and Third Party Network Transactions Form	Modified

ICR Details

OMB Control No: 1545-2205	ICR Reference No: 201601-1545-008
Status: Historical Active	Previous ICR Reference No: 201210-1545-012
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 1099-K, Payment Card and Third Party Network 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: 08/09/2016
	Date Received in OIRA: 02/29/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2019	36 Months From Approved	08/31/2016
Responses	9,436,100	0	2,000
Time Burden (Hours)	4,529,328	0	680
Cost Burden (Dollars)	0	0	0

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Abstract: 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 payment card and third party network transactions for purchases of goods and/or services made with payment cards and through third party networks.

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Authorizing Statute(s): US Code: 26 USC 6050W Name of Law: Returns relating to payments made in settlement of payment card and third party network transactions
  

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:
	80 FR 79651	12/22/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 10367	02/29/2016
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
Form 1099-K, Payment Card and Third Party Network Transactions	1099-K	Payment Card and Third Party Network 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	9,436,100	2,000	0	0	9,434,100	0
Annual Time Burden (Hours)	4,529,328	680	0	4,528,648	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: The estimated number of filers has increased by 9,434,100. Also, several numbers of lines were added, which will result in an overall total burden of 4,529,328 hours and a program change increase of 1,321,054 hours. Form changes include the addition of a payment identification settlement box so that payees know the source of the information on the form. An additional checkbox was created for filers to check their identity as payment settlement entities (PSEs) or as electronic payment. The reporting of backup withholding is now reported on Box 4 as determined in Notice 2011-88, which postponed the effective date for withholdings until December 31, 2012 as required in section 6050W. A checkbox was also added for 2nd TIN notices if the filer was notified twice within three calendar years that the payee provided an incorrect TIN, so that the IRS will not send any further notices about the account.

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Annual Cost to Federal Government: $500,000

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: 02/29/2016

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