Form 1099-OID - Original Issue Discount

Forms and Documents

Document Name	Status
Form 1099-OID (2016) Form 1099-OID - Original Issue Discount Form	Modified
Sup Stat (Form 1099-OID)(1).doc Supporting Statement A	2016-09-30

IC Document Collections

IC ID	Document Title	Status
16931	Form 1099-OID - Original Issue Discount Form	Modified

ICR Details

OMB Control No: 1545-0117	ICR Reference No: 201608-1545-021
Status: Historical Active	Previous ICR Reference No: 201306-1545-063
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 1099-OID - Original Issue Discount
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: 01/02/2017
	Date Received in OIRA: 09/30/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2020	36 Months From Approved	12/31/2016
Responses	1,966,000	0	2,667,000
Time Burden (Hours)	452,520	0	526,730
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1099-OID is used for reporting original issue discount as required by section 6049 of the Internal Revenue Code. It is used to verify that income earned on discount obligations is properly reported by the recipient.

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Authorizing Statute(s): US Code: 26 USC 6049 Name of Law: Returns regarding payments of interest
  

Citations for New Statutory Requirements: US Code: 26 USC 6049 Name of Law: Returns regarding payments of interest

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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:
	81 FR 44089	07/06/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 66750	09/28/2016
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-OID - Original Issue Discount	1099-OID (2016)	Original Issue Discount

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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	1,966,000	2,667,000	0	0	-701,000	0
Annual Time Burden (Hours)	452,520	526,730	0	58,980	-133,190	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: Based on estimated filing figures, the number of responses has decreased by 701,000 (2,667,000 to 1,966,000). This change results in a burden decrease of 133,190 hours. New box 10 (Bond Premium), and New box 11 (Tax-exempt OID), for a tax-exempt obligation that is a covered security acquired on or after January 1, 2017 were also added. The above changes to the form (change due to agency discretion), will result in a program change increase of 58,980 hours.

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Annual Cost to Federal Government: $94,754

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: 09/30/2016

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