Form 1099-C - Cancellation of Debt

ICR 202105-1545-002

OMB: 1545-1424

Federal Form Document

Forms and Documents
Document
Name
Status
Form
Modified
Supporting Statement A
2021-05-27
IC Document Collections
IC ID
Document
Title
Status
18307 Modified
ICR Details
1545-1424 202105-1545-002
Received in OIRA 201711-1545-020
TREAS/IRS
Form 1099-C - Cancellation of Debt
Extension without change of a currently approved collection   No
Regular 05/27/2021
  Requested Previously Approved
36 Months From Approved 05/31/2021
6,540,900 6,540,900
1,438,998 1,438,998
0 0

Form 1099-C is used for reporting canceled debt, as required by section 6050P of the Internal Revenue Code. It is used to verify that debtors are correctly reporting their income.

US Code: 26 USC 6050P Name of Law: Returns relating to the cancellation of indebtedness by certain entities
  
None

Not associated with rulemaking

  86 FR 14361 03/15/2021
86 FR 28683 05/27/2021
No

1
IC Title Form No. Form Name
Form 1099-C - Cancellation of Debt 1099-C Cancellation of Debt

  Total Request 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 6,540,900 6,540,900 0 0 0 0
Annual Time Burden (Hours) 1,438,998 1,438,998 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$120,672
No
    Yes
    Yes
No
No
No
No
Carmen García-Salgado 202 317-5762

  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.
05/27/2021


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