Proceeds From Broker and Barter Exchange Transactions

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 1099-B Proceeds From Broker and Barter Exchange Transactions	Form	Modified	Available
Form 1099-B Proceeds From Broker and Barter Exchange Transactions	Form	Modified	Repair queued
Supporting Statement 1545-0715 - AG.docx	Supporting Statement A	Uploaded 2024-01-26	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
17324	Proceeds From Broker and Barter Exchange Transactions	Form	Modified	Proceeds From Broker and Barter Exchange Transactions
17324	Proceeds From Broker and Barter Exchange Transactions	Form	Modified
17324	Proceeds From Broker and Barter Exchange Transactions	Instruction	Modified

ICR Details

OMB Control No: 1545-0715	ICR Reference No: 202311-1545-015
Status: Active	Previous ICR Reference No: 202007-1545-008
Agency/Subagency: TREAS/IRS	Agency Tracking No:
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: 04/11/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/31/2024
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2027	36 Months From Approved	04/30/2024
Responses	4,364,843,800	0	1,434,809,803
Time Burden (Hours)	2,182,421,900	0	674,360,608
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: PL: Pub.L. 117 - 58 80603 Name of Law: Infrastructure Investment and Jobs Act

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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:
	88 FR 66149	09/26/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 6180	01/31/2024
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Proceeds From Broker and Barter Exchange Transactions	1099-B	Proceeds From Broker and Barter Exchange Transactions

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ICR Summary of Burden

table that charts list 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	4,364,843,800	1,434,809,803	1,400,000,000	0	1,530,033,997	0
Annual Time Burden (Hours)	2,182,421,900	674,360,608	700,000,000	0	808,061,292	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: Section 80603 of the Infrastructure Investment and Jobs Act requires brokers to report digital assets. Additionally, the section expanded the definition of “broker” and now includes individuals or entities responsible for “transfers of digital assets on behalf of another person.” This section also sets the applicable date to “shall apply to returns required to be filed after December 31, 2023.” As a result of this legislation, IRS is increasing the projected number of respondents. IRS increase the number of respondents by 1.4 billion and the burden by 700 million hours as a change due to new statute. IRS also increase the overall estimates due to better filing estimates by 1.5 billion respondents and 808 million hours.

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Annual Cost to Federal Government: $182,650

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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? No

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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: 01/31/2024

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