New
collection (Request for a new OMB Control Number)
No
Regular
10/07/2024
Requested
Previously Approved
36 Months From Approved
15,016,666
0
2,252,500
0
0
0
Form 1099-DA is used by brokers to
report proceeds from (and in some cases, basis for) digital asset
dispositions to taxpayers and to the IRS (Internal Revenue Code
section 6045(a)). Taxpayers may be required to recognize gain from
these dispositions of digital assets. Reporting is also required
when brokers know or have reason to know that a corporation in
which a taxpayer owns digital assets, that is also stock, has had a
reportable change in control or capital structure. Taxpayers may be
required to recognize gain from the receipt of cash, services,
digital assets, or other property that was exchanged for a digital
asset that is also the corporation’s stock.
This is a new paperwork burden
approval. Based on the new statute, the burden for Form 1099-DA is
14,500,000 responses and 2,146,250 hours for the total burden.
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.