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###### Department of the Treasury

###### Internal Revenue Service

# AGENCY:

Internal Revenue Service (IRS), Treasury.

# ACTION:

Notice and request for comments.

# SUMMARY:

                        The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Form 1099-NEC,                         *Proceeds from Broker and Barter Exchange Transactions.*

# DATES:

Written comments should be received on or before November 27, 2023 to be assured of consideration.

# ADDRESSES:

                        Direct all written comments to Andrés Garcia, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or by email to                         *pra.comments@irs.gov.*                         Please include, “OMB Number: 1545-0715—Public Comment Request Notice” in the Subject line.                    

# FOR FURTHER INFORMATION CONTACT:

                        Requests for additional information or copies of the form and instructions should be directed to Ronald J. Durbala, at (202) 317-5746, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at                         *RJoseph.Durbala@irs.gov.*

# SUPPLEMENTARY INFORMATION:

*Title:*                     Proceeds from Broker and Barter Exchange Transactions.                

*OMB Number:*                     1545-0715.                

*Form Project Number:*                     Form 1099-B.                

*Abstract:*Internal Revenue Code section 6045 requires the filing of an information return by brokers to report the gross proceeds from transactions and by barter exchanges to report exchanges of property or services. Form 1099-B is used to report proceeds from these transactions to the Internal Revenue Service.                

*Current Actions:*                     Updates to the estimated number of annual responses for Form 1099-B will increase the overall burden estimate by 1,262,659,912 hours.                

*Type of Review:*                     Revision of a currently approved collection.                

*Affected Public:*                     Individuals or households, business, or other for-profit organization.                

*Estimated Number of Responses:*                     4,364,843,800.                

*Estimated Time per Respondent:*                     30 Min.                

*Estimated Total Annual Burden Hours:*                     2,182,421,900.                

The following paragraph applies to all the collections of information covered by this notice:

An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number.

Books or records relating to a collection of information must be retained if their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.

*Desired Focus of Comments:*                     The Internal Revenue Service (IRS) is particularly interested in comments that:                
    - Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility.
    - Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used.
    - Enhance the quality, utility, and clarity of the information to be collected; and
    - Minimize the burden of the collection of information on those who are to respond, including using appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g.,                      by permitting electronic submissions of responses.                

Comments submitted in response to this notice will be summarized and/or included in the ICR for OMB approval of the extension of the information collection; they will also become a matter of public record.

Approved: September 21, 2023.

Ronald J. Durbala,

IRS Tax Analyst. 

[FR Doc. 2023-20894 Filed 9-25-23; 8:45 am]

BILLING CODE 4830-01-P