[Federal Register Volume 89, Number 196 (Wednesday, October 9, 2024)]
[Notices]
[Pages 81989-81990]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-23394]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Agency Collection Activities; Burden Related to Information 
Reporting for Certain Life Insurance Contract Transactions

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the general 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. The IRS is soliciting comments 
concerning the burden related to the information reporting for certain 
life insurance contract transactions.

DATES: Written comments should be received on or before December 9, 
2024 to be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue

[[Page 81990]]

Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, 
or by email to <a href="/cdn-cgi/l/email-protection#f4848695da979b9999919a8087b49d8687da939b82"><span class="__cf_email__" data-cfemail="ef9f9d8ec18c8082828a819b9caf869d9cc1888099">[email protected]</span></a>. Include OMB Control No. 1545-2281 
in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection should be directed to Jason Schoonmaker, 
(801) 620-2128, at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at <a href="/cdn-cgi/l/email-protection#4d272c3e22236320633e2e25222223202c26283f0d243f3e632a223b"><span class="__cf_email__" data-cfemail="442e25372b2a6a296a37272c2b2b2a29252f2136042d36376a232b32">[email protected]</span></a>.

SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    Title: Information Reporting for Certain Life Insurance Contract 
Transactions.
    OMB Number: 1545-2281.
    Form Number: Forms 1099-LS and 1099-SB.
    Abstract: The collection covers the information reporting 
requirements for certain life insurance contracts under IRC 6050Y, 
which was added by the Tax Cuts and Jobs Act (TCJA). Form 1099-LS is 
used by the acquirer of any interest in a life insurance contract (also 
known as a life insurance policy) in a reportable policy sale to report 
the acquisition. Form 1099-SB is used by the issuer of a life insurance 
contract (also known as a life insurance policy) to report the seller's 
investment in the contract and surrender amount with respect to an 
interest in a life insurance contract transferred in a ``reportable 
policy sale'' or transferred to a foreign person.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Responses: 13,100.
    Estimated Time per Respondent: 7 min.
    Estimated Total Annual Burden Hours: 1,572.
    The following paragraph applies to all of 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 as long as 
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.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: October 4, 2024.
Jason M. Schoonmaker,
Tax Analyst.
[FR Doc. 2024-23394 Filed 10-8-24; 8:45 am]
BILLING CODE 4830-01-P


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