Information Reporting for Payments Made in Settlement of Payment Card and Third-Party Network Transactions

ICR 201906-1545-005 · OMB 1545-2205 · Active

⚠️ Notice: This information collection may be outdated. More recent filings for OMB 1545-2205 can be found here:

Forms and Documents

Document	Type	Status	Availability
Form 1099-K Form 1099-K, Payment Card and Third Party Network Transactions	Form	Modified	Available
2019-07-08_SS_1545-2205r.doc	Supporting Statement A	Uploaded 2019-07-08	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
196146	Form 1099-K, Payment Card and Third Party Network Transactions	Form	Modified

ICR Details

OMB Control No: 1545-2205	ICR Reference No: 201906-1545-005
Status: Active	Previous ICR Reference No: 201601-1545-008
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Information Reporting for Payments Made in Settlement of Payment Card and Third-Party Network Transactions
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/08/2020
Retrieve Notice of Action (NOA)	Date Received in OIRA: 08/29/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2023	36 Months From Approved	01/31/2020
Responses	9,436,100	0	9,436,100
Time Burden (Hours)	4,529,328	0	4,529,328
Cost Burden (Dollars)	0	0	0

Abstract: This information collection covers final regulations implementing mendments to the Income Tax Regulations (26 CFR part 1) relating to information reporting under sections 6041, 6041A, 6050W, and 6051 of the Internal Revenue Code (Code). The form reflects payments made in settlement of merchant card and third-party network transactions for purchases of goods and/or services made with merchant cards and through third-party networks.

Authorizing Statute(s): US Code: 26 USC 6050W Name of Law: Returns relating to payments made in settlement of payment card and third party network transactions

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 14195	04/09/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 45212	08/28/2019
Did the Agency receive public comments on this ICR? Yes

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

IC Title	Form No.	Form Name
Form 1099-K, Payment Card and Third Party Network Transactions	1099-K	Payment Card and Third Party Network Transactions

ICR Summary of Burden

	Total Approved	Previously Approved
Annual Number of Responses	9,436,100	9,436,100
Annual Time Burden (Hours)	4,529,328	4,529,328
Annual Cost Burden (Dollars)	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:

Annual Cost to Federal Government: $90,499

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. No

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. No

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? Uncollected

Agency Contact: Christine Best 859 320-3410 [email protected]

Common Form ICR: No