[Federal Register Volume 76, Number 29 (Friday, February 11, 2011)]
[Notices]
[Page 7907]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-3043]
[[Page 7907]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1099-K; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correction to notice and request for comments.
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SUMMARY: This document contains a correction to a notice and request
for comments that was published in the Federal Register on Wednesday,
January 26, 2011 at 76 FR 4744 inviting 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, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)) and
as part of its continuing effort to reduce paperwork and respondent
burden by the Department of the Treasury. Currently, the IRS is
soliciting comments concerning Form 1099-K, Merchant Card and Third
Party Payments.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Ralph Terry
at (202) 622-8144, or at Internal Revenue Service, room 6129, 1111
Constitution Avenue, NW., Washington, DC 20224, or through the
Internet, at [email protected].
SUPPLEMENTARY INFORMATION:
Background
The notice and request for comments that is the subject of the
correction is required by the Paperwork Reduction Act of 1995, Public
Law 104-13 (44 U.S.C. 3506(c)(2)(A)).
Need for Correction
As published, the notice and request for comments for Proposed
Collection; Comment Request for Form 1099-K contains an error that may
prove to be misleading and is in need of clarification.
Correction of Publication
Accordingly, the publication of the notice and request for comments
for Proposed Collection; Comment Request for Form 1099-K, which was the
subject of FR Doc. 2011-1547, is corrected as follows:
On page 4745, column 1, under the caption ``SUPPLEMENTARY
INFORMATION:'', lines 5 thru 25, the language ``Abstract: This is a new
form is in response to section 102 of Public Law 111-147, the Hiring
Incentives to Restore Employment (HIRE) Act. The form reflects a new
non-Code general business credit for the retention of certain qualified
individuals hired in 2010. The credit is first available for an
employer's income tax return with a tax year ending after 3/18/10 where
new hired employees hired after 2/3/10 and before 1/1/11 worked not
less 52 consecutive weeks where wages paid in last 26 weeks of
employment were at least 80% of wages paid in first 26 weeks. These
requirements are to be met before employer is legible for the lesser
$1,000 or 6.2% of wages paid by the employer to the employee during the
52 consecutive week period of each qualified retained worker.'' is
removed and replaced with the language ``Abstract: This is a new form
is in response to section 3091(a) of Public Law 110-289, the Housing
Assistance Tax Act of 2008 (Div. C of the housing and economic Recovery
Act of 2010). 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.''
in its place.
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2011-3043 Filed 2-10-11; 8:45 am]
BILLING CODE 4830-01-P