📝IRS Seeks Comments on Form 1099-PATR Compliance Burden
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Form 1099-PATR
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 the burden related to Form 1099-PATR, "Taxable Distributions Received from Cooperatives".
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The document addresses compliance requirements related to Form 1099-PATR for businesses reporting patronage dividends paid by cooperatives, which directly impacts financial reporting obligations. It emphasizes the IRS's evaluation of the burden of this collection on businesses, thus drawing attention to regulatory compliance.