IRS Seeks Renewal of Tax Information Collections
Published Date: 6/30/2026
Notice
Summary
The IRS is asking for approval to keep collecting info on things like original issue discounts and property disclaimers. Businesses and individuals who deal with these tax forms will keep spending some time filling them out, but no big changes or new costs are coming. If you want to share your thoughts, make sure to comment by July 30, 2026!
Analyzed Economic Effects
13 provisions identified: 0 benefits, 13 costs, 0 mixed.
Continuing Form 1099‑OID Reporting
Businesses must continue to file Form 1099-OID to report original issue discount under section 6049. The IRS estimates 5,832,633 responses at about 23 minutes per response, for an annual burden of 2,274,727 hours.
Electronic Records Rules Require System Documentation
Taxpayers who maintain books and records using an electronic storage system must keep system descriptions, use, security, and controls available for review per Revenue Procedure 97-22. The IRS estimates 50,200 responses at about 20 hours 1 minute each, totaling 1,000,400 annual burden hours.
New 'Trump Accounts' Elections Collection
Tax-advantaged 'Trump Accounts' for children under 18 require elections using Form 4547 and Form 8879-TA. The IRS estimates 85,000,000 responses at about 1 hour 28 minutes each for an annual burden of 64,850,000 hours.
Low‑Income Housing Credit Forms Continue
Owners of low-income rental buildings must continue using Form 8609 and Form 8609-A to obtain allocations, certify information, and report compliance over the 15-year compliance period. The IRS estimates 33,000 responses at about 12 hours 58 minutes each for 428,265 annual burden hours.
State Agencies Must Report Carryover Allocations
State housing credit agencies must continue reporting carryover allocations and submit Schedule A (Form 8610) and related documents under section 42(l)(3). The IRS estimates 1,353 responses at about 4 hours 58 minutes each for 6,738 total annual burden hours.
REMICs Must Support 1099 Issuance Information
REMICs and issuers of collateralized debt obligations must provide information so brokers can obtain financial details and timely issue Forms 1099 to ultimate holders. The IRS estimates 3,000 responses averaging 4 hours 23 minutes each for a total annual burden of 13,140 hours.
Long‑Term Contract Reporting Continues
Taxpayers with long-term contracts must follow reporting requirements under IRC section 460, including certain elections and statements for look-back method and contract changes. The IRS estimates 75,000 responses at about 21 minutes each for a total annual burden of 26,500 hours.
ACA Internal Claims & External Review Disclosures Continue
Group health plans and health insurance issuers must keep and provide notices and disclosures for internal claims and appeals and the external review process under the Affordable Care Act and the No Surprises Act. The collection covers 1,294,150 respondents with 187,601 total responses and an estimated 18,370 annual burden hours.
Qualified Property Disclaimers Stay Required
Individuals who make qualified disclaimers under IRC section 2518 must continue to provide written disclaimers to the transferor or trustee. The IRS estimates 2,000 responses averaging 30 minutes each for a total annual burden of 1,000 hours.
Tip‑Reporting Program Info Collection for Food Industry
Employers in the food and beverage industry must provide information under the Employer-Designed Tip Reporting Program to help comply with IRC section 6053(a). The IRS estimates 20 responses at about 44 hours each for 870 annual burden hours.
Consent to Disclose Tax Compliance Checks Required
Individuals must use Form 14767 to authorize the IRS to prepare tax compliance reports that disclose confidential tax information to third-party appointees for Federal employment. The IRS estimates 46,000 responses at about 10 minutes each for 7,664 annual burden hours.
Tax Credit Bond Reporting Persists
Issuers and recipients of tax credit bond distributions must file Form 1097-BTC for each tax credit distributed for several bond types. The IRS estimates 967 responses at about 19 minutes each for 306 annual burden hours.
New Long‑Term Care Premiums Reporting
Issuers of certified long-term care insurance will use Form 1099-LPS to report long-term care premium statements under IRC sections 401(a)(39)(E) and 6050Z. The IRS estimates 7,500 responses at about 12 minutes each for 1,500 annual burden hours.
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