IRS Eyes Interest Payment Forms: Weigh In Before Deadline
Published Date: 10/7/2026
Notice
Summary
The IRS wants your thoughts on how it collects info about interest payments on tax forms. If you deal with interest income, this could affect you by possibly changing paperwork or how you report it. Make sure to send your comments by December 7, 2026, so your voice counts—no extra costs are expected, just a chance to make things easier!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Paperwork Burden Estimates for Form 1099-INT
The IRS estimates 141,555,000 respondents for this information collection, with an average of 19 minutes per response and a total annual burden of 46,403,150 hours. The agency states there is no change to the previously approved information collection and is soliciting public comments by December 7, 2026.
Business Payers Report Interest $600+
If you pay interest in the course of a trade or business totaling $600 or more to a payee, you must report that interest on Form 1099-INT under Internal Revenue Code section 6041. This reporting requirement applies to payers operating in a trade or business when the $600 threshold is met.
Interest $10 Reporting Rule Stays in Place
If you receive interest of $10 or more from a payer, the payer must file Form 1099-INT reporting that interest under Internal Revenue Code section 6049. You may receive a Form 1099-INT showing the aggregate interest when your payments meet that $10 threshold.
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