The Department of the Treasury has announced its plan to submit requests to the Office of Management and Budget (OMB) for approval of information collections related to U.S. Income Tax Return forms for individuals. This is in line with requirements of the Paperwork Reduction Act of 1995. The forms, such as Form 1040, are used by individuals to report their taxable income and calculate taxes owed. The Treasury Department invites the public to provide comments on these requests by February 10, 2021, to ensure they are considered. The document also includes estimated costs, time burdens, and details about changes to forms affecting taxpayers.
Simple Explanation
The Treasury Department is checking how forms used to report taxes, like Form 1040, are working and wants people to say what they think by a certain date. They also want to make sure the forms aren't too confusing or take too long to fill out.