Search Results for keywords:"burden hours estimate"

Found 2 results

Search Results: keywords:"burden hours estimate"

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  • 2021-03132 — Proposed Collection; Comment Request for Form 8582
    Type:Notice
    Citation:86 FR 10003
    Reading Time:about 2 minutes

    The Internal Revenue Service (IRS) is seeking comments from the public and other federal agencies on the information collection requirements related to the Passive Activity Loss Limitations under the Paperwork Reduction Act of 1995. This request concerns Form 8582, which helps taxpayers calculate deductible passive activity losses. The IRS estimates that 250,000 respondents will spend about 3 hours and 30 minutes each on this form, with the total annual burden estimated at 875,000 hours. Comments on this matter are invited by April 19, 2021, and all responses will be considered public record.

    Simple Explanation

    The IRS wants people to share their thoughts about a form (Form 8582) that helps figure out certain tax rules. They want to know if the form is understandable and not too hard to fill out.

  • 2025-03279 — Submission for OMB Review; Comment Request; Extension: Rule 17a-8
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    Type:Notice
    Citation:90 FR 10963
    Reading Time:about 3 minutes

    The Securities and Exchange Commission (SEC) has issued a notice under the Paperwork Reduction Act of 1995, requesting an extension for the collection of information related to Rule 17a-8. This rule involves mergers of affiliated investment companies and requires specific procedures such as board approvals and evaluations for assets when merging with an unregistered entity. The average annual burden is estimated at 7 hours per fund, with a total annual cost for all funds estimated at $3,151,248. The public can submit comments on the usefulness and burden of this information collection until March 31, 2025.

    Simple Explanation

    The government is checking if they still need a rule that helps school clubs (funds) merge with clubs not part of their group, and they want to make sure this isn't too hard or expensive for the clubs. They're asking people to say if they think the rule is good or bad before the end of March 2025.