The Department of the Treasury is seeking public comments on information collection requests related to U.S. business income tax return forms before submitting them to the Office of Management and Budget for approval. This notice outlines the forms used by business taxpayers and the proposed changes affecting the regulatory guidance for these forms. In 2021, it is estimated that 11.8 million respondents will spend 1.085 billion hours and $44.279 billion in out-of-pocket costs to comply with tax filing obligations. The notice also details how the burden and costs differ between partnerships, corporations, and pass-through corporations.
Simple Explanation
The Treasury Department is asking people to tell them what they think about how businesses need to fill out tax forms. They want to know if it really takes as much time and money as they think it does, which is a lot, and how they can make it easier for everyone.