Search Results for citation:"86 FR 9996"

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Search Results: citation:"86 FR 9996"

  • Type:Notice
    Citation:86 FR 9996
    Reading Time:about 2 minutes

    The Internal Revenue Service (IRS) is requesting public comments on rules about when and how tax return information can be shared. This involves sharing for quality checks or if a tax preparer can't fulfill their duties due to incapacity or death. Comments must be sent by April 19, 2021, and the IRS aims to lessen paperwork and make sure the information collection remains efficient and useful. The IRS also asks for feedback on improvements, accuracy, and ways to reduce the burden of collecting this information.

    Simple Explanation

    The IRS wants to know what people think about the rules for sharing some tax information when needed, like checking for mistakes or if someone who helps with taxes can't do their job anymore. They are asking people to send their thoughts by April 19, 2021, to help make these rules less confusing and easier to follow.

  • Type:Notice
    Citation:86 FR 9996
    Reading Time:about 3 minutes

    The Internal Revenue Service (IRS) has issued a notice inviting comments on the information collection process related to Form 8971, which concerns beneficiaries acquiring property from a decedent. This initiative is part of the IRS's efforts to reduce paperwork and respondent burden. The form is used for reporting estate tax values on inherited property, and beneficiaries are required to use these values as the initial basis for their property. Interested parties are encouraged to submit their comments by April 19, 2021, to help improve the process.

    Simple Explanation

    The IRS wants people to share their thoughts on a form (Form 8971) that helps show how much inherited stuff is worth for taxes. They hope to make it easier for everyone to use, and anyone who has ideas should share them before April 19, 2021.