The Internal Revenue Service (IRS) is seeking comments from the public and other federal agencies about the "Mark to Market Election" for commodities dealers and securities and commodities traders. This is part of an effort to reduce paperwork and respondent burden. The IRS requests feedback on the necessity, accuracy, and improvement of the information collection process required by this revenue procedure. Comments must be submitted by March 18, 2025, and will influence future approval processes.
Simple Explanation
The IRS wants people to tell them if their way of asking traders for information is useful and easy to understand, aiming to make it less of a hassle for everyone.