Search Results for citation:"90 FR 8103"

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Search Results: citation:"90 FR 8103"

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  • 2025-01574 — Proposed Collection; Comment Request for Regulation Project
    Type:Notice
    Citation:90 FR 8103
    Reading Time:about 2 minutes

    The Internal Revenue Service is asking the public for feedback on their information collection related to branded prescription drugs, as part of their goal to reduce paperwork. They want comments on whether this information collection is necessary, how accurate their burden estimates are, and how they can improve the process. Comments are due by March 24, 2025, and should be sent to the IRS contact provided in the notice. The current estimated total annual time spent on this task by respondents is 1,800 hours, with each respondent spending about 40 hours.

    Simple Explanation

    The IRS wants to know what people think about a project where they collect information on special medicines, like if it's needed, or how they can make it easier. They say this project will take a lot of time, but they don't explain exactly why or how, which is a little confusing.

  • 2025-01573 — Proposed Collection; Comment Request for the Burden Related to Limitations on Passive Activity Losses and Credits
    Type:Notice
    Citation:90 FR 8103
    Reading Time:about 2 minutes

    The Internal Revenue Service (IRS) is seeking public comments on the information collection requirements related to passive activity losses and credits. This effort is part of their ongoing attempt to reduce paperwork and simplify processes in adherence to the Paperwork Reduction Act of 1995. The IRS is interested in feedback on the necessity and utility of the information collected, the estimated burden it places on respondents, and potential ways to minimize this burden, possibly through technological solutions. Comments must be submitted by March 24, 2025, and will help improve the procedure and ensure proper compliance.

    Simple Explanation

    The IRS is asking people to share their thoughts on how easy or hard it is to fill out forms about money you can't use to lower your taxes because it is "passive" (like owning a rental house). They're doing this to try to make the forms less complicated for everyone.