The Internal Revenue Service (IRS) is seeking comments from the public and federal agencies on the burden associated with completing Form 7203 related to S Corporation shareholder stock and debt basis limitations. This request is part of an ongoing effort to reduce paperwork and respondent burden according to the Paperwork Reduction Act of 1995. The IRS has specific areas they want feedback on, including the necessity, accuracy, and enhancement of the information collected, and how to minimize the burden on respondents. Comments are due by April 4, 2025, and should be submitted to Andrés Garcia at the IRS.
Simple Explanation
The IRS wants to know what people think about how hard it is to fill out a tax form called Form 7203, which helps figure out money related to owning a business. They want ideas on how to make it easier and ask everyone to share their thoughts by April 4, 2025.