The Department of the Treasury is seeking public comments on new information collection requests related to the revocation of Section 754 elections. These requests, which will be submitted to the Office of Management and Budget (OMB), involve the use of IRS Form 15254 by businesses to apply for the revocation. Interested parties have until February 3, 2020, to provide feedback on these proposals. The revocation requests have increased following changes in tax laws in 2017.
Simple Explanation
The Department of the Treasury wants to hear what people think about using a new form for businesses that want to change a special decision they made about taxes. They want to know if the new form makes it easier or harder for people, and they are collecting comments to decide if using the form is a good idea.