The Internal Revenue Service (IRS) is asking for public feedback on the burden of information collection related to the taxation of gains or losses from foreign currency transactions, also known as Section 988 Transactions. This request is part of the IRS's ongoing effort to reduce paperwork and respondent burden, in compliance with the Paperwork Reduction Act of 1995. They are particularly interested in comments on whether the data collection is necessary, accurate, and efficient, and how it could be improved or made less burdensome. Comments must be submitted by May 12, 2025, and will become part of the public record.
Simple Explanation
The IRS wants to know what people think about rules for reporting money made or lost from trading foreign currency, trying to make it less complicated for everyone, and they want your ideas by May 12, 2025.