The Internal Revenue Service (IRS) is asking for public comments on its information collection efforts related to banks' bad debt reserves as part of its ongoing mission to reduce paperwork and burden on respondents. This feedback request is in line with the Paperwork Reduction Act of 1995. Comments are due by March 24, 2025, and will help assess whether these collections of information are necessary, how accurate the burden estimates are, and explore ways to improve and streamline the process. The public can submit comments via mail or email to the contacts provided in the document.
Simple Explanation
The IRS wants to know what people think about their rules on how banks keep track of loans they might not get paid back. They want ideas to make things easier and less of a hassle for everyone.