The Internal Revenue Service (IRS) is seeking public comments on information collections related to Form 1099-A, which deals with the acquisition or abandonment of secured property. This initiative is part of the IRS's ongoing efforts to reduce paperwork and the burden on respondents in compliance with the Paperwork Reduction Act of 1995. The estimated number of responses has decreased to 466,000, and this change will reduce the total annual burden hours. Comments are welcome on the necessity, accuracy, and potential improvements in the information collection process.
Simple Explanation
The IRS wants people to tell them what they think about a form that helps track when property is taken or given up, to see if using the form can be made easier. They notice fewer people are using it and want to know why, but they also remind everyone that their feedback will be shared publicly.