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The Internal Revenue Service (IRS) is seeking comments from the public and other federal agencies on the information collection requirements related to the Passive Activity Loss Limitations under the Paperwork Reduction Act of 1995. This request concerns Form 8582, which helps taxpayers calculate deductible passive activity losses. The IRS estimates that 250,000 respondents will spend about 3 hours and 30 minutes each on this form, with the total annual burden estimated at 875,000 hours. Comments on this matter are invited by April 19, 2021, and all responses will be considered public record.

The Department of the Treasury has announced its plan to submit requests to the Office of Management and Budget (OMB) for approval of information collections related to U.S. Income Tax Return forms for individuals. This is in line with requirements of the Paperwork Reduction Act of 1995. The forms, such as Form 1040, are used by individuals to report their taxable income and calculate taxes owed. The Treasury Department invites the public to provide comments on these requests by February 10, 2021, to ensure they are considered. The document also includes estimated costs, time burdens, and details about changes to forms affecting taxpayers.

The U.S. Department of the Treasury has issued a notice through the Internal Revenue Service (IRS) seeking public comments on the paperwork and burden related to U.S. Income Tax Return Forms for individual taxpayers, as required by the Paperwork Reduction Act of 1995. The notice invites individuals and federal agencies to provide feedback by January 21, 2025, on the time and out-of-pocket costs associated with tax filing. The IRS estimates approximately 168.8 million respondents, with each spending an average of 12 hours and 37 minutes to comply with tax filing requirements, resulting in a total monetized burden of nearly $93.7 billion annually. The IRS will also continue offering a free e-file tax return system, known as Direct File, in the 2025 tax season.

The Department of the Treasury is seeking public comments on information collection requests it plans to submit to the Office of Management and Budget (OMB). These collections are related to tax-exempt organizations, which file various forms to maintain their exempt status under the Internal Revenue Code. The forms help ensure that these organizations meet the requirements of their tax-exempt status and are also used for statistical purposes. Comments from the public are invited and should be submitted by February 26, 2021.