Search Results for citation:"86 FR 10003"

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 Internal Revenue Service (IRS) is seeking public comments on Form 6765, which relates to the Credit for Increasing Research Activities. This request is part of an effort to reduce paperwork and make the process easier for individuals and businesses that use the form to report research-related tax credits. Comments from the public and other agencies are welcomed to ensure the form meets its purpose efficiently, and should be submitted by April 19, 2021. The form’s usage is governed by the Paperwork Reduction Act, and it helps verify the correctness of tax credits claimed for research activities.