The Internal Revenue Service (IRS) is inviting public comments on two forms related to self-employment taxes: Form 1040-PR and Form 1040-SS. These forms are used by self-employed individuals, including bona fide residents of Puerto Rico, to report their self-employment taxes and claim additional child tax credits. The IRS aims to gather feedback to minimize the paperwork burden and improve the forms. The public can submit their comments until April 20, 2021, and the agency is particularly receptive to suggestions on the necessity, accuracy, and ways to enhance the information collection process.
Simple Explanation
The IRS wants to hear people's thoughts on two tax forms that self-employed folks in Puerto Rico use to report their taxes. They're asking for ideas on how to make these forms easier to understand and complete.