The Internal Revenue Service (IRS) is seeking public comments on an information collection related to the Application for Determination of Employee Stock Ownership Plan. This is part of their effort to reduce paperwork and respondent burden, as required by the Paperwork Reduction Act of 1995. Comments should address the necessity and effectiveness of the information collection, and be submitted by April 20, 2021. The IRS estimates that 2,500 responses will be received, each taking approximately 10 hours and 47 minutes to complete.
Simple Explanation
The IRS wants to hear what people think about a form used to check special plans where employees own part of the company, trying to make sure filling it out is easy and doesn't take too long. They think it might take a lot of time to fill out, so they're asking if there's a better way to do it.