The Internal Revenue Service (IRS) is inviting public and federal agency comments on their information collections related to the foreign tax credit and notifications of foreign tax redeterminations. This initiative is part of their ongoing efforts to reduce paperwork and the burden on respondents, as stipulated by the Paperwork Reduction Act of 1995. Comments need to be submitted by April 5, 2021, to be considered. The information collection requirement affects businesses or other profit-driven organizations, with an estimated annual burden of 56,065 hours across 13,500 respondents.
Simple Explanation
The IRS wants people to tell them if their new rules about tax credits for money paid to other countries are too tricky or make people do too much paperwork, and they want these thoughts sent in by April 5, 2021. They're trying to make sure that following the rules isn't more work than it needs to be for businesses.