The Internal Revenue Service (IRS) is asking for public feedback on the ongoing collection of information related to sales of business property, as outlined by the Paperwork Reduction Act of 1995. This involves the use of Form 4797 to report sales, exchanges, or involuntary conversions of business assets. The IRS seeks comments on various aspects of this information gathering, including its necessity, accuracy, and ways to improve efficiency and reduce respondent burden. Comments should be submitted by March 16, 2021, to ensure consideration.
Simple Explanation
The IRS wants people to tell them how they can make it easier to fill out Form 4797, which is used to report selling business stuff. They are looking for ideas to make it quicker and simpler, and you need to send your thoughts by March 16, 2021.