The Internal Revenue Service (IRS) is seeking public comments on the renewal of Form 5495, which is used by executors or fiduciaries to request release from personal liability under specific tax code sections after filing certain tax returns. The IRS aims to reduce paperwork and respondent burden, and invites feedback on the necessity, accuracy, and suggestions for improving the information collection. Comments are also welcomed on methods to reduce the burden through technology or to discuss cost estimates related to the information collection process. Feedback must be submitted by June 20, 2025, to be considered.
Simple Explanation
The IRS is asking people to share their thoughts about a form called Form 5495, which helps certain people handle tax responsibilities without getting in trouble. They want to make sure filling out this form is easy and doesn’t take too much time, so they’re looking for ideas on how to make it better.