The Internal Revenue Service (IRS) is asking for public comments on the information collection related to interest rates and foreign loss payment patterns for controlled corporations under section 954(i) of the Internal Revenue Code. This request, under the Paperwork Reduction Act of 1995, aims to reduce paperwork and analyze the collection burden on individuals and organizations. The IRS currently uses guidance from Notice 2002-69 for these calculations, and it seeks feedback on whether this collection is necessary and how it could be improved. Comments must be submitted by March 24, 2025, to ensure consideration.
Simple Explanation
The IRS is asking people to share their thoughts on how companies report certain financial information, like interest rates and money lost in other countries, so they can improve their rules and make it easier for everyone. They want to make sure rules from a long time ago still make sense and work well today.