The Internal Revenue Service (IRS) is seeking public comments on continuing information collections related to the electronic deposit of tax refunds of $1 million or more, under the Paperwork Reduction Act of 1995. Comments are invited on the necessity and utility of the information collection, its burden estimates, and suggestions for improving its accuracy and minimizing respondent burden. Comments should be submitted by March 22, 2021, to be considered. This initiative is part of the IRS's ongoing effort to reduce paperwork and respondent burden, and all comments will become public record.
Simple Explanation
The IRS wants to know what people think about how they give back super big tax refunds, like $1 million or more, without using so much paper. They are asking people to share their ideas, especially about how to make this process easier and faster, by March 22, 2021.