Search Results for keywords:"Tax Compliance"

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Search Results: keywords:"Tax Compliance"

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  • 2025-05344 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service (IRS) Information Collection Requests
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    Type:Notice
    Citation:90 FR 14189
    Reading Time:about 6 minutes

    The U.S. Department of the Treasury is submitting various information collection requests to the Office of Management and Budget for review, inviting public comments before April 28, 2025. These collections cover topics such as third-party documentation for tax credits, reporting distributions from medical savings accounts, and reporting requirements under the Foreign Account Tax Compliance Act (FATCA). Some forms, like Form 1099-SA and Forms 1099-LS and 1099-SB, are used to report financial transactions related to health accounts and life insurance contracts. The aim is to ensure compliance with tax regulations and accurately assess tax benefits and obligations.

    Simple Explanation

    The U.S. Treasury wants to make sure people follow tax rules correctly, so they collect information using special forms. They ask people what they think about how hard these forms are to fill out so they can make them better.

  • 2021-02229 — Proposed Collection; Comment Request for Foreign Tax Credit; Notification of Foreign Tax Redeterminations
    Type:Notice
    Citation:86 FR 8080
    Reading Time:about 2 minutes

    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.