The Internal Revenue Service (IRS) is seeking public comments on the proposed and ongoing collection of information through Form 712, Life Insurance Statement. This initiative is part of their effort to minimize paperwork and the burden on respondents, as guided by the Paperwork Reduction Act of 1995. The IRS is interested in feedback regarding the necessity, accuracy, quality, and clarity of the information collection, as well as suggestions for reducing the burden, including the possibility of electronic submissions. Comments should be submitted by April 21, 2025, to be considered.
Simple Explanation
The IRS wants to know what people think about a form called Form 712 that talks about life insurance. They are looking for ideas to make it easier and faster for people to fill out, especially if it can be done online!