The Internal Revenue Service (IRS) is asking the public and other federal agencies to comment on a collection of information related to a tax rule called GILTI. This rule applies to income from foreign corporations that U.S. partners of a domestic partnership own. Comments are being sought to help reduce paperwork and improve the rule's effectiveness. People can send their comments by April 30, 2021.
Simple Explanation
The IRS wants to hear what people think about a tax rule that deals with money made from foreign companies when American partners are involved. They're asking for thoughts to help make the rule simpler and better, and people can share their ideas by the end of April 2021.