The Internal Revenue Service (IRS) has issued a notice inviting comments on the information collection process related to Form 8971, which concerns beneficiaries acquiring property from a decedent. This initiative is part of the IRS's efforts to reduce paperwork and respondent burden. The form is used for reporting estate tax values on inherited property, and beneficiaries are required to use these values as the initial basis for their property. Interested parties are encouraged to submit their comments by April 19, 2021, to help improve the process.
Simple Explanation
The IRS wants people to share their thoughts on a form (Form 8971) that helps show how much inherited stuff is worth for taxes. They hope to make it easier for everyone to use, and anyone who has ideas should share them before April 19, 2021.