The Internal Revenue Service (IRS) is seeking public comments on its ongoing collection of information related to salary reduction simplified employee pension-individual retirement accounts. This request aims to ease the paperwork burden and is in line with the Paperwork Reduction Act of 1995. Comments are invited on various aspects, including the necessity and accuracy of the information collection, ways to enhance it, and methods to reduce the burden on respondents. Written comments should be submitted by April 19, 2021.
Simple Explanation
The IRS wants to hear people's thoughts on making the process easier for dealing with retirement savings plans by reducing paperwork. They are asking for ideas on how to make it less time-consuming and more straightforward to understand, and they want these ideas by April 19, 2021.