The Internal Revenue Service (IRS) is asking for public feedback on its information collection methods to help reduce paperwork and respondent burden, as outlined in the Paperwork Reduction Act of 1995. Specifically, the IRS is looking at procedures for combined information reporting by successor business entities after mergers or acquisitions. They are seeking comments on whether the collection is necessary, its accuracy, quality, utility, and ways to reduce burden on respondents. Feedback is welcomed until March 24, 2025, and the current information collection is set to continue without changes.
Simple Explanation
The IRS wants people to share their thoughts on how businesses that have merged can share tax information more easily, hoping to make it less confusing and reduce paperwork. They are asking for comments by March 24, 2025, to make sure the process is helpful and not too hard to follow.