26 Jun 2025
📄IRS Notice on Information Collection and Taxpayer Profit Determination
Agency Information Collection Activities; Comment Request on Election To Postpone Determinations as to Whether the Presumption Applies That an Activity Is Engaged in for Profit
Summary
In accordance with the Paperwork Reduction Act of 1995, the IRS is inviting comments on the information collection request outlined in this notice.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The IRS's notice indicates a request for comments on the collection of information regarding a taxpayer election to postpone profit determination, which impacts businesses engaging in activities that may be considered hobbies. This may affect compliance and reporting requirements for business owners.