23 Jan 2025
📊IRS Solicits Comments on Bad Debt Reserves Regulation Project TD 8513
Agency Collection Activities; Requesting Comments on Regulation Project TD 8513
Summary
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Bad Debt Reserves of Banks.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The content outlines IRS regulation changes regarding bad debt reserves for banks, affecting compliance and reporting obligations that could impact financial practices within banking institutions. Comments from businesses are being solicited, emphasizing the regulation's relevance to for-profit entities.