23 Jan 2025
📄IRS Notice on Passive Activity Losses and Comments Request
Proposed Collection; Comment Request for the Burden Related to Limitations on Passive Activity Losses and Credits
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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning information collection requirements related to limitations on passive activity losses and credits.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The text relates to compliance and regulatory requirements regarding limitations on passive activity losses and credits, which directly impacts business owners involved in passthrough entities. They must adhere to the information collection and timely election specified by the IRS.