🏗️IRS Seeks Comments on Contributions for Aid of Construction
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Contributions for Aid of Construction Under Section 118(c)
Summary
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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. Currently, the IRS is soliciting comments concerning the burden related to contributions for aid of construction under section 118(c).
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The notice invites businesses and other organizations to comment on the IRS's proposed information collection regarding contributions for aid of construction under Section 118(c), potentially affecting financial obligations and compliance for those involved in public utility construction. The guidance influences tax treatment for contributions, which is directly relevant for affected public businesses.