Notice2025-01573
Proposed Collection; Comment Request for the Burden Related to Limitations on Passive Activity Losses and Credits
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 23, 2025
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
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.
Full Text
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<title>Federal Register, Volume 90 Issue 14 (Thursday, January 23, 2025)</title>
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[Federal Register Volume 90, Number 14 (Thursday, January 23, 2025)]
[Notices]
[Page 8103]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-01573]
[[Page 8103]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for the Burden Related to
Limitations on Passive Activity Losses and Credits
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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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.
DATES: Written comments should be received on or before March 24, 2025
to be assured of consideration.
ADDRESSES: Direct all written comments to Andres Garcia, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224, or by email to <a href="/cdn-cgi/l/email-protection#156567743b767a7878707b6166557c67663b727a63"><span class="__cf_email__" data-cfemail="19696b78377a7674747c776d6a59706b6a377e766f">[email protected]</span></a>. Include OMB control number
1545-1244 or Limitations on Passive Activity Losses and Credits, in the
subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulation should be directed to Kerry Dennis at (202)
317-5751, or at Internal Revenue Service, Room 6526, 1111 Constitution
Avenue NW, Washington DC 20224, or through the internet, at
<a href="/cdn-cgi/l/email-protection#38735d4a4a411674167c5d5656514b78514a4b165f574e"><span class="__cf_email__" data-cfemail="c883adbabab1e684e68cada6a6a1bb88a1babbe6afa7be">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Limitations on Passive Activity Losses and Credits.
OMB Number: 1545-1244.
Regulation Project Number: TD 9013.
Abstract: Regulation section 1.469-7(g) permits entities to elect
to avoid application of section 1.469-7 in the event the passthrough
entity chooses to not have the income from lending transactions with
owners of interests in the entity recharacterized as passive activity
gross income. The IRS will use this information to determine whether
the entity has made a proper timely election and to determine that
taxpayers are complying with the election in the taxable year of the
election and subsequent taxable years.
Current Actions: There is no change to the regulation or paperwork
burden previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or Households, businesses or other
for-profit organizations.
Estimated Number of Respondents: 1,000.
Estimated Time per Respondent: 6 minutes.
Estimated Total Annual Burden Hours: 100.
The following paragraph applies to all the collections of
information covered by this notice.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Books or records
relating to a collection of information must be retained if their
contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are
confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information shall have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Approved: January 16, 2025.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2025-01573 Filed 1-22-25; 8:45 am]
BILLING CODE 4830-01-P
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