Proposed Collection; Comment Request for Form 8582

• Published date: 13 March 2024
• Record Number: 2024-05334
• Citation: 89 FR 18484
• Court: Internal Revenue Service,Treasury Department
• Section: Notices

Federal Register, Volume 89 Issue 50 (Wednesday, March 13, 2024)

[Federal Register Volume 89, Number 50 (Wednesday, March 13, 2024)]
                [Notices]
                [Pages 18484-18485]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2024-05334]
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                DEPARTMENT OF THE TREASURY
                Internal Revenue Service
                Proposed Collection; Comment Request for Form 8582
                AGENCY: Internal Revenue Service (IRS), Treasury.
                ACTION: Notice and request for comments.
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                SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act
                of 1995. The IRS is soliciting comments concerning, Passive Activity
                Los Limitations.
                DATES: Written comments should be received on or before May 13, 2024 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 [email protected]. Include ``OMB Number 1545-
                1008--Passive Activity Loss Limitations'' in the subject line of the
                message.
                FOR FURTHER INFORMATION CONTACT: Requests for additional information or
                copies of this collection should be directed to Martha R. Brinson, at
                (202)
                [[Page 18485]]
                317-5753, or at Internal Revenue Service, Room 6526, 1111 Constitution
                Avenue NW, Washington, DC 20224, or through the internet at
                [email protected].
                SUPPLEMENTARY INFORMATION:
                 Title: Passive Activity Loss Limitations.
                 OMB Number: 1545-1008.
                 Form Number: 8582.
                 Abstract: Internal Revenue Code section 469 limits the passive
                activity losses that a taxpayer may deduct. The passive activity losses
                from passive activities, to the extent that they exceed income from
                passive activities, cannot be deducted against nonpassive income. Form
                8582 is used to figure the passive activity loss allowed and the actual
                loss to be reported on the tax returns.
                 Current Actions: There is no change to the form at this time.
                 Type of Review: Extension of a currently approved collection.
                 Affected Public: Individuals or households, estates, and trusts.
                 Estimated Number of Respondents: 250,000.
                 Estimated Time per Respondent: 3 hours, 30 minutes.
                 Estimated Total Annual Burden Hours: 875,000.
                 The following paragraph applies to all of 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 as long as 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.
                Comments will be 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 has
                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 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: March 5, 2024.
                Martha R. Brinson,
                Tax Analyst.
                [FR Doc. 2024-05334 Filed 3-12-24; 8:45 am]
                BILLING CODE 4830-01-P