Proposed Collection; Comment Request for Regulation Project
Published Date: 1/17/2025
Notice
Summary
The IRS is asking businesses to share their thoughts on the paperwork they fill out about intangible property, like patents or trademarks. No changes are planned right now, but they want to keep the current rules and paperwork in place. If you’re a business owner, you’ve got until March 18, 2025, to send in your comments—this helps keep things clear and fair without adding extra hassle or costs.
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Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Paperwork Burden Continues for Businesses
If you run a for‑profit business, the IRS is keeping the current paperwork rules for amortizing intangible property. The agency estimates 500 respondents, about 3 hours per respondent, and a total annual burden of 1,500 hours for this collection (OMB No. 1545-1671).
Record Retention Requirement Stays in Force
Businesses must keep books or records related to this information collection as long as their contents may become material in administering any internal revenue law. Tax returns and tax return information remain confidential under 26 U.S.C. 6103.
No Regulatory Changes for Now
The IRS says there are no changes being made to the Amortization of Intangible Property regulation at this time and proposes an extension of the currently approved information collection (Regulation Project TD 8865, OMB No. 1545-1671).
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