2025-01196Notice

IRS Wants Permission to Ask You More Questions

Published Date: 1/17/2025

Notice

Summary

The IRS is asking for public feedback on several information collection requests, including rules for small wind energy credits and rollover waivers. These requests affect individuals, businesses, and nonprofits who deal with energy credits or tax rollovers. Comments are due by February 18, 2025, and there are no new changes or extra costs right now—just a chance to keep things running smoothly.

Analyzed Economic Effects

2 provisions identified: 1 benefits, 1 costs, 0 mixed.

60‑Day Rollover Waiver — New Self‑Certification

If you missed the 60-day rollover deadline because a distribution was made to a state unclaimed property fund, Revenue Procedure 2020-46 now adds that reason to the list allowing self-certification for a waiver. Previously the only way to get a waiver in that situation was to request an IRS ruling (with a $10,000 user fee); this program lets taxpayers receive the waiver benefit without paying that user fee. The notice estimates 160 respondents, 3 hours per response, and 480 total annual burden hours.

Small Wind Energy Credit Standards

You (or your business or nonprofit) that acquires small wind energy property must meet the performance and quality standards set out for property to qualify for the Section 48 energy credit. The notice (OMB No. 1545-2259) estimates 160 respondents, an average 2 hours 30 minutes per response, and 400 total annual burden hours; the notice says no changes are being made at this time.

Your PRIA Score

Score Hidden

Personalized for You

How does this regulation affect your finances?

Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.

Free to start

Key Dates

Published Date
1/17/2025

Department and Agencies

Department
Independent Agency
Source: View HTML

Related Federal Register Documents

Previous / Next Documents

Back to Federal Register