IRS Requesting Comments on Payroll Tax Returns and Forms
The IRS issued a request for comments on their payroll tax returns and forms in the Federal Register yesterday. There is some interesting information in the request.
The IRS issued a request for comments from employers regarding payroll tax returns and forms.
Here are some interesting facts about these returns listed in the request:
Estimated Number of Employers: 7,128,000.
Estimated Hours: 456,000,000.
Estimated Hours per Employer: approximately 64 hours.
Estimated Out-of-Pocket Costs: $18,910,000,000.
Estimated Out-of-Pocket Cost per Respondent: $2,653.
Estimated Monetized Burden: $33,540,000,000.
Estimated Monetized Burden per Respondent: $4,705.
The deadline for submitting comments is January 24, 2024. Anything after that date may not get reviewed.