The U.S. Treasury Department is asking for public comments about ways to improve the tax forms that life insurance companies file.

The department is about to review and revise the U.S. Life Insurance Company Income Tax Return.

Life insurers with $10 million or more in assets must file the return each year and use it to compute and pay any taxes due.

The businesses that file the forms probably spend a total of about 436,614 hours filling the forms out, Treasury Department officials estimate.

The federal Office of Management and Budget, which helps manage regular reviews of government forms, has posted a notice about the Form 1120-L revision today in the Federal Register.

A copy of the notice is available