IR-2025-70, June 23, 2025

WASHINGTON – Billy Long was sworn in as the 51st Commissioner of the Internal Revenue Service on June 16. Long was confirmed by the Senate on June 12.

In a message to all employees, Long said he plans to develop a more taxpayer-friendly agency by transforming the culture at the IRS during his tenure. “In my first 90 days I plan to ask you, my employee partners, to help me develop a new culture here. I’m big on culture, and I’m anxious to develop one that makes your lives and the taxpayers’ lives better,” Long wrote.

Long served as a U.S. representative for Missouri’s 7th Congressional district from 2011 to 2023. Prior to his time in Congress, he was a real estate broker for 32 years and an auctioneer for 31 years who was inducted into the National Auctioneers’ Association Hall of Fame, and also was a radio talk show host from 1999-2006.

Long's term will run through Nov. 12, 2027. 

FATF Identifies Jurisdictions with Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies

The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), updated its lists of jurisdictions with strategic AML/CFT/CPF deficiencies at the conclusion of its plenary meeting this month. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices. On June 13, 2025, the FATF added the British Virgin Islands and Bolivia to its list of Jurisdictions Under Increased Monitoring and removed Croatia, Mali, and Tanzania from that list.

The FATF’s list of High-Risk Jurisdictions Subject to a Call for Action remains the same, with Iran, the Democratic People’s Republic of Korea (DPRK), and Burma subject to calls for action. Specifically, the FATF continues to call on jurisdictions to apply countermeasures on Iran and DPRK. Burma remains subject to the application of enhanced due diligence, but not countermeasures.

News Release: https://www.fincen.gov/news/news-releases/financial-action-task-force-identifies-jurisdictions-anti-money-laundering-3

Notice 2025-31 publishes information that taxpayers may use to determine whether they meet certain requirements under the Statistical Area Category or the Coal Closure Category as described in sections 3.03 and 3.04 of Notice 2023-29 for purposes of qualifying for energy community bonus credit amounts or rates under §§ 45, 45Y, 48, and 48E of the Internal Revenue Code.  This information is provided in Appendices 1, 2, 3, 4, and 5 of this notice.  Appendices 1, 2, and 3 of this notice address the Statistical Area Category, and Appendices 4 and 5 of this notice address the Coal Closure Category.  This notice does not provide information addressing the Brownfield Category as described in section 3.02 of Notice 2023-29.  None of the appendices provided for purposes of energy community bonus credit amounts or rates are applicable for purposes of the qualifying advanced energy project credit determined under § 48C.

N-2025-31 Appendix 1

N-2025-31 Appendix 2

N-2025-31 Appendix 3

N-2025-31 Appendix 4

N-2025-31 Appendix 5

Notice 2025-31 will be in IRB: 2025-28, dated: 07/07/2025

IRS provides additional transition relief for brokers who are required to file information returns and backup withhold on certain digital asset sales

IR-2025-67, June 12, 2025

WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service today issued Notice 2025-33 extending and modifying the transition relief provided in Notice 2024-56 for brokers who are required to file Form 1099-DA, Digital Asset Proceeds From Broker Transactions to report certain digital asset sale and exchange transactions by customers.

Transition relief for brokers required to file Forms 1099-DA

In 2024, Treasury and IRS announced final regulations requiring brokers to report digital asset sale and exchange transactions on Form 1099-DA, furnish payee statements, and backup withhold on certain transactions beginning January 1, 2025. At the same time, the IRS announced in Notice 2024-56 transition relief from penalties related to information reporting and backup withholding tax liability required by these final regulations for transactions effected during 2025. Additionally, Notice 2024-56 also provided limited transition relief from backup withholding tax liability for transactions effected in 2026.

The IRS received and carefully considered comments from the public about the transition relief provided in Notice 2024-56 indicating that brokers needed more time to comply with the reporting requirements; today’s notice addresses those comments.

Additional transition relief

Notice 2025-33 extends the transition relief from backup withholding tax liability and associated penalties for any broker that fails to withhold and pay the backup withholding tax for any digital asset sale or exchange transaction effected during calendar year 2026.

The notice also extends the limited transition relief from backup withholding tax liability for an additional year. Specifically, brokers will not be required to backup withhold for any digital asset sale or exchange transactions effected in 2027 for a customer (payee), if the broker submits that payee’s name and tax identification number (TIN) to the IRS’s TIN Matching Program and receives a response that the name and TIN combination matches IRS records. Additionally, relief is provided to brokers that fail to withhold and pay the full backup withholding tax due, if the failure is due to a decrease in the value of withheld digital assets in a sale of digital assets in return for different digital assets in 2027, and the broker immediately liquidates the withheld digital assets for cash.

This notice also provides additional transition relief for brokers for sales of digital assets effected during calendar year 2027 for certain customers that have not been previously classified by the broker as U.S. persons. 

IRS Nationwide Tax Forum early bird registration expires June 10

IR-2025-64, June 5, 2025

WASHINGTON — The Internal Revenue Service today reminded tax pros the early bird registration rate for the 2025 IRS Nationwide Tax Forum expires on Tuesday, June 10.

Attendees who act by the June 10 early bird deadline can take advantage of the lowest registration rate of $265 per person. Standard pricing of $319 begins after June 10 and ends two weeks before the start of each forum. On-site registration is also available at a cost of $399.

Members of the following partner associations can save an additional $10 on the early bird rate:

• American Bar Association (ABA)
• American Institute of Certified Public Accountants (AICPA)
• National Association of Enrolled Agents (NAEA)
• National Association of Tax Professionals (NATP)
• National Society of Accountants (NSA)
• National Society of Tax Professionals (NSTP)

Members should contact their association directly for an IRS Nationwide Tax Forum discount code.

Locations and registration details

The following is the 2025 IRS Nationwide Tax Forum lineup: 

Location	Forum dates	Standard rate pre-registration deadline
Chicago, IL	July 1-3	June 17
New Orleans, LA	Aug. 5-7	July 22
Orlando, FL	Aug. 26-28	Aug. 12
Baltimore, MD	Sept. 9-11	Aug. 26
San Diego, CA	Sept. 16-18	Sept. 2

 

About the 2025 IRS Nationwide Tax Forum

The 2025 IRS Nationwide Tax Forum is the agency’s largest annual outreach event designed and produced for the tax professional community. This year’s curriculum features required continuing education sessions on tax law and ethics, and hot topics like changes to the tax code, common scams and schemes, online tools, digital assets and disaster reporting.

Enrolled agents, certified public accountants, Annual Filing Season Program (AFSP) participants and other tax professionals can earn up to 18 continuing education (CE) credits.                         

For more information and to register online, visit IRS Nationwide Tax Forum.

Many of you are familiar with the President’s Executive Order 14247 “Modernizing Payments To and From America’s Bank Account,” which transitions federal disbursements to electronic payments.  Well, now the U.S. Department of the Treasury (Treasury) recently released a request for information.

As described in the Treasury news release:

• Beginning September 30, 2025, all federal payments that are currently made by paper check—including Social Security benefits, tax refunds, and vendor payments—will be made electronically. 
• Paper checks are increasingly the front door for fraud. Treasury is committed to raising awareness of the growing fraud risks associated with paper checks and providing Americans with the knowledge and tools to fight financial fraud and make informed financial decisions. 
• The Request for Information offers the opportunity for interested individuals and organizations to provide feedback on Treasury’s implementation of the Executive Order and make recommendations to increase public awareness to help consumers, including unbanked and underbanked populations, transition to digital payments.

Written comments and information are requested on or before June 30, 2025.  Please use this link to find instructions for submitting your comments, along with specific questions related to the proposed implementation.

Thank you in advance for making your opinion and voice heard.

IRS also appreciate any feedback, concerns, or issues that will help us improve our services….

Again, Thank you and please Be Safe

Alfred (Al) Page, Jr

Sr. Stakeholder Liaison

IRS – Communication & Liaison

Notice 2025-27provides interim guidance regarding the application of the corporate alternative minimum tax, as added to title 26 of the United States Code (Internal Revenue Code) by the Inflation Reduction Act of 2022.  Specifically, this notice provides an optional simplified method for determining applicable corporation status under § 59(k) of the Internal Revenue Code. This notice also waives certain additions to tax under § 6655 with respect to a corporation’s CAMT liability under § 55.

Notice 2025-27 will be in IRB: 2025-26, dated 06/23/25.

WASHINGTON — The Internal Revenue Service today issued its annual Data Book detailing the agency's activities during fiscal year 2024 (Oct. 1, 2023 – Sept. 30, 2024). This year’s edition marks the publication’s 30-year anniversary; the first Data Book covered fiscal years 1993 and 1994 and was available in 1995. Prior to 1993, the IRS published annual reports, which date back to 1863. The Data Book provides a fiscal year statistical overview of the agency’s operations including returns received, revenue collected, taxpayer services provided, tax returns examined (audits), efforts to collect unpaid taxes and other details about the work of the IRS.

Read it here.

Inside This Issue

Notice 2025-29 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for April 2025 used under § 417(e)(3)(D), the 24-month average segment rates applicable for May 2025, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).

WILL BE IN IRB: 2025-23 DATED: June 2, 2025

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Inside This Issue

Revenue Ruling 2025-11 provides interest rates for the third quarter 2025, including rates for underpayments and overpayments. The rates for interest determined under Section 6621 of the code for the calendar quarter beginning July 1, 2025, will be 7 percent for overpayments (6 percent in the case of a corporation), 7 percent for underpayments, and 9 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 4.5 percent.

Revenue Ruling 2025-11 will be in IRB 2025-23, dated June 2, 2025