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

Inside This Issue

Interest rates remain the same for second quarter of 2025

WASHINGTON — The Internal Revenue Service announces that interest rates will remain the same for the calendar quarter beginning July 1, 2025.

For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the interest rates:

• 7% for overpayments (payments made in excess of the amount owed), 6% for corporations.
• 4.5% for the portion of a corporate overpayment exceeding $10,000.
• 7% for underpayments (taxes owed but not fully paid).
• 9% for large corporate underpayments.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rates are equal to the federal short-term rate plus three percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points and the overpayment rate is the federal short-term rate plus two percentage points. The rate for large corporate underpayments is the federal short-term rate plus five percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

These interest rates are computed from the federal short-term rate determined during April 2025.

Revenue Ruling 2025-11 announcing the rates of interest will appear in Internal Revenue Bulletin 2025-23, dated June 2, 2025.

Issue Number:  IR-2025-55

Inside This Issue

IRS reminder: Protect important records in case a natural disaster strikes

WASHINGTON — The Internal Revenue Service reminds taxpayers that disaster preparation season kicks off soon with National Wildfire Awareness Month in May and National Hurricane Preparedness Week, May 4-10.

With tax season over and peak periods for disasters approaching, now is a good time for taxpayers to think about protecting important tax and financial information as part of a disaster emergency plan.

Disasters can have an immediate and lasting impact on individuals, organizations and businesses. Year-round preparation is important, and observing Hurricane Preparedness Week and Wildfire Awareness Month provides an opportunity for an annual assessment of readiness.

So far in 2025, the Federal Emergency Management Agency (FEMA) has issued 12 major disaster declarations in nine states impacted by winter storms, flooding, tornadoes, wildfires, landslides and mudslides. For current disaster declarations and information on how declarations are made, see FEMA’s Current Disasters page.

The IRS offers tips to help taxpayers protect personal financial and tax information when disaster hits.

Protect and make copies of important documents

Original documents such as tax returns, Social Security cards, marriage certificates, birth certificates and land ownership documents need to be secured in a waterproof container in a safe space. Taxpayers are also encouraged to make copies of these important documents and store them in a secondary location such as a safe deposit box or with a trusted person who lives in a different area. In addition, scanned documents can be stored on a flash drive for easy portability.

Keep a record of valuables

Taxpayers should use cell phones or other mobile devices to make a record of high-value items. A simple list with current photos or videos can help support claims for insurance or tax benefits after a disaster. The IRS disaster loss workbooks in Publication 584, Casualty, Disaster and Theft Loss Workbook (Personal-Use Property), and Publication 584-B, Business Casualty, Disaster and Theft Loss Workbook, can help individuals and businesses make lists of belongings or business equipment.

Rebuilding records

Reconstructing or replacing records after a disaster may be required for tax purposes, claiming federal assistance or insurance reimbursement. Accurate loss estimates could mean more loan and grant money may be available. Taxpayers who have lost some or all their records during a disaster should visit IRS’s Reconstructing Records webpage as a first step.

Employers should check fiduciary bonds

Disasters can impact a business’ ability to make timely federal tax deposits. Employers using payroll service providers should check if the provider has a fiduciary bond in place that can protect the employer in the event of default by the payroll service provider. The IRS reminds employers to choose their payroll service providers carefully.

IRS can provide tax relief after a disaster

After FEMA issues a major disaster or emergency measures declaration, the IRS may postpone certain tax filing and payment deadlines for taxpayers who reside or have a business in certain counties affected by the disaster. The IRS provides details on states and counties that have been issued relief on the IRS Disaster Relief page.

Taxpayers in the affected areas do not need to call to request this relief. The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. Those impacted by a disaster can contact the IRS Disaster Hotline at 866-562-5227 to ask their tax-related questions of an IRS specialist trained to handle disaster-related issues.

Taxpayers who do not reside or have a business in a covered disaster area but suffered impact from a disaster should call 866-562-5227 to find out if they qualify for disaster tax relief and to discuss other available options.

More disaster information

Taxpayers are encouraged to review publications and websites that may offer further assistance in advance preparation for disasters:

·         IRS.gov: Preparing for a disaster

·         IRS Publication 547, Casualties, Disasters, and Thefts

·         IRS Publication 583, Starting a Business and Keeping Records

·         FEMA.gov

·         Disasterassistance.gov

·         Ready.gov

 

 

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Issue Number:  2025-17 Inside This Issue Register now for the 2025 IRS Nationwide Tax Forum May 15 tax exempt filing deadline approaching Upcoming webinar for tax professionals 1.  Register now for the 2025 IRS Nationwide Tax Forum Tax professionals are invited to register for the upcoming IRS Nationwide Tax Forum. Each of the 2025 forums is a three-day event with seminars, workshops and networking opportunities. Attendees can maximize their time by participating in additional pre-forum events including the annual filing season refresher course and practice management session. Register today to ensure your space this summer in one of the five following cities: Chicago: July 1 – 3 New Orleans: Aug. 5 – 7 Orlando: Aug. 26 – 28 Baltimore: Sep 9 – 11 San Diego: Sep. 16 – 18 Visit IRS Nationwide Tax Forum for information and to take advantage of the Early Bird rate, which is available until June 10.  Back to top 2.  May 15 tax exempt filing deadline approaching To promote successful and timely tax exempt return filing, the IRS is highlighting key forms and topics as the May 15 deadline for tax-exempt organizations draws near. The yearly filing due date for certain returns filed by tax-exempt organizations is the fifteenth day of the fifth month after the end of an organization's accounting period. Those operating on a calendar year basis must file a return by May 15. Returns due include: Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF) Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990-EZ Form 990-T, Exempt Organization Business Income Tax Return (other than certain trusts) Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code The IRS also offers online workshops to help tax-exempt organizations comply with filing requirements. They also explain the benefits, limitations and expectations of exempt organizations. Back to top 3.  Upcoming webinar for tax professionals The IRS is presenting the webinar “Small Business, Big Tools: Resources from the IRS that will lead to Success” on May 8 at 2 p.m. ET. No continuing education is offered for this webinar. For more information or to register for the webinar, click here. Back to top                                       Thank you for subscribing to e-News for Tax Professionals an IRS e-mail service. If you have a specific concern about your client's tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the mailing list e-News for Tax Professionals. Please Do Not Reply To This Message To subscribe to or unsubscribe from another list, please go to the e-News Subscriptions page on the IRS Web site.

WASHINGTON — As the May 15 filing deadline approaches for tax-exempt organizations, the Internal Revenue Service highlights important forms and topics to ensure successful and timely filing.

The annual filing due date for certain returns filed by tax-exempt organizations is the 15th day of the 5th month after the end of an organization's accounting period. Those operating on a calendar year basis must file a return by May 15. Returns due include:

• Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF).
• Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990-EZ.
• Form 990-T, Exempt Organization Business Income Tax Return (other than certain trusts).
• Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code.

Electronic filing

Electronic filing ensures acknowledgement that the IRS has received the return and reduces processing time, making it easy to comply with reporting requirements. Organizations should remember the following when e-filing:

• Organizations filing a Form 990, 990-EZ, 990-PF or 990-T for calendar year 2023 must file their returns electronically.
• Private foundations filing a Form 4720 for calendar year 2023 must file the form electronically.
• Charities and other tax exempt organizations can file these forms electronically through an IRS Authorized e-File Provider.
• Organizations eligible to submit a Form 990-N must do so electronically and can submit it through Form 990-N (e-Postcard) on IRS.gov.

Common errors

The IRS encourages organizations to thoroughly review their forms to avoid common errors such as missing or incomplete schedules. If an organization’s return is incomplete or is the wrong return for the organization, the return will be rejected.

Extension requests

Tax-exempt organizations may request a six-month automatic extension by filing a Form 8868, Application for Extension of Time to File an Exempt Organization Return. In situations where tax is due, extending the time for filing a return does not extend the time for paying tax.

Online workshops

The IRS provides online workshops to help tax-exempt organizations comply with filing requirements. These workshops are designed to help organizational leadership understand the benefits, limitations and expectations of exempt organizations.

Attention: Software Developers and Information Return Transmitters

Tax Year 2024 IRIS schema and business rules v1.1 are available through the SOR mailbox. There are no changes to schema or business rules.

Tax Year 2023 IRIS Schema and Business Rules are available. There are no changes to TY2023 Schema v1.0 or Business Rules in v1.2.

Software Developers and State organizations may download IRIS schemas and Business Rules from their e-Services mailbox. To access these files, you must have:

• An active e-Services account
• An IRIS TCC application with the status “Completed”
• An IRIS TCC status of “Active”
• An IRIS role of “Software Developer” or business structure of “State Government Agency”, “Local Government Agency”, or “Federal Government Agency”

You may have several messages in your account. Please open all of them to find the set you would like to download. After 60 days the messages are purged.

Please visit the IRIS Schemas and Business Rules page on IRS.gov for more information about IRIS Schemas and Business Rules.