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Issue Number:  2025-24

Inside This Issue

1. IRS Nationwide Tax Forum: Chicago sold-out; 4 cities still available
2. IRS extends transition relief for brokers required to file information returns and backup withhold on certain digital asset sales
3. Learn how an offer in compromise can help resolve your client’s tax debt
4. Technical Guidance

1.  IRS Nationwide Tax Forum: Chicago sold-out; 4 cities still available

Have you reserved your space for the 2025 IRS Nationwide Tax Forum? The five-city program is sold out in Chicago (July 1–3), but tax professionals can still secure a spot in the remaining 4 cities:

• New Orleans: Aug. 5-7
• Orlando: Aug. 26-28
• Baltimore: Sept. 9-11
• San Diego: Sept. 16-18

This year’s curriculum features required continuing education (CE) 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 CE credits.

Register now at IRS Nationwide Tax Forum.

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2.  IRS extends transition relief for brokers required to file information returns and backup withhold on certain digital asset sales

The U.S. Department of the Treasury and the IRS 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.

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 and 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.

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3.  Learn how an offer in compromise can help resolve your client’s tax debt

An offer in compromise (OIC) allows a taxpayer to settle their tax debt for less than the full amount they owe. The OIC may be a legitimate option if your client cannot pay their full tax liability or if doing so creates a financial hardship. IRS considers a taxpayer’s unique set of facts and circumstances including their ability to pay, their income and expenses and their asset equity.

Individual taxpayers can check their eligibility to file an OIC, make payments, and file their OIC online. Be sure to remind your clients that they may not qualify for an OIC if other collection alternatives are possible such as full payment or a payment plan.

For more information, review the newly updated Form 656-B, Offer in Compromise Booklet.

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4.  Technical Guidance

Revenue Procedure 2025-23 updates the List of Automatic Procedures as established in Treasury and IRS guidance for taxpayer-initiated requests for changes in methods of accounting. An “automatic change” is a change in method of accounting for which the taxpayer is eligible under section 5.01(1) of Revenue Procedure 2015-13 for requesting the Commissioner’s consent for the requested year of change.

Notice 2025-35 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for May 2025 used under section 417(e)(3)(D), the 24-month average segment rates applicable for June 2025, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

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