e-News for Tax Professionals 2025-01

The IRS reminds disaster-area taxpayers who received extensions to file their 2023 returns that, depending upon their location, returns are due by Feb. 3 or May 1.

Currently:

Taxpayers in the entire states of Louisiana and Vermont, all of Puerto Rico and the Virgin Islands and parts of Arizona, Connecticut, Illinois, Kentucky, Minnesota, Missouri, Montana, New York, Pennsylvania, South Dakota, Texas and Washington state have until Feb. 3, to file their 2023 returns.
Taxpayers in the entire states of Alabama, Florida, Georgia, North Carolina and South Carolina, and parts of Alaska, New Mexico, Tennessee, Virginia and West Virginia will have until May 1, to file their 2023 returns. For these taxpayers, May 1 will also be the deadline for filing their 2024 returns and paying any tax due.

See IR-2025-01 for more details.

2. Get Ready now to file 2025 taxes

Tax pros: Remind your clients to Get Ready now to file their taxes. Visit the Get Ready page for key information on: gathering and organizing tax records, life changes that can affect a refund, what to do with a Form 1099-K, home and energy related credits, how to avoid refund delays, and refund timing.

3. ETAAC is accepting membership applications through Jan. 31

The IRS is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC), an organized public forum for discussion of issues in electronic tax administration, such as prevention of identity theft and refund fraud. New members will serve three-year terms beginning in September 2025. Applications will be accepted through Jan. 31. For more information about ETAAC, the application process and qualification criteria, email [email protected].

4. Technical Guidance

Announcement 2025-5 confirms the suspension of the operation of paragraph 1, subparagraph (g), of Article III of the Convention between the United States of America and the Union of Soviet Socialist Republics on Matters of Taxation, with related letters, signed at Washington June 20, 1973, as it relates to Belarus, by mutual agreement.

Notice 2025-03 provides transitional relief under provisions of the Internal Revenue Code with respect to the reporting of information and backup withholding on digital assets for digital asset brokers providing trading front-end services.

Notice 2025-07 provides temporary relief allowing eligible taxpayers to rely on alternative methods for making an adequate identification, within the meaning of section 1.1012-1(j)(3)(ii), with respect to units of a digital asset held in the custody of a broker.

Rev. Proc. 2025-09 provides a safe harbor under which a manufacturer, producer, or importer may identify the applicable sales of a designated drug made during a day described in section 5000D(b) by using a safe harbor percentage. It also provides such safe harbor percentage.

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