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e-News for Tax Professionals October 31, 2025

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Issue Number: 2025-42

Inside This Issue


* IRS Operations During the Lapse in Appropriations [ #First ]
* PTIN Renewals for the 2026 Tax Season [ #Second ]
* Tax Relief for Disaster and Terroristic Action Victims [ #Third ]
* Many Draft Tax Products Now Available [ #Fourth ]
* Transition Relief for Businesses Reporting Car Loan Interest [ #Fifth ]
* FAQs for Employee Retention Credit Compliance Provisions of the One, Big, Beautiful Bill [ #Sixth ]
* FAQs for Form 1099-K Threshold under the One, Big, Beautiful Bill [ #Seventh ]
* Information Returns Intake System (IRIS) 101 Meeting [ #Eighth ]
* Technical Guidance [ #Ninth ] [ #Fourteenth ]
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*1.  IRS Operations During the Lapse in Appropriations*

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Tax professionals should be aware of the following during the current lapse in appropriations [ [link removed] ] due to limited IRS operations:


* *Tax refunds.* Generally, the IRS will not pay refunds. One key exception exists: the IRS will continue to pay individual refunds for your clients who requested direct deposit on their Forms 1040 if the client electronically filed the tax returns, the returns are error-free, and the returns can be automatically processed. The IRS urges tax professionals to electronically file their clients’ returns with direct deposit to avoid delays.
* *Payments.* The IRS will accept and process any payments and remittances received, whether received electronically or by mail.
* *Correspondence.* The IRS generally will not be responding to paper correspondence. Tax professionals who mail in correspondence to the IRS during this period should expect a delay for a response after full government operations resume due to a growing correspondence backlog.
* *Telephones.* Only limited live IRS telephone customer service assistance will be available; however, most automated toll-free telephone applications will remain operational.
* *Taxpayer appointments.* The IRS’s walk-in Taxpayer Assistance Centers (TACs) are closed. Appointments are cancelled until the government reopens. Likewise, appointments related to the Independent Office of Appeals or Taxpayer Advocate Service cases are cancelled. IRS personnel will reschedule those meetings when the government reopens.
* *Transcripts.* Tax professionals needing historical filing information can use automated tools to request tax transcripts [ [link removed] ]. In addition, the IRS will process transcript requests related to disaster relief.
* *Income verification.* The IRS Income Verification Express Service (IVES) will remain available.
* *Tax-exempt groups.* The IRS will not process applications or determinations for tax-exempt status or pension plans.
* *Enforcement activity.* Criminal Investigation work continues during this period, as does compliance work related to protecting statutes of limitations.
* *2026 filing season.* The IRS will continue some critical operations during this period to be ready for tax professionals and their clients. These critical operations include testing and preparation of filing season programs and related issues.

Tax professionals and their clients should continue using the tools [ [link removed] ] on IRS.gov, including Tax Pro Account [ [link removed] ], online account for individuals [ [link removed] ] and Business Tax Account [ [link removed] ]. The following resources can help tax professionals market and set up IRS online accounts [ [link removed] ]:


* How to register for IRS online self-help tools [ [link removed] ]
* Publication 5533, Access Your IRS Individual Online Account [ [link removed] ] [PDF]
* Publication 5533-A, Tax Professionals: Save Time with The Tax Pro Account [ [link removed] ] [PDF]
* Publication 5533-B, Tax Professionals: How to Manage Authorizations Using Tax Pro Account [ [link removed] ] [PDF]
* Publication 5904, Access Your Business Tax Account [ [link removed] ] [PDF]
* ID.me Help Center [ [link removed] ]

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*2.  PTIN Renewals for the 2026 Tax Season*

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The 2026 preparer tax identification number (PTIN) renewal period [ [link removed] ] is now open for the more than 800,000 paid tax preparers.

Anyone who receives compensation to prepare, or assist in preparing, federal tax returns or claims for refunds must have a valid PTIN. They must include it on all returns and claims filed with the IRS. Also, all enrolled agents, regardless of whether they prepare tax returns, must renew their PTINs to maintain their active status. PTINs expire on Dec. 31 of the calendar year for which the IRS issued them, so all 2025 PTINs will expire on Dec. 31, 2025. PTINs must be renewed annually.

The fee to renew or obtain a PTIN [ [link removed] ] is $18.75 for 2026. The PTIN fee is non-refundable.

Renewing online is the fastest option. The process takes less than 15 minutes to complete. A paper option is available, using Form W-12, IRS Paid Preparer Tax Identification Number (PTIN) Application and Renewal [ [link removed] ] [PDF], but it can take 6 weeks for processing.

To renew online:


* Start at IRS.gov/taxpros [ [link removed] ]
* Select the "Renew or Register" button
* Select "Log in" and enter the user ID and password to access the online PTIN system
* Select the "Renew my PTIN" button from the main menu

Once completed, applicants will receive confirmation of their PTIN renewal.

Tax professionals can also use the online PTIN system to:


* Check their completed continuing education [ [link removed] ];
* View the number of 1040 returns filed using their PTIN;
* Review communications from the IRS Return Preparer Office [ [link removed] ], and;
* Track their progress for participation in the IRS Annual Filing Season Program [ [link removed] ].

New for 2026, the IRS Tax Professional PTIN System now uses the ID.me secure sign-in option. ID.me is a trusted technology provider of identity verification and sign-in services. Tax preparers with a Social Security number (SSN) will automatically be routed to ID.me for identity verification and login. Tax preparers who do not have an ID.me will need to create one to access IRS systems. Tax preparers who do not have an SSN will continue to use their current sign in process.

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*3.  Tax Relief for Disaster and Terroristic Action Victims*

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The current lapse in appropriations does not affect the tax filing and payment deadlines; however, taxpayers affected by terroristic action in the State of Israel [ [link removed] ] throughout 2024 and 2025 generally have postponed deadlines until Sept. 30, 2026.

Additionally, the Federal Emergency Management Agency has issued federal disaster declarations for numerous states. A complete list of those states and the postponed deadlines is available on Tax relief in disaster situations [ [link removed] ].

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*4.  Many Draft Tax Products Now Available*

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The IRS is posting early release versions of various tax forms and instructions [ [link removed] ] to IRS.gov. Tax professionals may be particularly interested in the draft Form 1099-K [ [link removed] ] [PDF], Form 1099-MISC [ [link removed] ] [PDF], Form W-2 [ [link removed] ] [PDF] and Instruction 1040 (Schedule D) [ [link removed] ] [PDF].

Tax professionals should not file draft forms and not rely on information in draft instructions or publications.

The IRS welcomes comments [ [link removed] ] on tax products.

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*5.  Transition Relief for Businesses Reporting Car Loan Interest*

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The “no tax on car loan interest” is a new tax benefit that allows certain taxpayers to deduct interest paid on a qualified passenger vehicle loan during a taxable year beginning after Dec. 31, 2024, and before Jan. 1, 2029, provided the loan is incurred after Dec. 31, 2024, and the vehicle is purchased for personal use.

The Department of the Treasury and the IRS provided transitional guidance [ [link removed] ] for businesses required to report car loan interest under the One, Big, Beautiful Bill (OBBB). Tax professionals should be aware of this guidance, as it may affect lenders as well as individuals who paid loan interest for vehicles purchased in 2025.

Notice 2025-57 [ [link removed] ] [PDF] provides penalty relief and guidance to certain lenders for new information reporting requirements for car loan interest received in 2025 under the OBBB. Lenders and other interest recipients are required to file information returns with the IRS and provide statements to borrowers showing the total amount of interest received on qualified passenger vehicle loans and other information related to the loan.

A qualified passenger vehicle is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds, and that has undergone final assembly in the United States.

Under the transitional guidance, the IRS will consider that lenders have met their reporting obligations for interest received on a qualified passenger car loan in 2025 if they make a statement available to the buyer indicating the total amount of interest received. Specifically, lenders can meet their reporting requirements by making this total amount of interest available:


* On an online portal the buyer can easily access
* In a regular monthly statement
* On an annual statement provided to the buyer
* By other similar means designed to provide accurate information to the buyer regarding interest received

In addition, the IRS will not impose penalties on lenders for a failure to file information returns and provide payee statements if they satisfy their reporting obligations as described in the Notice.

Businesses that receive from any individual interest of $600 or more for any calendar year on a qualified passenger vehicle loan must comply with the new reporting requirements.

For more information, refer to the One, Big, Beautiful Bill provisions [ [link removed] ] page on IRS.gov.

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*6.  FAQs for Employee Retention Credit Compliance Provisions of the One, Big, Beautiful Bill*

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Fact Sheet 2025-07 [ [link removed] ] answers frequently asked questions on the limitation on credits and refunds for Employee Retention Credits claimed for the third and fourth quarters of 2021 for claims filed after Jan. 31, 2024. The One, Big, Beautiful Bill enacted this limitation.

The FAQs discuss:


* the limitation generally;
* when the IRS considers a claim timely filed, and;
* what appeals rights are available if the IRS disallows an ERC claimed on a return

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*7.  FAQs for Form 1099-K Threshold under the One, Big, Beautiful Bill*

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Fact Sheet 2025-08 [ [link removed] ] includes updated frequently asked questions regarding the dollar threshold for filing Form 1099-K under the OBBB.

The OBBB retroactively reinstated the reporting threshold in effect prior to the passage of the American Rescue Plan Act of 2021 (ARPA). Third party settlement organizations are not required to file Forms 1099-K unless the gross amount of reportable payment transactions to a payee exceeds $20,000 and the number of transactions exceeds 200.

Tax professionals should remind their clients that they may be issued Forms 1099-K if they received certain payments. The requirement to file a Form 1099-K can be triggered when payments are received for goods or services through a payment settlement entity.

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*8.  Information Returns Intake System (IRIS) 101 Meeting*

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The IRS invites tax professionals who submit certain information returns – such as 1098-series forms, 1099-series forms, Forms W-2G and others – to learn about IRIS [ [link removed] ].

The meeting is for new users and anyone needing a refresher of IRIS. It’s a repeat presentation of the previous working group session that provided an overview of the Information Returns Intake System (IRIS). This meeting will help users understand the new features and guide users step-by-step on how to effectively use the system or transition from Filing Information Returns Electronically (FIRE).

Information Returns Intake System (IRIS) 101 Meeting [ [link removed] ]
Thursday, November 06, 2025
11:30 a.m. - 1:00 p.m. Eastern Time
Online event

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*9.  Technical Guidance*

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The IRS published various prescribed rates, including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate. These rates can affect the tax returns for a variety of clients. The IRS determines the rates as prescribed by section 1274. They IRS publishes the rates monthly for purposes of sections 42, 382, 412, 642, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code. The new rates appear in Revenue Ruling 2025-21 [ [link removed] ], which will be included in Internal Revenue Bulletin (IRB) 2025-45 dated November 3, 2025.

The IRS also shared proposed regulations that will provide a rule for determining the source of certain borrow fees paid with respect to securities lending transactions and sale-repurchase transactions. These fees would be sourced based on the residence of the recipient. Tax professionals whose clients engage in these transactions should remain aware. The proposed regulations are in Notice 2025-63 [ [link removed] ], which will be included in IRB 2025-46 dated November 10, 2025.

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