Issue Number: 2025-03 Inside This Issue
IRS seeks public input on proposed Clean fuel Product Credit regulations
Proposed regulations are now available for domestic producers of clean transportation fuel to determine eligibility and calculations for Clean Fuel Product Credit. This credit provides businesses with an income tax credit for clean transportation fuel produced domestically after Dec. 31, 2024, and sold by Dec. 31, 2029. Businesses are encouraged to use the Federal e-Rulemaking portal to submit comments indicate "IRS" and "REG-121244-23." For more details about the changes to this credit and instructions on how to claim it see the news release or visit the One, Big, Beautiful Bill Provisions page on IRS.gov. Back to top
National Taxpayer Advocate delivers annual report to Congress
National Taxpayer Advocate Erin M. Collins recently sent the 2025 Annual Report to Congress. The report acknowledges what went well in 2025, but also highlights upcoming 2026 challenges. The report identifies the 10 most serious problems business and individual taxpayers are experiencing when dealing with the IRS and makes administrative and legislative recommendations to address those problems. Some key points include recommending credentials for federal tax return preparers, timely processing claims for credit or refund and providing consistent tax relief for victims of federally declared disasters. Visit Taxpayer Advocate Service website for more information or check out National Taxpayer Advocate blog about key issues in tax administration. Back to top
Modernizing payments to and from America's bank account
Frequently asked questions are now available to help businesses and individual taxpayers understand the changes under Executive Order 14247: Modernizing Payment to and from America's bank account. The way taxpayers file their federal tax returns is not changing. These changes apply to payments: - Sent by federal government: tax refunds, benefits, grants, and vendor or contractor payments
- Made to federal government: tax balances due, fees, penalties, and other payments from individuals, businesses, nonprofit organizations and state or local partners
Business and individual taxpayers are encouraged to: - Use direct deposit for refunds by providing accurate bank or prepaid debit card information when filing
- Choose electronic payment options when paying taxes, such as IRS Direct Pay, Electronic Federal Tax Payment System, or other approved methods
- Review account information to ensure bank details are current and correct
- Visit IRS.gov to learn about electronic payment options and available resources for taxpayers without a bank account
See the news release for more information. Back to top
FAQs address qualified overtime compensation deduction
Frequently asked questions are now available to help businesses and individual taxpayers understand the new deduction for qualified overtime compensation under the One, Big, Beautiful Bill These FAQs have information about the deduction, resources to assist in determining if an individual received qualified overtime compensation, and useful information about the differences in reporting requirements for tax year 2025 and 2026-2028. For more information, see One, Big, Beautiful Bill Provisions on IRS.gov. Back to top
Other tax news
The following information may be of interest to individuals and groups in or related to small businesses: Filing season information: Other news: Back to top
    
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