In this release, learn more about the latest IRS rulings, tax regulations, and procedural updates featured in the February 2025 Internal Revenue Bulletin, including changes affecting taxpayers and businesses.
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The Internal Revenue Bulletin (IRB) is the authoritative instrument for announcing official rulings and procedures of the IRS and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest.
ADMINISTRATIVE
EXEMPT ORGANIZATIONS
Rev. Proc. 2025-6, page 713.
This revenue procedure provides the exclusive procedures for certain applicable entities, as defined in § 6417(d)(1)(A) of the Internal Revenue Code and the regulations thereunder that are not required to file either a federal income tax return under § 6011 or an annual information return under § 6033(a), but previously filed a Form 990-T solely to make an elective payment election under § 6417, to change their annual accounting period.
ADMINISTRATIVE, INCOME TAX
T.D. 10028, page 660.
This document contains final regulations that identify certain partnership related-party basis adjustment transactions and substantially similar transactions as transactions of interest, a type of reportable transaction. Material advisors and certain participants in these transactions are required to file disclosures with the IRS and are subject to penalties for failure to disclose. The regulations affect participants in these transactions as well as material advisors.
EMPLOYEE PLANS
Notice 2025-13, page 710.
This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for December 2024 used under § 417(e)(3)(D), the 24-month average segment rates applicable for January 2025, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
EXCISE TAX
REG-115560-23, page 716.
Section 5000D of the Internal Revenue Code imposes an excise tax on applicable sales of designated drugs by manufacturers, producers, and importers during statutorily defined periods. This Notice of Proposed Rulemaking contains proposed rules relating to the imposition and calculation of that excise tax.
INCOME TAX
Notice 2025-9, page 681.
This notice provides safe harbors regarding the incremental cost and retail price equivalent of certain qualified commercial clean vehicles for purposes of the credit for qualified commercial clean vehicles under section 45W of the Internal Revenue Code.
Notice 2025-10, page 682.
Notice 2025-10 announces forthcoming proposed regulations on the clean fuel production credit under § 45Z (§ 45Z credit), enacted under the Inflation Reduction Act of 2022. In addition to providing background on the § 45Z credit, the notice explains the forthcoming proposed regulations and requests public comments on the draft text of the forthcoming proposed regulations contained in the appendix.
Notice 2025-11, page 704.
Notice 2025-11 provides taxpayers with guidance about emissions rates, including the initial emissions rate table, for the clean fuel production credit. For a transportation fuel established on the emissions rate table that is not a sustainable aviation fuel, this notice directs a taxpayer producing such fuel to calculate emissions rates using the most recent determinations under the new 45ZCF-GREET model. For a transportation fuel established on the emissions rate table that is a sustainable aviation fuel, this notice directs a taxpayer producing such fuel to calculate emissions rates using either determinations from fuel pathways approved under the most recent version of the CORSIA Program or the most recent determinations under the 45ZCF-GREET model. This notice also requests public comments.
REG-123525-23, page 726.
Section 45W of the Internal Revenue Code provides a credit against the tax imposed by chapter 1 of the Code with respect to each qualified commercial clean vehicle placed in service by a taxpayer during the taxable year. This Notice of Proposed Rulemaking proposes rules under section 45W relating to vehicle credit eligibility, credit amount determination, and credit reporting