Treasury/IRS Penalty Relief for Remittance Transfer Providers (IR-2025-102)

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IRS In Audio

Internal Revenue Service

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Stay informed about the latest IRS news and updates in audio—without the hassle of digging through the website. IRS in Audio transforms official IRS announcements, policy changes, and tax-related guidance into easy-to-digest audio segments. Each episode provides accurate, timely audio information directly from the IRS, helping you stay compliant, save time, and avoid costly mistakes.

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Treasury/IRS Penalty Relief for Remittance Transfer Providers (IR-2025-102)

IRS In Audio

2 minutes 32 seconds

3 weeks ago

Treasury/IRS Penalty Relief for Remittance Transfer Providers (IR-2025-102)

Treasury/IRS Penalty Relief for Remittance Transfer Providers (IR-2025-102)

Date: Oct 7, 2025. IRS issues Notice 2025-55 granting limited deposit penalty relief for the first three quarters of 2026 related to the new remittance transfer excise tax under the One, Big, Beautiful Bill (OBBB).
Relief conditions: Providers avoid deposit penalties if they make timely deposits (even if miscalculated) and pay any underpayment by the Form 720 due date for that quarter.
Safe harbor: Providers may use excise tax deposit safe harbor rules for Q1–Q3 2026 despite underpayments, but must meet the reasonable cause standard.
Tax details: Starting Jan 1, 2026, providers must collect a 1% tax on certain remittances made with cash, money orders, cashier’s checks, or similar instruments; make semimonthly deposits; and file quarterly returns. First deposit due Jan 29, 2026.
More info: See Notice 2025-55 and Form 720 guidance.