Issue Number: 2025-12
Inside This Issue
View and submit Trump Account elections online
Taxpayers can now view and submit Trump Account elections online through their IRS Individual Account. Using this secure tool, taxpayers can also view the status of a submitted Form 4547, Trump Account Elections.
Visit trumpaccounts.gov for information about Trump Accounts.
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Time-limited settlement opportunity for conservation easement disputes
The IRS is offering a new settlement opportunity for eligible taxpayers involved in conservation easement or historic preservation easement disputes with the IRS.
This new time-limited settlement opportunity is intended to advance the goals of the prior initiatives while addressing barriers that may have discouraged acceptance.
Eligible partnerships will receive a letter from the IRS with specific terms and will have 135 days after the date of the letter to settle, cases will be determined by a court decision.
This settlement is not available in cases that:
- Have been tried and awaiting an opinion
- Are on appeal to one of the United States Circuit Courts of Appeal
- Have already settled
- Have agreed to be bound to another case
- Have a trial set to commence within 30 days of the date of this announcement
- Are designated as test cases, unless all bound cases have settled or agree to settle under this initiative
For full details see the news release and visit the conservation easement page on IRS.gov.
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Now available: New Look-back Interest Calculator for long-term contracts
Businesses that work on large, multi-year construction or manufacturing projects can use the new Percentage-of-Completion Method Look-Back Interest Calculator to help them figure interest related to long-term contracts.
This new tool supports calculations required for Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts.
This tool doesn’t address all fact patterns or complexities associated with look-back interest guarantee compliance with the law or replace authoritative guidance. Business taxpayers should ensure the calculations agree with applicable authorities, including Section 460 of the Internal Revenue Code and Treasury Regulations Section 1.460-6.
Tax professionals should consider each business’s specific circumstances and ensure compliance.
For full details see the news release.
Users can share feedback about the calculator by emailing Stakeholder Liaison. Be sure to put “Look-Back Interest Workbook feedback” in the subject line.
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Correction to disaster tax relief for Southeast Georgia
The news release for announcing disaster tax relief for Southeast Georgia referenced the Federal Disaster Tax Relief Act of 2023, which doesn’t apply to any payments described in the announcement. Relief isn’t available for retirement plans or IRA distribution relief or disaster-related hardship withdrawal provisions
Please see the “Other relief” section of the news release for additional information.
Visit the tax relief in disaster situations page of IRS.gov for the most recent disaster tax relief info.
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Business Tax Account designated officials must renew registration
Business taxpayers registered as a designated official for an S or C corporation in Business Tax Account must revalidate their status between June 15 and July 29, 2026, to renew their role. Annual renewal is required to maintain access to Business Tax Account.
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Other tax news
The following information may be of interest to individuals and groups in or related to small businesses:
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