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

from IRS In Audio · host Internal Revenue Service

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.

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