In this release, the IRS provides new guidance on vehicle loan interest reporting, updates PCORTF fees, and issues 2026 inflation adjustments under the One Big Beautiful Bill Act.
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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
Notice 2025-57, page 692.
This notice provides transitional guidance with respect to returns relating to certain interest on specified passenger vehicle loans received in a trade or business from an individual required to be filed under section 6050AA. Section 70203 of Public Law 119-21, commonly known as the One, Big, Beautiful Bill Act, added new section 6050AA to the Code, imposing information reporting obligations on recipients of applicable passenger vehicle loan interest received in a trade or business from individuals. The notice provides that recipients of such interest may satisfy the reporting obligations under section 6050AA for such interest received on a specified passenger vehicle loan in 2025 by making a statement available to the individual indicating the total amount of interest received in calendar year 2025 on a specified passenger vehicle loan. The notice also provides that the IRS will not impose penalties under sections 6721 and 6722 on recipients of interest that have satisfied the reporting obligations under section 6050AA for calendar year 2025 as described in this notice.
Rev. Proc. 2025-32, page 695.
This revenue procedure modifies certain sections of Rev. Proc. 2024-40, 2024-45 I.R.B. 1100, to reflect the amendments to the Internal Revenue Code (Code) by Public Law 119-21, 139 Stat. 72 (July 4, 2025), commonly known as the One, Big, Beautiful Bill Act. This revenue procedure sets forth inflation-adjusted items for 2026 for various Code provisions as in effect on October 9, 2025.
EXCISE TAX
Notice 2025-61, page 693.
Sections 4375 and 4376 impose a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Trust Fund (PCORTF). The PCORTF fee is determined by multiplying the applicable dollar amount for that year by the average number of lives covered during the year. The applicable dollar amount is based on increases in the projected per capita amount of National Health Expenditures, as most recently released by HHS. Notice 2024-83 provided that the adjusted applicable dollar amount for policy years and plan years ending on or after October 1, 2024, and before October 1, 2025, is $3.47. This notice provides that the adjusted applicable dollar amount that applies for determining the PCORTF fee for policy years and plan years ending on or after October 1, 2025, and before October 1, 2026, is $3.84. This amount has been determined by Treasury economists using the percentage increase in the projected per capita amount of National Health Expenditures published by HHS in June 2025 (Table 1, line 35) and the adjustment, as determined by Treasury economists, for year to year variations.
INCOME TAX
Rev. Rul. 2025-21, page 690.
Federal rates; adjusted federal rates; adjusted federal longterm rate, and the long-term tax exempt rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for November 2025.