Amid ongoing government shutdowns and IRS furloughs affecting nearly 35,000 employees, the agency has found a way to offer some relief. On October 7, 2025, the IRS released Notice 2025-55, providing penalty relief for remittance transfer pr...
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IRS Eases Penalties for Cross-Border Remittance Transfer Tax Rules
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Subscribe10 OCT 2025 / IRS UPDATES
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Despite a government shutdown and staff furloughs, the IRS has announced that it will provide penalty relief to remittance transfer providers dealing with a new 1% excise tax on cross-border transfers, under the One Big Beautiful Bill Act (OBBBA). The relief measure, which offers a grace period for the first three quarters of 2026, aims to assist businesses and taxpayers in adapting to the new tax, which critics argue could make life harder for expats, immigrant families, and small businesses reliant on global cash flows.
Amid ongoing government shutdowns and IRS furloughs affecting nearly 35,000 employees, the agency has found a way to offer some relief. On October 7, 2025, the IRS released Notice 2025-55, providing penalty relief for remittance transfer pr...
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