IRS

The Senate voted to approve the nomination of Ken Kies as the assistant secretary for tax policy at the Treasury by a vote of 53-45.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, tornadoes, and flooding in Missouri until November 3, 2025.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 19, 2025, for Tennessee severe storms, straight-line winds, tornadoes and flooding, for the incident period of April 2 – April 24, 2025. 

The IRS has issued Revenue Ruling 2025-13 which contains the applicable federal rates (AFR) for July 2025. 

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration for the following disasters for the period indicated.

The Internal Revenue Service (IRS) has issued Notice 2025-35, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Internal Revenue Service (IRS) has issued Notice 2025-29, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The IRS has issued Revenue Ruling 2025-12 which contains the applicable federal rates (AFR) for June 2025.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 8, 2025, for Arkansas severe storms and tornadoes, for the incident period of March 14-15, 2025.

The Internal Revenue Service has released Revenue Procedure (Rev. Proc.) 2025-21, which provides guidance on plan-specific substitute mortality tables used to determine the present value for defined benefit plans subject to funding requirements under IRC. Sec. 430. The revenue procedure modifies Section 12.02 of Rev. Proc. 2024-32, which specifies when certain plan sponsors are required to terminate the use of plan-specific mortality tables. Rev. Proc. 2025-21 provides relief for certain plan sponsors by narrowing the category of plan sponsors that are required to request approval of new plan-specific substitute mortality tables.