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Interest rates remain the same for the fourth quarter of 2025

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here…
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Out-of-pocket classroom costs could be offset with Educator Expense Deduction

It’s back to school season, and with that comes potential out-of-pockets costs for educators. The Educator Expense Deduction lets eligible teachers and administrators deduct certain expenses from their taxes. Eligible educators The taxpayer…
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IRS issues interim guidance to improve Large Business process

WASHINGTON — The Internal Revenue Service today issued a memorandum highlighting changes aimed at reducing case cycle times for corporate taxpayers, making examinations more customer-driven, consistent and efficient. The Interim Guidance…
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One Big Beautiful Bill Act: Tax deductions for working Americans and seniors

Below are descriptions of new provisions from the One Big Beautiful Bill Act, signed into law on July 4, 2025, as Public Law 119-21, that go into effect for 2025. “No Tax on Tips” New deduction: Effective for 2025 through 2028, employees…
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Tax Advantaged Savings Accounts for Children

On Friday, July 4, President Trump signed into law the One Big Beautiful Bill Act (H.R. 1) (“Big Beautiful Bill”) after narrow approval from both houses of Congress. The legislation extends the Tax Cuts and Jobs Act and enacts significant…
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$1,000 Baby Bonus Explained: Who Qualifies And How To Get It

President Donald Trump’s new Big Beautiful Bill aims to set children up for financial success by offering a new savings account called the “Trump Account.” The federal government will provide a $1,000 bonus for every U.S. citizen born…
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IRS Alternative Media Center offers tax info and forms to meet many needs

The IRS wants to ensure all taxpayers have access to vital tax information, which is why information is provided in a variety of formats and languages. The IRS Alternative Media Center offers accessible products to help people who use assistive…
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IRS has options to help taxpayers who missed the filing deadline

The Internal Revenue Service today highlighted several resources to help taxpayers who missed the April 2025 federal income tax return filing deadline and owe taxes, interest and penalties. Taxpayers who owe taxes should file their tax return…
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IRS improves Pre-Filing Agreement program for large business and international taxpayers

The Internal Revenue Service today announced improvements to its Pre-Filing Agreement (PFA) program to provide greater tax certainty for large business and international taxpayers. These improvements mark a renewed commitment by the IRS to…