Here you'll find items of current interest — new programs, recent guidance or timely reminders. Tax updates and news from the IRS The Tax updates and news from the IRS page is designed to help anyone whether they are now preparing their tax return or are awaiting processing of a return or refund. It also has the latest updates on IRS letters and notices. Newer updates will be placed at the top of that page. The IRS will also provide critical updates through social media. Beware of promoters of fraudulent tax schemes The IRS warns taxpayers to avoid promoters of fraudulent tax schemes involving donations of ownership interests in closely held businesses, sometimes marketed as “Charitable LLCs.” These promotions often target higher-income filers and are considered abusive transactions by the IRS. Taxpayers should remember they are always responsible for the accuracy of information reported on their tax return. IRS provides information on 1099-K for third-party settlement organizations The IRS issued guidance providing transition relief for third-party settlement organizations (TPSOs) regarding reporting transaction requirements during calendar years 2024 and 2025. Save for retirement now, get a tax credit later The IRS reminds low- and moderate-income taxpayers that they can save for retirement now and possibly earn a tax credit in 2025 and future years. The Saver’s Credit helps taxpayers offset a portion of the first $2,000 ($4,000 if married filing jointly) they voluntarily contribute to Individual Retirement Arrangements (IRAs), 401(k) plans and similar workplace retirement programs. Get ready to file your tax return As the 2025 tax season approaches, the IRS reminds taxpayers of simple steps they can take now to prepare to file their 2024 federal tax returns. IRS.gov is a valuable resource for taxpayers, offering a variety of online tools available 24/7. These tools help individuals file and pay taxes, track refunds, access account information and get answers to tax questions. National Tax Security Awareness Week The IRS, state tax agencies and the nation’s tax industry are partnering again for the 9th annual National Tax Security Awareness Week, running from December 2-6, 2024. This annual event emphasizes the importance of protecting sensitive financial information from identity theft and tax scams, especially as the holidays and the 2025 tax season approach. Reduced refund delays for individuals with duplicate dependent returns The IRS is making it easier for taxpayers to protect their information and avoid refund delays by accepting certain e-filed tax returns that claim dependents who have already been claimed on another taxpayer’s return. Reminder for eligible IRA owners Individual retirement arrangement (IRA) owners age 70½ and older can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable distributions. That’s up from $100,000 in past years. For those age 73 or older, qualified charitable distributions (QCDs) also count toward the year's required minimum distribution (RMD). IRS publishes 2024 Financial Report The IRS released financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report PDF. This year’s report presents the IRS’s current financial position and discusses key financial topics. It highlights the programs, accomplishments, challenges and management's accountability for the resources entrusted to the IRS. IRS and Security Summit share online safety tips Being careless online can make it easy for scammers to swipe personal information, putting taxpayers at risk for tax-related identity theft. Taxpayers should stay vigilant and learn how to recognize and avoid online scams to reduce the chances of falling prey or accidentally putting their families at risk for identity theft and tax fraud. Tax inflation adjustments for tax year 2025 The IRS released the annual inflation adjustments for tax year 2025. Revenue Procedure 2024-40 PDF provides detailed information on adjustments and changes to more than 60 tax provisions that will impact taxpayers when they file their returns in 2026. Volunteers needed to provide free tax services The Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs are currently recruiting volunteers across the country for the upcoming filing season. No experience is necessary to become a VITA or TCE volunteer. Free specialized training is provided by the IRS. Available positions are not limited to tax preparation and can include interpreters, greeters and computer specialists.
