CORRECTION: IR-2025-59: Interest rates remain the same for second quarter of 2025

Bookmark and Share

IRS.gov Banner
IRS Newswire May 12, 2025

News Essentials

What’s Hot

News Releases

IRS – The Basics

IRS Guidance

Media Contacts

Facts & Figures

Around The Nation

e-News Subscriptions


The Newsroom Topics

Multimedia Center

Noticias en Español

Radio PSAs

Tax Scams

The Tax Gap

Fact Sheets

IRS Tax Tips

Armed Forces

Latest News Home


IRS Resources

Contact My Local Office

Filing Options

Forms & Instructions

Frequently Asked Questions

News

Taxpayer Advocate

Where to File

IRS Social Media


Issue Number:  IR-2025-59

Inside This Issue


Interest rates remain the same for second quarter of 2025

WASHINGTON — The Internal Revenue Service announces that interest rates will remain the same for the calendar quarter beginning July 1, 2025.

For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the interest rates:

  • 7% for overpayments (payments made in excess of the amount owed), 6% for corporations.
  • 4.5% for the portion of a corporate overpayment exceeding $10,000.
  • 7% for underpayments (taxes owed but not fully paid).
  • 9% for large corporate underpayments.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rates are equal to the federal short-term rate plus three percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points and the overpayment rate is the federal short-term rate plus two percentage points. The rate for large corporate underpayments is the federal short-term rate plus five percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

These interest rates are computed from the federal short-term rate determined during April 2025.

Revenue Ruling 2025-11 announcing the rates of interest will appear in Internal Revenue Bulletin 2025-23, dated June 2, 2025.

 

Back to Top

FaceBook Logo  YouTube Logo  Instagram Logo  Twitter Logo  LinkedIn Logo


Thank you for subscribing to the IRS Newswire, an IRS e-mail service.

If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe.

This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.


This email was sent to 65irs29@cpaemailnewsletter.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington, D.C. 20535 GovDelivery logo

IR-2025-59: IRS releases fiscal year 2024 Data Book describing agency’s activities

Bookmark and Share

IRS.gov Banner
IRS Newswire May 12, 2025

News Essentials

What’s Hot

News Releases

IRS – The Basics

IRS Guidance

Media Contacts

Facts & Figures

Around The Nation

e-News Subscriptions


The Newsroom Topics

Multimedia Center

Noticias en Español

Radio PSAs

Tax Scams

The Tax Gap

Fact Sheets

IRS Tax Tips

Armed Forces

Latest News Home


IRS Resources

Contact My Local Office

Filing Options

Forms & Instructions

Frequently Asked Questions

News

Taxpayer Advocate

Where to File

IRS Social Media


Issue Number:  IR-2025-59

Inside This Issue


IRS releases fiscal year 2024 Data Book describing agency’s activities 

WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2025. 

For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily.  Here is a complete list of the interest rates:

  • 7% for overpayments (payments made in excess of the amount owed), 6% for corporations.
  • 4.5% for the portion of a corporate overpayment exceeding $10,000.
  • 7% for underpayments (taxes owed but not fully paid).
  • 9% for large corporate underpayments.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.  For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus three percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points and the overpayment rate is the federal short-term rate plus two percentage points.  The rate for large corporate underpayments is the federal short-term rate plus five percentage points.  The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during April 2025.  See the revenue ruling for details.

Revenue Ruling 2025-11 announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2025-23, dated June 2, 2025.

 

Back to Top

FaceBook Logo  YouTube Logo  Instagram Logo  Twitter Logo  LinkedIn Logo


Thank you for subscribing to the IRS Newswire, an IRS e-mail service.

If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe.

This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.


This email was sent to 65irs29@cpaemailnewsletter.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington, D.C. 20535 GovDelivery logo

IR-2025-58: IRS opens application period for Low Income Taxpayer Clinic grants May 15

Bookmark and Share

IRS.gov Banner
IRS Newswire May 9, 2025

News Essentials

What’s Hot

News Releases

IRS – The Basics

IRS Guidance

Media Contacts

Facts & Figures

Around The Nation

e-News Subscriptions


The Newsroom Topics

Multimedia Center

Noticias en Español

Radio PSAs

Tax Scams

The Tax Gap

Fact Sheets

IRS Tax Tips

Armed Forces

Latest News Home


IRS Resources

Contact My Local Office

Filing Options

Forms & Instructions

Frequently Asked Questions

News

Taxpayer Advocate

Where to File

IRS Social Media


Issue Number:  IR-2025-58

Inside This Issue


IRS opens application period for Low Income Taxpayer Clinic grants May 15

Application period runs through July 14, 2025

WASHINGTON — The Internal Revenue Service will begin accepting applications for Low Income Taxpayer Clinic (LITC) matching grants from all qualified organizations from May 15, 2025, to July 14, 2025. The period of performance for the grant will be Jan. 1, 2026, to Dec. 31, 2026.

Under Internal Revenue Code section 7526, the IRS awards matching grants to qualifying organizations to develop, expand or maintain an LITC. For every dollar of funding awarded by the IRS, an LITC must provide a dollar in matching funds. An LITC must also provide services for free or for no more than a nominal fee (except for reimbursement of actual costs incurred).

LITCs ensure the fairness and integrity of the tax system for taxpayers by:

  • Providing pro bono representation to assist low-income taxpayers in resolving tax disputes with the IRS;
  • Educating taxpayers for whom English is a second language (ESL) about their rights and responsibilities as taxpayers; and
  • Identifying and advocating for issues that impact these taxpayers.

Eligible organizations may request up to $200,000 for the 2026 grant year.

Despite the IRS’s efforts to foster parity in availability and accessibility when choosing organizations receiving LITC matching grants and the continued increase in clinic services nationwide, there remain several uncovered states: Hawaii, Kansas, Montana, and West Virginia.

In addition, Florida, Nevada and South Dakota are only partially covered. The uncovered counties in these states include:

  • Florida: Brevard, Citrus, Glades, Hamilton, Hardee, Hendry, Hernando, Highlands, Indian River, Lafayette, Lake, Madison, Martin, Nassau, Okeechobee, Orange, Osceola, Polk, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor and Volusia.
  • Nevada: Carson City, Churchill, Douglas, Elko, Esmeralda, Eureka, Humboldt, Lander, Lincoln, Lyon, Mineral, Nye, Pershing, Storey and White Pine.
  • South Dakota: Aurora, Beadle, Bennett, Bon Homme, Brookings, Brown, Brule, Buffalo, Butte, Campbell, Charles Mix, Clark, Clay, Codington, Corson, Custer, Davison, Deuel, Dewey, Douglas, Edmunds, Fall River, Faulk, Grant, Gregory, Haakon, Hamlin, Hand, Hanson, Harding, Hughes, Hutchinson, Hyde, Jackson, Jerauld, Jones, Kingsbury, Lake, Lawrence, Lincoln, Lyman, McCook, McPherson, Meade, Mellette, Miner, Minnehaha, Moody, Oglala Lakota, Pennington, Perkins, Potter, Sanborn, Shannon, Spink, Stanley, Sully, Todd, Tripp, Turner, Union, Walworth, Yankton and Ziebach.

Although each application for the 2026 grant year will be given due consideration, the IRS is especially interested in receiving applications from organizations providing services in these underserved geographic areas. For organizations that intend to refer low-income taxpayers involved in controversies with the IRS to qualified representatives rather than providing representation by in-house staff, priority will be given to established organizations that can help provide coverage to underserved geographic areas.

For the ESL Education Program, special consideration will be given to established organizations with existing community partnerships that can swiftly implement and deliver services to the target audiences.

The Low Income Taxpayer Clinic Program, administered by the IRS Office of the Taxpayer Advocate and led by National Taxpayer Advocate Erin M. Collins, provides partial funding to clinics that operate independently of the IRS.

Applications are due by 11:59 p.m. ET on July 14, 2025 (Funding Number: TREAS-GRANTS-042026-001). Download IRS Publication 3319, 2026 Grant Application Package and Guidelines, for more information.

For questions, contact the LITC Program Office at litcprogramoffice@irs.gov.

Join the LITC Program Office for a webinar to learn more about the LITC Program and the application process on May 22 from 1-3 p.m. ET. Details are available at the LITC Grants website.

 

Back to Top

FaceBook Logo  YouTube Logo  Instagram Logo  Twitter Logo  LinkedIn Logo


Thank you for subscribing to the IRS Newswire, an IRS e-mail service.

If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe.

This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.


This email was sent to 65irs29@cpaemailnewsletter.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington, D.C. 20535 GovDelivery logo

Tax Tip 2025-31: Business owners: Make sure emergency preparedness plans include financial records

Bookmark and Share

IRS.gov Banner
IRS Tax Tips May 9, 2025

Useful Links:

IRS.gov

Help For Hurricane Victims


News Essentials

What’s Hot

News Releases

IRS – The Basics

IRS Guidance

Media Contacts

Facts & Figures

Around The Nation

e-News Subscriptions


The Newsroom Topics

Multimedia Center

Noticias en Español

Radio PSAs

Tax Scams/Consumer Alerts

The Tax Gap

Fact Sheets

IRS Tax Tips

Armed Forces

Latest News


IRS Resources

Contact Your Local IRS Office

Filing Your Taxes

Forms & Instructions

Frequently Asked Questions

Taxpayer Advocate Service

Where to File

IRS Social Media

 


Issue Number:  Tax Tip 2025-31

Business owners: Make sure emergency preparedness plans include financial records

When business owners put together an emergency preparedness plan, it should include copies of vital records and financial information.

Here are some things everyone can do to help protect their financial records.

Update emergency preparedness plan annually
Personal and business situations are constantly evolving, so taxpayers should review their emergency preparedness plan annually. Ready.gov has resources and checklists to help people put together their emergency preparedness plan.

Create electronic copies of documents
Taxpayers should keep important documents in a safe place. This includes bank statements, tax returns and insurance policies. This is especially easy now since many financial institutions provide statements and documents electronically. If original documents are available only on paper, taxpayers can use a scanner and save them on a USB flash drive or in the cloud.

Document valuables
Documenting valuables by taking pictures or videoing them before disaster strikes makes it easier to claim insurance and tax benefits. IRS.gov has a disaster loss workbook that can help taxpayers compile a room-by-room list of belongings.

Tax relief available for disaster situations
Information on disaster assistance and emergency relief for individuals and businesses is available at IRS.gov. Taxpayers should also review Publication 547, Casualties, Disasters and Thefts.

Taxpayers who live in a federally declared disaster area can visit Around the nation on IRS.gov and click on their state to review the available disaster tax relief. Those who live in counties qualifying for disaster relief receive automatic filing and payment postponements for many currently due tax returns and don’t need to contact the agency to get relief.

People with disaster-related questions can call the IRS Special Services Hotline at 866-562-5227 to speak with an IRS specialist trained to handle disaster issues.

If people have lost their tax documents, they can order tax transcripts or request copies of previously filed tax returns and attachments through Get transcript on IRS.gov, by filing Form 4506, Request for Copy of Tax Return or by calling 800-908-9946.

 

More information
Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook

 

Back to top

 


FaceBook Logo  YouTube Logo  Instagram Logo  Twitter Logo  LinkedIn Logo


Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.

This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 


This email was sent to 65irs29@cpaemailnewsletter.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington, D.C. 20535 GovDelivery logo

IR-2025-57: IRS reminds taxpayers and small businesses to look out for scams

Bookmark and Share

IRS.gov Banner
IRS Newswire May 8, 2025

News Essentials

What’s Hot

News Releases

IRS – The Basics

IRS Guidance

Media Contacts

Facts & Figures

Around The Nation

e-News Subscriptions


The Newsroom Topics

Multimedia Center

Noticias en Español

Radio PSAs

Tax Scams

The Tax Gap

Fact Sheets

IRS Tax Tips

Armed Forces

Latest News Home


IRS Resources

Contact My Local Office

Filing Options

Forms & Instructions

Frequently Asked Questions

News

Taxpayer Advocate

Where to File

IRS Social Media


Issue Number:  IR-2025-57

Inside This Issue


IRS reminds taxpayers and small businesses to look out for scams

WASHINGTON – The Internal Revenue Service joins in celebrating National Small Business Week by reminding taxpayers and small businesses that, even though the April 15, 2025, tax filing deadline has passed, it is important to stay vigilant against scams and fraud year-round.

Earlier this year, the IRS issued its annual Dirty Dozen list that highlights some persuasive schemes impacting businesses, including new client scams, spear phishing, fake charities, bad social media advice and false credit claims.

There are several protective measures taxpayers and businesses can take, such as watching out for fake requests for W-2s especially with the tax filing deadline already passed. Businesses are encouraged to take proactive steps today to safeguard their business and employees by implementing robust security measures. Some examples are using anti-malware/anti-virus software with automatic updates and enforcing strong passwords with multi-factor authentication. Ensure that you only enter personal data on secure websites (https) to prevent unauthorized access. See Publication 5961, Protect your business from tax scams, for more information.

Business owners should prioritize the protection of their Employer Identification Number (EIN). Keep it secure and up to date with accurate information. Any necessary updates to an EIN should be made promptly by using Form 8822-B. This will ensure its integrity and minimize the risk of identity theft or fraudulent activity.

Disaster season is also upon us, which opens the door for additional fraud and scams to take place after a disaster occurs. Scammers may impersonate IRS workers, claiming they can offer “help” when filing casualty loss claims. Disaster survivors can call the IRS disaster assistance line at 866-562-5227. IRS representatives will answer questions about tax relief or disaster-related tax issues.

Be sure to educate employees on data security to protect both them and your business. There are a number of resources available, such as IRS Identity Theft Central and security awareness publications, to provide comprehensive training and awareness.

Taxpayers have several avenues to report scams:

For additional information on scams, visit IRS.gov/scams. Along with IRS.gov, the IRS routinely publishes helpful information on IRS social media. Follow @IRStaxsecurity on X for scam awareness information.

 

Back to Top

FaceBook Logo  YouTube Logo  Instagram Logo  Twitter Logo  LinkedIn Logo


Thank you for subscribing to the IRS Newswire, an IRS e-mail service.

If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe.

This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.


This email was sent to 65irs29@cpaemailnewsletter.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington, D.C. 20535 GovDelivery logo