July 2025: IRS USA Tax Updates

IRS Launches 2025 “Protect Your Clients; Protect Yourself” Campaign to Combat Tax Scams 

The IRS and Security Summit partners have kicked off their annual five-week summer campaign. It help tax professionals safeguard sensitive data amid rising tax-related identity theft. Week one focuses on emerging scams, including fake clients, phishing for EFIN/PTIN details. So, AI-generated IRS letters and urges vigilance and swift reporting of breaches. 

Read the article here: IRS, Security Summit launch summer series to help tax pros protect clients from identity theft as Nationwide Tax Forums begin | Internal Revenue Service 

New Tax Deductions Announced Under the One Big Beautiful Bill Act

The IRS has outlined several new deductions effective tax years 2025–2028 under the One Big Beautiful Bill Act, including deductions of up to $25,000 on tips, $12,500 on overtime pay (or $25,000 joint), up to $10,000 of auto loan interest, and an extra $6,000 senior deduction (or $12,000 joint), all subject to income phase-outs and reporting rules.  

Read the article here: One Big Beautiful Bill Act: Tax deductions for working Americans | Internal Revenue Service

Read More about One Big Beautiful Bill Act 2025

IRS Tax Tips

Maximize Savings and Benefits with ABLE Accounts in 2025

The IRS reminds individuals with disabilities and their families about the benefits of ABLE accounts. It’s allow up to $19,000 in annual contributions (plus additional amounts for employed beneficiaries) without affecting eligibility for federal aid.

Read the article here: People paying disability-related expenses consider an ABLE savings account and Savers Credit | Internal Revenue Service

IRS Disaster Relief

IRS Offers Tax Relief to New Mexico Storm Victims; Deadlines Extended to Feb. 2, 2026

The IRS has extended tax filing and payment deadlines to February 2, 2026, for individuals and businesses in Chaves, Lincoln, Otero, and Valencia counties in New Mexico affected by severe storms, flooding, and landslides beginning June 23, 2025. Relief includes extensions for income, payroll, and excise tax filings, estimated payments, and casualty loss deductions, along with waived penalties and fees for eligible taxpayers. 

Read the article here: IRS announces tax relief for taxpayers impacted by severe storms, flooding, and landslides in New Mexico; various deadlines postponed to Feb 2, 2026 | Internal Revenue Service