June 2025: Your Comprehensive US Tax Update

IRS Reminds Late Filers of Payment and Penalty Relief Options

The IRS urges taxpayers who missed the April 2025 filing deadline to file and pay as soon as possible to minimize penalties and interest. Various online payment options, installment plans, and penalty relief programs are available to help manage tax debt efficiently. 

Read the article here: IRS has options to help taxpayers who missed the filing deadline | Internal Revenue Service 

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IRS Extends Relief for Digital Asset Reporting Requirements

The IRS and Treasury have issued Notice 2025-33, extending and modifying transition relief for brokers required to file Form 1099-DA for digital asset transactions. The relief now includes extended backup withholding exemptions through 2027, easing compliance requirements as brokers adapt to new reporting rules. 

Read the article here: IRS provides additional transition relief for brokers who are required to file information returns and backup withhold on certain digital asset sales | Internal Revenue Service 

IRS Enhances PFA Program to Support Proactive Tax Compliance

The IRS has updated its Pre-Filing Agreement (PFA) program to streamline the process and improve access for large business and international taxpayers. The enhancements aim to prevent tax disputes early, reduce audit risks, and promote a more cooperative approach to tax compliance. 

Read the article here: IRS improves Pre-Filing Agreement tax certainty program for large business and international taxpayers | Internal Revenue Service 

IRS Tax Tips

From Camps to Clean Energy: IRS Highlights Summer Tax Impacts

The IRS reminds taxpayers that common summer activities like getting married, sending kids to camp, traveling for business, taking on gig work, or making energy-efficient home improvements—may impact next year’s tax return. 

Read the article here: Summer activities that could impact next year’s tax return | Internal Revenue Service 

IRS Reminds Employers of Valuable Childcare Tax Credit Opportunity

The IRS reminds businesses about the employer-provided Childcare Tax Credit, which offers up to $150,000 annually to support employee childcare services. The credit covers 25% of facility costs and 10% of referral expenses and is claimed using Form 8882 as part of the general business credit. 

Read the article here: Reminder to businesses: The employer-provided Childcare Tax Credit is worth up to $150,000 | Internal Revenue Service 

IRS Outlines Key Deductions Available to Homeowners

The IRS says homeowners may qualify for tax benefits like mortgage interest and property tax deductions—but only if they itemize. While expenses like utilities or repairs aren’t deductible, the IRS also offers guidance on credits for low-income homeowners and special rules for ministers and members of the uniformed services. 

Read the article here: Potential tax benefits for homeowners | Internal Revenue Service 

Marriage and Taxes: IRS Guidance for a Smooth Filing Season

The IRS reminds newlyweds that marital status as of December 31 determines their tax filing options for the year. To avoid delays and unexpected tax bills, couples should update their name and address, check tax withholding, and review filing status options early on. 

Read the artic here: Tax checklist for newlyweds | Internal Revenue Service

Trump’s Big Beautiful Bill: A Look at Key Updates

• SALT deduction: Cap raised dramatically—from $10,000 to $40,000 for individuals (up to $500k income) and $20,000 for married filing separately (up to $250k)

• Child Tax Credit: Increased by $500 (from $2,000 to $2,500) for years 2025–2028, then reverts to $2,000 with inflation indexing

• Estate‑tax exemption: Raised to $15 million, adjusted for inflation

• Business income deduction: Qualified business income deduction for partnerships/S‑corps increases from 20 % to 23 %

• Debt ceiling: Automatic increase by $4 trillion included