May 2025: Your Comprehensive US Tax Update [links included]

IRS Urges Year-Round Vigilance Against Scams During National Small Business Week 

As part of National Small Business Week, the IRS reminds taxpayers and small businesses to stay alert for scams and fraud—even after the April 15 tax deadline. The agency highlights threats from its annual Dirty Dozen list, including phishing, EIN theft, and disaster-related scams. 

Read the article here- IRS reminds taxpayers and small businesses to look out for scams | Internal Revenue Service 

IRS Opens Grant Applications for Low Income Taxpayer Clinics (LITCs) 

The IRS will accept applications for 2026 LITC matching grants from May 15 to July 14, 2025, offering up to $200,000 per grant. Special consideration will be given to organizations serving underserved regions and those with strong community ties. 

Read the article here- IRS opens application period for Low Income Taxpayer Clinic grants May 15 | Internal Revenue Service 

IRS Interest Rates Unchanged for Q3 2025 

The IRS announced that interest rates will remain unchanged for the third quarter of 2025, starting July 1. The rate for individual overpayments and underpayments stays at 7%, with variations for corporations and large corporate underpayments. 

Read the article here- Interest rates remain the same for third quarter of 2025 | Internal Revenue Service 

IRS Reminds U.S. Taxpayers Abroad of June 16, 2025, Filing Deadline 

U.S. citizens and resident aliens living abroad must file their 2024 federal tax return and pay any taxes due by June 16, 2025. They may qualify for extensions and tax benefits but must report foreign accounts and assets. 

Read the article here- U.S. taxpayers living, working abroad must file 2024 tax return by June 16 deadline | Internal Revenue Service 

IRS Opens Registration for 2025 Nationwide Tax Forum 

The IRS invites tax professionals to register for the 2025 Nationwide Tax Forum, offering up to 18 CE credits across five cities starting July. The event features sessions on tax law, cybersecurity, and scams, along with an expo hall, IRS support, and pre-forum workshops. 

Read the article here-  Tax pros: Register now for the 2025 IRS Nationwide Tax Forum | Internal Revenue Service

IRS Tax Tips

IRS Offers Flexible Payment Options for Taxpayers Unable to Pay in Full 

Taxpayers who missed the April 15 deadline or can’t pay their full 2024 tax bill have options like short- and long-term payment plans, offers in compromise, and temporary collection delays. The IRS also offers penalty relief for those who qualify. 

Read the article here- The IRS has options to help taxpayers pay their tax bill | Internal Revenue Service 

Business Owners: Include Financial Records in Emergency Preparedness Plans 

The IRS reminds business owners to include vital financial documents in their emergency preparedness plans. Creating digital backups, documenting valuables, and understanding available tax relief options can ensure quicker recovery after disasters. 

Read the article here- Business owners: Make sure emergency preparedness plans include financial records | Internal Revenue Service 

What to Do If You Receive a Letter from the IRS 

If you get mail from the IRS, don’t panic—carefully read the notice, review the details, and take any necessary action. Only respond if instructed and always watch for scams since the IRS initiates contact by mail, not by text or social media. 

Read the article here- What taxpayers should do if they get mail from the IRS | Internal Revenue Service