Issue Number:    IR-2025-90

WASHINGTON — The Internal Revenue Service is alerting taxpayers about a growing number of fraudulent tax schemes circulating on social media that promote the misuse of credits such as the Fuel Tax Credit and the Sick and Family Leave Credit. These scams have led thousands of taxpayers to file inaccurate or frivolous returns, often resulting in the denial of refunds and steep penalties.

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Issue Number: IR-2025-88

Inside This Issue

Security Summit: IRS reminds tax pros to guard against identity theft as summer series wraps up

Week 5 of “Protect Your Clients; Protect Yourself” offers tax pros tools and advice to help protect important data.

WASHINGTON — The Internal Revenue Service and the Security Summit partners are closing out the fifth and final week of the “Protect Your Clients; Protect Yourself” awareness series by reminding tax professionals to stay vigilant and strengthen safeguards to protect against identity theft. In the first half of the year there were nearly 300 data breaches reported impacting as many as 250,000 clients.

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The IRS has announced that no changes will be made to Form W-2 or other information returns regarding overtime and tip wages for Tax Year 2025, as part of the phased implementation of the One Big Beautiful Bill Act (OBBBA). This decision ensures stability for the upcoming tax season, allowing employers and payroll providers to continue using current procedures for reporting and withholding. For more details, visit the IRS announcement at IRS announces no changes to individual information returns or withholding tables for 2025 under the One Big Beautiful Bill Act | Internal Revenue Service. 

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Issue Number: FS-2025-03

Note: This Fact Sheet has been updated July 25 by adding to the section on “No Tax on Car Loan Interest” new language describing the requirement for “Final assembly in the United States.”
Below are descriptions of new provisions from the One Big Beautiful Bill Act, signed into law on July 4, 2025, as Public Law 119-21, that go into effect for 2025.

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Issue Number: Tax Tip 2025-40

Owning a home costs money, but there are tax benefits available to help homeowners save on some of common costs of homeownership. Homeowners should review the tax deductions, programs and housing allowances to see if they are eligible.

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