IRS In Audio

• IRS Assesses $162 Million in Penalties Over False Tax Credit Claims Tied to Social Media

  IRS Assesses $162 Million in Penalties Over False Tax Credit Claims Tied to Social MediaThe IRS has issued a strong warning about a surge in fraudulent tax schemes promoted on social media, which encourage taxpayers to claim false credits like the Fuel Tax Credit or Sick and Family Leave Credit. Since 2022, these scams, often spread by individuals posing as tax experts, have led to thousands of inaccurate returns, resulting in denied refunds and over $162 million in penalties across more than 32,000 cases.Key Takeaways:Scam Traits: Look out for claims that "everyone qualifies" for credits, promises of "easy" or "fast" refunds, instructions to file amended returns without eligibility, and encouragement to ignore IRS letters.Consequences: Falling for these scams can lead to delayed or denied refunds, a $5,000 civil penalty for frivolous returns, and further IRS enforcement.IRS Advice: Taxpayers who have filed incorrect returns should amend them immediately using Form 1040-X, respond promptly to IRS notices, and seek help from reputable tax professionals or IRS.gov. Suspected scams should be reported to [email protected] or TIGTA.The IRS urges taxpayers to exercise caution with social media tax advice and to verify all claims with official sources.

  --------  

  2:01

  --------

  2:01
• IRS Urges Emergency Preparedness Ahead of Peak Disaster

  Summary — IRS Urges Emergency Preparedness Ahead of Peak Disaster As hurricane season peaks and wildfire risks remain high, the IRS urges individuals and businesses to update their emergency preparedness plans during National Preparedness Month. Key steps include safeguarding important documents like tax returns and insurance policies in waterproof, fireproof containers, maintaining detailed inventories of property with photos and descriptions, and creating digital backups. Employers are advised to ensure payroll service providers have fiduciary bonds and to use the Electronic Federal Tax Payment System for secure payments. When federal disasters are declared, the IRS often delays filing and payment deadlines automatically. Uninsured disaster losses may be deductible on tax returns. The IRS provides resources to help reconstruct lost records and encourages everyone to be prepared to minimize disaster impacts.

  --------  

  2:30

  --------

  2:30
• IRS News Release: Security Summit reminds tax pros to guard against identity theft

  IRS News Release: Security Summit reminds tax pros to guard against identity theft (Aug. 26, 2025)The IRS and its Security Summit partners closed out their “Protect Your Clients; Protect Yourself” summer awareness campaign by urging tax professionals to remain vigilant against identity theft. Nearly 300 data breaches reported in the first half of 2025 affected as many as 250,000 clients. The Security Summit — a collaboration of the IRS, state tax agencies, industry, and professionals since 2015 — highlighted threats such as fake “new client” phishing emails, malware, social media misinformation, and scams impersonating the IRS.Tax pros are encouraged to watch for red flags like unauthorized IRS Online Account access, rejected returns linked to stolen SSNs, or unusual computer activity. Key prevention tools include creating a Written Information Security Plan (WISP), using the “Security Six” (antivirus, firewalls, backup systems, encryption, MFA, VPNs), and enrolling clients in the IRS Identity Protection PIN program.In case of a breach, practitioners must immediately report incidents to the IRS Stakeholder Liaison, notify state tax agencies, and inform affected clients. The campaign emphasizes staying informed with IRS publications (e.g., 5708, 5293, 4557) and resources like Identity Theft Central. The initiative also coincided with the IRS Nationwide Tax Forum events in summer 2025.

  --------  

  2:02

  --------

  2:02
• Interest rates remain the same for the fourth quarter of 2025

  Key points / rates (annual, compounded daily)Individuals: 7% for overpayments and 7% for underpayments.Corporations: 6% for overpayments; 7% for underpayments.Portion of a corporate overpayment exceeding $10,000: 4.5%.Large corporate underpayments: 9%.Legal / calculation contextInterest rates are set quarterly under the Internal Revenue Code and are expressed as the federal short-term rate plus a statutory number of percentage points.For most taxpayers (non‑corporate), overpayment/underpayment = federal short-term rate + 3 percentage points.For corporations, underpayment = federal short-term rate + 3 percentage points; overpayment = federal short-term rate + 2 points; large corporate underpayments = federal short-term rate + 5 points; overpayment portion over $10,000 = +0.5 points.These rates are computed from the federal short-term rate determined in July 2025.Formal announcement of the rates appears in Revenue Ruling 2025-18 and will be published in Internal Revenue Bulletin 2025-37 (dated Sept. 8, 2025).

  --------  

  2:05

  --------

  2:05
• Treasury, IRS Issue FAQs to Address the Accelerated Termination of Several Energy Provisions Under the One Big Beautiful Bill Act

  Summary:The IRS issued frequently asked questions (FAQs) in Fact Sheet 2025-05 to provide guidance on modifications to several energy-related tax provisions under the One Big Beautiful Bill Act (OBBB). These FAQs clarify the accelerated termination dates for energy credits and deductions, including sections 25C, 25D, 25E, 30C, 30D, 45L, 45W, and 179D.Key Points:Guidance on expiring energy credits and deductions under OBBBClarifications on the availability of the new clean vehicle creditInformation on the energy efficient home improvement creditDetails on the residential clean energy creditAdditional information about reliance on these provisions

  --------  

  0:43

  --------

  0:43

More Government podcasts

Trending Government podcasts

About IRS In Audio