As the U.S. tax landscape shifts following the enactment of major legislative changes like the One Big Beautiful Bill Act, the IRS has responded with a series of important alerts and official guidance documents. Whether you’re an individual filer, a small business owner, or a tax professional, staying informed about these updates is crucial for compliance and optimal tax planning.
In this article, we break down the latest IRS alerts and guidance to help you navigate 2025 with clarity and confidence.
- IRS Fact Sheet 2025-03: Key New Provisions
The IRS recently released Fact Sheet 2025-03, summarizing several provisions from the new tax law. Here’s what it covers:
Senior Bonus Deduction
- A new deduction available for taxpayers aged 65 and older:
- Up to $6,000 for single filers with income under $75,000.
- Up to $12,000 for married couples with income under $150,000.
- This deduction phases out for higher-income taxpayers and must be claimed separately from the standard deduction.
Updated SALT Deduction Cap
- The State and Local Tax (SALT) deduction cap has been raised:
- Now up to $40,000 for households earning under $500,000.
- This expanded cap is temporary and may revert after 2028.
No Tax on Tips
- As part of the tax simplification effort, tips and overtime income are now tax-exempt (up to $25,000) for individuals earning under $150,000.
- Taxpayers should still report these amounts on their return for informational purposes, even though they’re not taxed.
- Disaster Relief Extensions
For individuals and businesses in declared disaster zones, the IRS continues to provide filing and payment relief:
Example:
- Taxpayers affected by severe storms in Missouri and Oklahoma have their deadlines extended to November 3, 2025.
- This includes:
- 2024 tax filings due in April 2025.
- Estimated tax payments.
- Payroll and excise tax filings.
- New Security Warnings
The IRS warns of increased phishing attacks and tax-related scams, especially amid confusion around the new law. Here’s what to watch out for:
Common Scams in 2025:
- Fake IRS emails claiming you’re eligible for “untaxed Social Security benefits.”
- Bogus refund claims requiring personal banking information.
- Text messages with links to update your tax account.
Reminder: The IRS will never contact you by email or text requesting sensitive information or payment.
- Small Business Guidance: FDDEI and Depreciation
For small and mid-sized businesses, the IRS is issuing new clarifications on:
FDDEI (Foreign-Derived Deduction Eligible Income)
- Businesses that export goods/services may now qualify for a 14% flat tax rate.
- IRS guidance includes how to:
- Calculate export-related gross receipts.
- Determine foreign use of intellectual property.
- Maintain documentation for audits.
Bonus Depreciation
- The IRS has updated Form 4562 instructions to reflect a 60% bonus depreciation for qualified assets placed in service in 2025.
- Taxpayers must elect out if they wish to use straight-line depreciation.
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