The Internal Revenue Service announced today tax relief for individuals and businesses in parts of West Virginia affected by severe storms, straight-line winds, flooding, landslides and mudslides that began on Feb. 15, 2025.

These taxpayers now have until Nov. 3, 2025, to file various federal individual and business tax returns and make tax payments.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, individuals and households that reside or have a business in Logan, McDowell, Mercer, Mingo, Wayne and Wyoming counties qualify for tax relief.

The same relief will be available to any other counties added later to the disaster area. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.

Filing and payment relief

The tax relief postpones various tax filing and payment deadlines that occurred from Feb. 15, 2025, through Nov. 3, 2025 (postponement period). As a result, affected individuals and businesses will have until Nov. 3, 2025, to file returns and pay any taxes that were originally due during this period.

This means, for example, that the Nov. 3, 2025, deadline will now apply to:

• Individual income tax returns and payments normally due on April 15, 2025.
• 2024 contributions to IRAs and health savings accounts for eligible taxpayers.
• Quarterly estimated tax payments normally due on April 15, June 16 and Sept. 15, 2025.
• Quarterly payroll and excise tax returns normally due on April 30, July 31 and Oct. 31, 2025.
• Calendar-year partnership and S corporation returns normally due on March 17, 2025.
• Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2025.
• Calendar-year tax-exempt organization returns normally due on May 15, 2025.

In addition, penalties for failing to make payroll and excise tax deposits due on or after Feb. 15, 2025, and before March 3, 2025, will be abated as long as the deposits were made by March 3, 2025.

The Disaster assistance and emergency relief for individuals and businesses page has details on other returns, payments and tax-related actions qualifying for relief during the postponement period.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. These taxpayers do not need to contact the agency to get this relief.

It is possible an affected taxpayer may not have an IRS address of record located in the disaster area, for example, because they moved to the disaster area after filing their return. In these kinds of unique circumstances, the affected taxpayer could receive a late filing or late payment penalty notice from the IRS for the postponement period. The taxpayer should call the IRS Special Services toll-free number at 866-562-5227 to update their address and request disaster tax relief.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS Special Services toll-free number at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization. Disaster area tax preparers with clients located outside the disaster area can choose to use the Bulk requests from practitioners for disaster reliefoption, described on IRS.gov.

Additional tax relief

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2025 return normally filed next year), or the return for the prior year (2024). Taxpayers have extra time – up to six months after the due date of the taxpayer’s federal income tax return for the disaster year (without regard to any extension of time to file) – to make the election. For individual taxpayers, this means Oct. 15, 2026. Be sure to write the FEMA declaration number – 4861-DR − on any return claiming a loss. See Publication 547, Casualties, Disasters, and Thefts, for details.

Qualified disaster relief payments are generally excluded from gross income. In general, this means that affected taxpayers can exclude from their gross income amounts received from a government agency for reasonable and necessary personal, family, living or funeral expenses, as well as for the repair or rehabilitation of their home, or for the repair or replacement of its contents. See Publication 525, Taxable and Nontaxable Income, for details.

Additional relief may be available to affected taxpayers who participate in a retirement plan or individual retirement arrangement (IRA). For example, a taxpayer may be eligible to take a special disaster distribution that would not be subject to the additional 10% early distribution tax and allows the taxpayer to spread the income over three years. Taxpayers may also be eligible to make a hardship withdrawal. Each plan or IRA has specific rules and guidance for their participants to follow.

The IRS may provide additional disaster relief in the future.

Taxpayers who do not qualify for disaster tax relief may qualify for reasonable cause penalty abatement. See Penalty Relief for Reasonable Cause for additional information.

The tax relief is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit DisasterAssistance.gov.

Source: IRS-2025-34, March 14, 2025

The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning April 1, 2025.

For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates:

• 7% for overpayments (payments made in excess of the amount owed), 6% for corporations.
• 4.5% for the portion of a corporate overpayment exceeding $10,000.
• 7% for underpayments (taxes owed but not fully paid).
• 9% for large corporate underpayments.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus three percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points and the overpayment rate is the federal short-term rate plus two percentage points. The rate for large corporate underpayments is the federal short-term rate plus five percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during January 2025. See the revenue ruling for details.

Revenue Ruling 2025-7 PDF announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2025-13, dated March 24, 2025.

Source: IRS-2025-29, March 6, 2025

The Internal Revenue Service announced today it’s making it easier for taxpayers to file their taxes by adding information return documents to their IRS Individual Online Account, helping consolidate important tax records into one digital location.

The first information returns to be added are Form W-2, Wage and Tax Statement and Form 1095-A, Health Insurance Marketplace Statement. These forms will be available for tax years 2023 and 2024 under the Records and Status tab in the taxpayer’s Online Account.

Adding these forms to the IRS Individual Online Account demonstrates the IRS’s ongoing efforts to modernize and enhance taxpayers’ ability to quickly and securely access their tax planning information. In the coming months, the IRS plans to add more information return documents to Individual Online Account.

Adding information returns like the Form W-2 to the IRS Individual Online Account makes keeping track of critical tax planning information even simpler.

Information return documents are filed and required to be reported to payees and the IRS by employers, financial institutions, government agencies and other payers. They provide information that can help people file their taxes.

Only information return documents issued in the taxpayer’s name will be available in their Online Account. Their spouse must log into their own Online Account to retrieve their information return documents. This is true whether they file a joint or separate return. Importantly, state and local tax information, including state and local tax information on the Form W-2, will not be available on Individual Online Account. Filers should continue to keep the records mailed to them by the original reporter.

Create an IRS Individual Online Account

Individuals can create or access their Online Account on IRS.gov at Online Account for Individuals. In addition to Forms W-2 and 1095-A, people can:

• View key details from their most recent tax return, such as Adjusted Gross Income.
• Request an identity protection PIN and view it throughout the year.
• Check refund status.
• Get account transcripts, including wage and income records.
• Sign tax forms like powers of attorney or tax information authorizations.
• View and edit language preferences and alternative media.
• Receive and view over 200 IRS electronic notices.
• View, make and cancel payments.
• Set up or change payment plans and check their balance.

Even if taxpayers still have missing or incorrect documents, they should file their tax return on time. If they don’t receive an information return document, or if it’s incorrect or lost, taxpayers should contact their employer, payer or issuing agency and request a copy of the missing document or a corrected document. This year’s tax deadline is April 15 for most filers. For more information, read Topic no. 154, Form W-2 and Form 1099-R (what to do if incorrect or not received), on IRS.gov.

Source: IRS-2025-28, Feb. 27, 2025

The Internal Revenue Service today reminded farmers and fishers who chose to forgo making estimated tax payments by January that they must generally file their 2024 federal income tax return and pay all taxes due by March 3, 2025. Because it’s on Saturday this year, the usual March 1 deadline is pushed back two days to Monday, March 3.

The special March 3 deadline allows farmers and fishers to avoid any estimated tax penalties. Though several tax-payment options are available, the IRS urges farmers and fishers to consider the quick, easy and free option of paying taxes electronically from their bank account using either their IRS Online Account or IRS Direct Pay. IRS Online Account and IRS Direct Pay are available only on IRS.gov.

The special March 3, 2025, deadline applies to anyone who qualifies as a farmer or fisher and did not make a 2024 estimated tax payment by Jan. 15, 2025. Those who made a qualifying payment by that date can wait until the regular April 15, 2025, deadline to file and pay and still avoid estimated tax penalties. See Publication 505, Tax Withholding and Estimated Tax, for details.

For this purpose, a farmer or fisher is anyone who received at least two-thirds of their gross income from farming or fishing during either 2023 or 2024.

Special rules for disaster areas

Disaster-area taxpayers, including farmers and fishers, have more time to file and pay. This extension is automatic; taxpayers don’t need to file any paperwork or call the IRS to get it.

Currently, taxpayers in the entire states of Alabama, Florida, Georgia, North Carolina and South Carolina, and parts of Alaska, New Mexico, Tennessee, Virginia and West Virginia have until May 1, 2025, to file and pay.

Like other taxpayers, these disaster-area taxpayers who need more time to file, beyond May 1, can get it by requesting an extension to Oct. 15, 2025. But because this extension request only gives them more time to file, any tax payments are still due by May 1.

Electronically filed extension requests must be made by April 15. Between April 15 and May 1, the request can only be filed on paper. To learn how, visit IRS.gov/extensions.

In addition, California wildfire victims have until Oct. 15, 2025, to file and pay. Likewise, taxpayers throughout Kentucky have until Nov. 3, 2025, to file and pay. No extension beyond these dates is available.

Paying online is safe, fast and easy

IRS Online Account allows individual taxpayers to make same-day payments from a checking or savings account. Taxpayers can also see their payment history, balance and payment plan information, and digital copies of many notices sent from the IRS.

Alternatively, taxpayers can use IRS Direct Pay to make or schedule a payment from their bank account with no registration or login required. Those who need to pay business taxes through the Electronic Federal Tax Payment System (EFTPS) can also choose to use this system to make their individual income tax payments.

For more information about these and other payment options, visit IRS.gov/payments.

Forms and publications to use

Farmers

• Use Schedule F (Form 1040), Profit or Loss From Farming, to report income and expenses.
• Use Schedule SE (Form 1040), Self-Employment Tax, to figure self-employment tax if net earnings from farming are $400 or more.
• See Topic No. 554, Self-Employment Tax, Publication 225, Farmer’s Tax Guide, and Agriculture Tax Center for more information.

Fishers

• Use Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship), to report income and expenses.
• Use Schedule SE (Form 1040), Self-Employment Tax, to figure self-employment tax if net earnings from fishing are $400 or more.
• See Publication 334, Tax Guide for Small Business, for commercial fishers who file Schedule C.

Related items

• For farmers and fishers operating as a partnership or corporation see Publication 541, Partnerships, or Publication 542, Corporations.
• For information on estimated tax, see Publication 505, Tax Withholding and Estimated Tax, and Topic No. 416, Farming and Fishing Income.
• Publication 5034, Need to Make a Payment? PDF, (English and Spanish).

Source: IRS-2025-27, Feb. 27, 2025

As the 2025 tax filing season continues, the Internal Revenue Service encourages taxpayers to make essential preparations and be aware of significant changes that may affect their 2024 tax returns.

This announcement marks the commencement of the Tax Time Guide series. The IRS uses this guide to provide updated information to assist taxpayers in filling an accurate return. A wealth of resources and tools is also available on IRS.gov, including a dedicated special free help page accessible 24/7.

The IRS encourages taxpayers to read Publication 17, Your Federal Income Tax (For Individuals), for additional guidance and updates.

Tips for filing an accurate tax return

The deadline for submitting Form 1040, U.S. Individual Income Tax Return, or 1040-SR, U.S. Tax Return for Seniors, is April 15, 2025. To avoid mistakes and potential processing delays, taxpayers should refrain from filing until they have received all necessary tax documents. Taxpayers should always carefully review documents for inaccuracies or missing information. They should immediately contact their employer or payer to request a correction if issues arise.

The IRS recommends taxpayers create an IRS Online Account, which provides secure access to their tax information, including payment history, tax records and other key information. Maintaining digitally organized tax documents can streamline the preparation of a complete and accurate tax return and may help identify overlooked deductions or credits.

Taxpayers who have an individual taxpayer identification number or ITIN may need to renew it if it has expired. The IRS can accept a tax return with an expiring or expired ITIN, but there may be processing delays.

Updates to Additional Child Tax Credit for tax year 2024

The maximum Additional Child Tax Credit (ACTC) amount has increased to $1,700 for each qualifying child.

Bona fide residents of Puerto Rico are no longer required to have three or more qualifying children to be eligible to claim the ACTC. Bona fide residents of Puerto Rico may be eligible to claim the ACTC if they have one or more qualifying children.

The IRS cannot issue refunds before mid-February 2025 for returns that properly claim the ACTC. This time frame applies to the entire refund, not just the portion associated with the ACTC.

Other changes for tax year 2024

Standard deduction amount increase. For 2024, the standard deduction amount has been increased for all filers. The amounts are:

• Single or married filing separately — $14,600.
• Head of household — $21,900.
• Married filing jointly or qualifying surviving spouse — $29,200.

Child Tax Credit enhancements. Taxpayers eligible for the Child Tax Credit should not wait to file their 2024 tax return. If Congress changes the CTC guidelines in the future, the IRS will automatically adjust for those who have already filed. No additional action will be needed by those eligible taxpayers.

Under current law for tax year 2024, the following currently apply:

• The initial amount of the CTC is $2,000 for each qualifying child. The credit amount begins to phase out where adjusted gross income (AGI) income exceeds $200,000 ($400,000 in the case of a joint return).
• A child must be under age 17 at the end of 2024 to be a qualifying child.

Changes to the Earned Income Tax Credit (EITC). To claim the EITC without a qualifying child in 2024, taxpayers must be at least age 25 but under age 65 at the end of 2024. If a taxpayer is married filing a joint return, one spouse must be at least age 25 but under age 65 at the end of 2024.

Taxpayers may find more information on various child tax credits in the Instructions for Schedule 8812 (Form 1040).

Adoption Credit. The Adoption Credit and the exclusion for employer-provided adoption benefits are both $16,810 per eligible child in 2024. The amount begins to phase out if taxpayers have a modified AGI in excess of $252,150 and is completely phased out if their modified AGI is $292,150 or more. For more information, see Form 8839 PDF and Instructions for Form 8839.

Clean Vehicle Credit. The Clean Vehicle Credit is reported on Form 8936 and Schedule 3 (Form 1040), line 6f. For more information, see Form 8936, Clean Vehicle Credit.

Previously owned Clean Vehicle Credit. This credit is available for previously owned clean vehicles acquired and placed in service after 2022. For more information, see Form 8936, Clean Vehicle Credit.

More information on these and other credit and deduction changes for tax year 2024 may be found in Publication 17, Your Federal Income Tax (For Individuals), taxpayer guide.

IRA contribution limit increased

Beginning in 2024, the IRA contribution limit is increased to $7,000 ($8,000 for individuals aged 50 or older) from $6,500 ($7,500 for individuals aged 50 or older) the prior year.

1099-K reporting requirements have changed for tax year 2024

The reporting threshold for 2024 has changed. Third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, are now required to report transactions when the amount of the total payments for those transactions in 2024 was more than $5,000. The IRS has issued Notice 2024-85 providing transition relief for TPSOs. To understand what to do, taxpayers should become familiar with Form 1099-K.

Source: IRS-2025-23, Feb. 19, 2025