Dirty Dozen; Business Tax Account; interest rates and filing news
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e-News for Small Business March 11, 2025
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Issue Number: 2025-4
Inside This Issue
* Beware of tax scams [ #First ]
* Check eligibility for Business Tax Account [ #Second ]
* Interest rates remain the same for second quarter of 2025 [ #Third ]
* Track the status of a refund: Use Where’s my Refund? Tool [ #Fourth ]
* Other tax news [ #Fifth ]
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* Beware of tax scams*
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To help protect businesses, taxpayers and tax professionals, the IRS released its annual Dirty Dozen list of tax scams for 2025 [ [link removed] ]. The list highlights common schemes that threaten tax and financial information, including:
* Bad social media advice
* IRS Individual Online Account “help” from scammers
* Fake charities
* False Fuel Tax Credit claims
* Credits for Sick Leave and Family Leave
* Bogus self-employment tax credits
* Improper household employment taxes
* Misleading offers in compromise
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* Check eligibility for Business Tax Account*
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The Business Tax Account tool offers a growing number of eligible business taxpayers a quick and easy way to access tax information online [ [link removed] ] and meet their tax obligations.
Sole proprietors, individual partners of partnerships and individual shareholders of S corporations and C corporations should check if they’re eligible to use Business Tax Account.
For more on recent updates, check out the Fact Sheet on Business Tax Account [ [link removed] ].
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* Interest rates remain the same for second quarter of 2025*
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The IRS announced interest rates will remain the same [ [link removed] ] for the calendar quarter beginning April 1, 2025.
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 of a percentage point.
These interest rates are computed from the federal short-term rate determined during January 2025. See the revenue ruling [ [link removed] ] for details.
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* Track the status of a refund: Use Where’s my Refund? Tool*
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Taxpayers can use the Where’s My Refund? [ [link removed] ] tool on IRS.gov to confirm receipt of their return and track a refund.
The tool is available 24/7 and is a fast, easy way for taxpayers to get information about a refund without needing to call the IRS. The tool allows taxpayers to access information about returns from tax years 2024, 2023 and 2022.
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* Other tax news*
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These topics may be of interest to small businesses and their partners:
* Errors to watch for when preparing a tax return [ [link removed] ].
* Tax documents added to IRS Individual Online Account [ [link removed] ], enhancing services and convenience for taxpayers.
* Tips to help make tax season [ [link removed] ] go smoothly.
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