| e-News for Small Business | May 20, 2025 |
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Issue Number: 2025-10
Inside This Issue
- Businesses: Beware of tax scams year-round
- Always include financial records in emergency preparedness plans
- 2025 interest rates remain the same for the third quarter
- Other tax news
Businesses: Beware of tax scams year-round
The IRS advises small businesses and taxpayers to stay vigilant against scams and fraud year-round.
Here are some ways businesses can protect themselves and client data:
- Protect your Employer Identification Number.
- Stay vigilant during disaster season. Scammers may impersonate IRS employees claiming to offer help when filing casualty loss claims.
- Use anti-malware/anti-virus software with automatic updates and strong passwords with multi-factor authentication.
- Watch out for fake requests for W-2s.
Visit the Tax Scams page of IRS.gov and follow @IRStaxsecurity on X or any official IRS social media account for scam awareness information.
Always include financial records in emergency preparedness plans
Businesses should make sure emergency preparedness plans include vital records and financial information.
Here are some things everyone can do to protect financial records:
- Update emergency preparedness plan annually
- Create electronic copies of documents
- Document valuables
- Review tax relief for disaster situations
2025 interest rates remain the same for the third quarter
The IRS announced that interest rates will remain the same for the calendar quarter beginning July 1, 2025.
For corporations, the underpayment rate is the federal short-term rate plus 3 percentage points. The overpayment rate is the federal short-term rate plus 2 percentage points.
These interest rates are computed from the federal short-term rate determined during April 2025. For details see Revenue Ruling 2025-11.
Other tax news
These topics may be of interest to small businesses, their employees and community partners:
- IRS announces call for grant applications for Tax Counseling for the Elderly and Volunteer Income Tax Assistance programs
- IRS opens application period for Low Income Taxpayer Clinic grants May 15
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