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IRS, Security Summit partners announce 9th annual National Tax Security Awareness Week starting Dec. 2 WASHINGTON — The Internal Revenue Service, working with the Security Summit partners, today announced a special awareness week focusing on taxpayers and tax professionals to protect sensitive financial information from identity thieves and tax scams as the holidays and the 2025 tax season approach. The 9th annual National Tax Security Awareness Week takes place this year from Dec. 2–6 by the members of the Security Summit, a coalition of the IRS, state tax administrators, tax software companies, the tax professional community and others in the larger tax community. The group formed in 2015 to combat tax-related identity theft through a public-private sector partnership that strengthened internal protections and raised awareness about security threats. With the holiday shopping season underway and tax season quickly approaching, the Security Summit partners urge taxpayers and tax professionals to take extra steps to protect their financial and tax information during this critical period. During the holiday season, people face the heightened risk of identity theft as criminals ramp up efforts to trick people into sharing sensitive personal information including through email, text message and social media scams and schemes. Identity thieves might use this information to try filing false tax returns and stealing refunds. “We are entering into a critical period where taxpayers need to be extra careful protecting their valuable information,” said IRS Commissioner Danny Werfel. “Scams and schemes are quickly evolving. Extra caution by people during the holiday season and the upcoming filing season will be essential to avoid being a victim. By being aware of the risks, taxpayers can protect themselves, their families and their communities. Vigilant taxpayers are on the front lines of the larger efforts by the Security Summit partners to strengthen the tax system against identity theft and tax scams.” The work of the Security Summit to strengthen internal systems and share information across the tax system about fraudsters continues to show results. Since its inception, the work of the Security Summit has helped protect millions of taxpayers against identity theft and prevented billions of dollars from being wrongly paid out to fraudsters. But as the IRS and the Summit partners have strengthened their systems, identity thieves have increasingly turned their attention to stealing underlying tax and financial information from taxpayers, businesses and tax professionals in hopes of slipping authentic-looking tax returns through the defenses. To counter this threat to individuals and businesses, National Tax Security Awareness Week features a week-long series of educational efforts by the Summit partners to educate and inform taxpayers and tax professionals. The week will focus on how to defend against identity theft and other scams, including inaccurate social media information. This year’s campaign includes: Daily press releases and Tax Tips during the week of Dec. 2 highlighting specific issues that can protect taxpayers and tax professionals from identity theft and tax schemes. Social media awareness on X, Facebook, Instagram and YouTube. Follow @IRSTaxSecurity, @IRSnews and #TaxSecurity on X for the latest information. Special educational materials, including e-posters and IRS publications, will also be available to share information not just during the special week but the upcoming filing season. Dozens of information-sharing sessions by IRS Stakeholder Liaisons with local tax professional groups and community events. The IRS and Summit partners continue to focus on combating identity thieves and their increasingly sophisticated scams. Identity thieves often impersonate the IRS and others in the tax community using fake emails, texts and online scams. These schemes frequently use recent tragedies or imitate charitable groups to coax people into sharing sensitive financial data, which can lead to tax-related identity theft. There has been an increase of these activities on social media, including inaccurate tax advice that continues to mislead taxpayers. To help counter this, many of the Security Summit partners have joined together to form the Coalition Against Scam and Scheme Threats (CASST). This group will be increasingly active during the upcoming tax season. “This special security week highlights ongoing threats against taxpayers and their information,” said Sharonne Bonardi, Executive Director of the Federation of Tax Administrators. “State tax agencies are deeply committed to proactive fraud detection and prevention, and ensuring taxpayers and the revenue system are protected is a top priority for us and our Security Summit Partners. The National Tax Security Awareness Week provides important information to help in the ongoing battle against identity theft that we encourage you to read and share with others.” A key tool in identifying and defending against these identity theft scams is the Identity Theft Information Sharing and Analysis Center (ISAC), which was developed by the IRS and Security Summit partners to better identify and coordinate against fraudsters. As the group has strengthened defenses inside the tax system to spot emerging scams, identity thieves continue to look for ways to obtain sensitive personal financial information to file fraudulent tax returns. That has made tax professionals, who hold sensitive tax information on their clients, a key target for scam artists. “The combined efforts of the Security Summit partners continue to protect millions of taxpayers from identity thieves. But the threat of tax-related identity theft remains, including the increasing presence of tax scams circulating on social media that pose a threat not just during tax season, but during the holidays and throughout the year. Consumers and tax professionals play an important role in helping us in this effort, and the information during this special week can help protect people from these continuing threats,” said Julie Magee, one of the original participants in the Security Summit and Tax Policy Lead for Cash App Taxes. The security awareness effort is a year-round effort in the tax community. This year’s National Tax Security Awareness Week provides extra awareness for taxpayers during the critical holiday period and in advance of the 2025 tax season. Highlights this year are listed below. National Tax Security Awareness Week 2024 highlights Cyber Monday: Beware of phishing as part of online safety The Security Summit will remind taxpayers to approach

IRS encourages taxpayers to prepare for 2025 filing season with online tools and key reminders WASHINGTON — As the nation’s tax season approaches, the Internal Revenue Service is reminding people of simple steps they can take now to prepare to file their 2024 federal tax returns. This reminder is part of the IRS’s “Get Ready” campaign to help everyone prepare for the upcoming filing season in early 2025. “Our focus at the IRS continues to be on making tax filing easier and more accessible for everyone,” said IRS Commissioner Danny Werfel. “We’ve added more digital tools to help taxpayers. But as tax season quickly approaches, the IRS reminds taxpayers there are important steps they can take now to get ready for 2025. From reviewing withholding to signing up for an IRS Online Account, there are multiple ways for people to help make the 2025 filing season easier.” As the IRS continues its historic transformation work, the agency continues introducing new online tools as well as expanding and updating other digital tools. These are designed to help taxpayers and make tax filing easier. Access IRS Online Account for helpful information Taxpayers can create or access their IRS Online Account, where they can find all their tax related information for the 2025 filing season. New users will need to have a photo ID ready to verify their identity. Through their IRS Online Account, taxpayers can: View key details from their most recent tax return, such as adjusted gross income. Request an Identity Protection PIN. Get account transcripts to include wage and income records. Sign tax forms like powers of attorney or tax information authorizations. View and edit language preferences and alternative media (such as braille, large print, etc.). Receive and view over 200 IRS electronic notices. View, make and cancel payments. Set up or change payment plans and check their balance. Gather and organize tax documents Having well-organized tax records can make filing a complete and accurate return easier and help avoid errors that can delay refunds. This may also help identify deductions or credits that may have been overlooked. Most income is taxable, including unemployment compensation, refund interest and income from the gig economy and digital assets. Taxpayers should watch for and gather essential forms, such as Forms W-2, Wage and Tax Statement, and other income documents. It’s also important to notify the IRS of any address changes and the Social Security Administration of any legal name changes. Check withholding before the end of 2024 The IRS Tax Withholding Estimator on IRS.gov can help taxpayers make sure the correct amount of tax is withheld from their paychecks. This tool is especially useful for individuals who owed taxes or received large refunds last year, or those who have experienced life changes such as marriage, going through a divorce, or the welcoming of a child. Taxpayers who need to adjust their withholding can update their information with their employer using Form W-4, Employee’s Withholding Allowance Certificate. Time is running out to make changes for 2024, as only a few pay periods remain in the year. Taxpayers need to act quickly to make any adjustments. Get refunds faster with direct deposit The fastest and most secure way to receive a tax refund is through direct deposit. Taxpayers can direct their refund to a bank account, banking app or reloadable debit card by providing their routing and account numbers. If the routing and account number cannot be located, taxpayers should contact their bank, financial institution or app provider. According to Treasury’s Bureau of the Fiscal Service, paper refund checks are 16 times more likely to be lost, misdirected, stolen or uncashed compared to those paid using direct deposit. Individuals without a bank account can explore options for opening one through FDIC-insured banks or a credit union using the National Credit Union Locator tool. Veterans can use the Veterans Benefits Banking Program to find participating financial institutions. Volunteer to help others with their taxes The IRS and its community partners are seeking volunteers from around the country to join the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs. These programs offer free tax preparation services to eligible taxpayers. Interested individuals can learn more and sign up by visiting IRS.gov. Helpful IRS resources and online tools IRS.gov is a valuable resource for taxpayers, offering a variety of online tools like the Individual Online Account available 24/7. These tools help individuals file and pay taxes, track refunds, access account information and get answers to tax questions. Taxpayers are encouraged to bookmark these resources for easy access. Choosing a tax professional Tax professionals play an essential role in the U.S. tax system. Certified public accountants, Enrolled Agents, attorneys and others without formal credentials are just a few of the professionals who help taxpayers file their returns accurately. It is important to choose a professional who is skilled and trustworthy. Most tax return professionals provide great service but picking the wrong one can hurt taxpayers financially. The IRS offers tips for choosing a tax preparer. People can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications to find qualified professionals. LET’S GET STARTED CHECK YOUR REFUND STATUS

Save for retirement now, get a tax credit later: Saver’s Credit can help low- and moderate-income taxpayers save more in 2025 WASHINGTON —The Internal Revenue Service today reminded low- and moderate-income taxpayers that they can save for retirement now and possibly earn a tax credit in 2025 and future years. The Retirement Savings Contributions Credit, also known as the Saver’s Credit, helps taxpayers offset a portion of the first $2,000 ($4,000 if married filing jointly) they voluntarily contribute to Individual Retirement Arrangements (IRAs), 401(k) plans and similar workplace retirement programs. The credit also helps eligible persons with a disability who are the designated beneficiary of an Achieving a Better Life Experience (ABLE) account and contributes to that account. For more information about ABLE accounts, see Publication 907, Tax Highlights for Persons with Disabilities, on IRS.gov. The maximum Saver’s Credit is $1,000 ($2,000 for married couples). The credit can increase a taxpayer’s refund or reduce the tax owed but is affected by other deductions and credits. Rollover contributions do not qualify for the credit, and distributions from a retirement plan or ABLE account reduce the contribution amount used to figure the credit. Who is eligible? Taxpayers can use the Interactive Tax Assistant tool for the Saver’s Credit to determine their eligibility. A taxpayer is eligible for the credit if they’re: Age 18 or older, Not claimed as a dependent on another person’s return, and Not a full-time student. Furthermore, the Saver’s Credit can be claimed by: Married couples filing jointly with adjusted gross incomes up to $76,500. Heads of household with adjusted gross incomes up to $57,375. Married individuals filing seperately and singles with adjusted gross incomes up to $38,250. Qualified surviving spouse filers. Contribution deadlines Individuals with IRAs have until April 15, 2025 – the due date for filing their 2024 return – to set up a new IRA or add money to an existing IRA for 2024. Both Roth and traditional IRAs qualify. Individuals with workplace retirement plans still have time to make qualifying retirement contributions and possibly get the Saver’s Credit on their 2024 tax return. Contributions to workplace retirement plans must be made by December 31 to a: 401(k) plan. 403(b) plan for employees of public schools and certain tax-exempt organizations. Governmental 457 plan for state or local government employees. Thrift Savings Plan (TSP) for federal employees. See the instructions to Form 8880, Credit for Qualified Retirement Savings Contributions, for a list of qualifying workplace retirement plans and additional details. Finally, visit the Saver’s Credit page on IRS.gov to learn about rules, contribution rates and credit limits. LET’S GET STARTED CHECK YOUR REFUND STATUS

IRS provides transition relief for third-party settlement organizations; Form 1099-K threshold is $5,000 for calendar year 2024 WASHINGTON — The Internal Revenue Service today issued Notice 2024-85 PDF providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, regarding transactions during calendar years 2024 and 2025. Under the guidance issued today, TPSOs will be required to report transactions when the amount of total payments for those transactions is more than $5,000 in 2024; more than $2,500 in 2025; and more than $600 in calendar year 2026 and after. Notice 2024-85 also announces for calendar year 2024, that the IRS will not assert penalties under section 6651 or 6656 for a TPSO’s failure to withhold and pay backup withholding tax during the calendar year. TPSOs that have performed backup withholding for a payee during calendar year 2024 must file a Form 945 and a Form 1099-K with the IRS and furnish a copy to the payee. For calendar year 2025 and after, the IRS will assert penalties under section 6651 or 6656 for a TPSO’s failure to withhold and pay backup withholding tax. LET’S GET STARTED CHECK YOUR REFUND STATUS