Thursday, April 3, 2025

IR-2025-40: Reminder to those who owe: Payment plan options are available

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Issue Number:    IR-2025-40

Inside This Issue 


Reminder to those who owe: Payment plan options are available

WASHINGTON — The Internal Revenue Service today reminds taxpayers that they don't need to wait until April 15 to file their 2024 federal return, and if they owe and are unable to pay the balance in full, there are payment plans available to help them pay their tax obligation.

Tax returns for 2024 are due on April 15, 2025, with exceptions for taxpayers in a disaster area, combat zone or living and working abroad.  April 15 is also the deadline for making tax payments to avoid late charges such as interest and the late payment penalty.

The IRS urges those who cannot pay their full balance to file and pay as much as they can on or before April 15. Filing on time avoids the late filing penalty, which is usually 5% per month on the unpaid balance.

In addition, by paying at least part of what they owe on time, taxpayers can reduce the amount of interest and late payment penalty that will be added to any payments made after April 15. Currently, the interest rate is 7% per year, compounded daily, and the penalty rate is usually 0.5% (one-half of one percent) per month.

For anyone with unpaid tax, the IRS cautions that requesting an extension is not a solution because it only gives a taxpayer more time to file, not more time to pay.

Online payment plan options

Most individual taxpayers qualify for a payment plan. The quickest and easiest way to set up a payment plan is through the Online Payment Agreement, available on IRS.gov. Setup fees may apply.

  • Short-term payment plan – The total balance owed is less than $100,000 in combined tax, penalties and interest. This gives a taxpayer up to 180 days to pay their balance in full.
  • Long-term payment plan – New Simple Payment Plan criteria make it easier and more accessible to enter a long-term payment plan when the total balance owed is less than $50,000 in combined tax, penalties and interest. Taxpayers may pay in monthly payments for up to the collection statute, usually 10 years. Payments may be set up using direct debit (automatic bank withdrawal), which eliminates the need to send in a payment each month, saves postage costs and reduces the chance of default. Taxpayers should remember that extending the time to pay will increase the applicable interest, penalties and fees. 

Once the online application is complete, the taxpayer is notified immediately whether their plan is approved. There's no paperwork and no need to call, write or visit the IRS.

Other payment options

Anyone who cannot qualify for an online payment plan can explore other options, such as:

  • Offer in Compromise – Some taxpayers qualify to settle their tax liabilities for less than the total amount owed by submitting an Offer in Compromise. Taxpayers should use the Offer in Compromise Pre-Qualifier tool on IRS.gov to see if they qualify.
  • Temporary delay of collection – Taxpayers can contact the IRS to request a temporary delay of the collection process. If the IRS determines that the taxpayer is unable to pay, it may delay collection until the taxpayer's financial condition improves. Penalties and interest continue to accrue until the full amount is paid.

Taxpayers can get details on these options and more by reviewing Tax Topic 202, Tax Payment Options, on IRS.gov, or by contacting the IRS using the information on their most recent notice.

Beware of scams

The IRS will not call, text or contact anyone via social media to demand immediate tax payment. Instead, the agency usually contacts taxpayers by mail with a bill, letter or notice explaining what they owe and how to question or appeal any amount due. See information on scams on IRS.gov.

Any taxpayer who is unsure whether they have an unpaid IRS bill can view their tax information using their Individual Online Account on IRS.gov.

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Consejo tributario del IRS 2025-23SP: Revise créditos por educación antes de presentar declaración de impuestos federales

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Revise créditos por educación antes de presentar declaración de impuestos federales

Existen dos créditos tributarios para ayudar a los contribuyentes a reducir los gastos de educación: el Crédito de oportunidad para los estadounidenses (en inglés) y el Crédito perpetuo por aprendizaje (en inglés).

Requisitos de elegibilidad

Para ser elegible para ambos créditos tributarios:

Qué deben saber los contribuyentes acerca de los créditos tributarios por educación:

El Crédito de oportunidad para los estadounidenses:

  • De un valor máximo de hasta $2,500 por cada estudiante elegible.
  • Disponible solo para los primeros cuatro años en una universidad o escuela vocacional elegible.
  • Para estudiantes tramitando un título universitario u otra credencial educativa de una institución reconocida.
  • Parcialmente reembolsable. Personas pueden recibir hasta $1,000 de reembolso.

El Crédito perpetuo por aprendizaje:

  • De un valor máximo de hasta $2,000 por cada declaración de impuestos por año.
  • Disponible para todos los años de educación superior y para clases para adquirir o mejorar destrezas laborables.
  • Disponible un número ilimitado de años tributarios.

Reclamar los créditos

Para reclamar cualquiera de estos créditos, los contribuyentes deben llenar el Formulario 8863, Créditos por educación (en inglés) y presentarlo junto con su declaración de impuestos federales.

Información adicional

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Tax Tip 2025-23: Review the education credits before filing a federal tax return

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Issue Number:  Tax Tip 2025-23

Review the education credits before filing a federal tax return

There are two tax credits designed to help taxpayers reduce education costs: the American Opportunity Tax Credit and the Lifetime Learning Credit.

Eligibility requirements

For both tax credits, to be eligible:

Things taxpayers should know about the education tax credits

The American Opportunity Tax Credit is:

  • Worth a maximum benefit of up to $2,500 per eligible student.
  • Available only for the first four years at an eligible college or vocational school.
  • For students pursuing a degree or other recognized education credential.
  • Partially refundable. People could get up to $1,000 back.

The Lifetime Learning Credit is:

  • Worth a maximum benefit of up to $2,000 per tax return, per year.
  • Available for all years of postsecondary education and for courses to acquire or improve job skills.
  • Available for an unlimited number of tax years.

Claiming the credits

To claim either credit, taxpayers must complete Form 8863, Education Credits, and file it with their federal tax return.

More information

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Wednesday, April 2, 2025

IR-2025-39: IRS reminder to U.S. taxpayers living, working abroad: File 2024 tax return by June 16

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Issue Number:  IR-2025-39

Inside This Issue


IRS reminder to U.S. taxpayers living, working abroad: File 2024 tax return by June 16

WASHINGTON – The Internal Revenue Service today reminded taxpayers living and working abroad that they have until Monday, June 16, 2025, to file their 2024 federal income tax return and pay any tax due. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship.

In general, on the regular due date of their return, a U.S. citizen or resident alien residing overseas or in the military on duty outside the U.S. is allowed a two-month extension to file without needing to ask for it. If they use a calendar year to file their return, as virtually all individual taxpayers do, the regular due date of their 2024 return is April 15, 2025. The automatic extended due date is June 16, 2025, pushed back from the usual June 15 because that date falls on a Sunday this year.

Even with the tax-filing extension, interest will apply to any 2024 tax payments received after April 15. This means that unpaid tax-year 2024 tax balances will begin accruing interest, currently at the rate of 7% per year, compounded daily, after April 15, 2025.

Who Qualifies?

A taxpayer qualifies for the June 16 extension if they are a U.S. citizen or resident alien and, on the regular due date of their return:

  • They are living outside the United States and Puerto Rico and their main place of business or post of duty is outside the United States and Puerto Rico, or
  • They are in military or naval service on duty outside the United States and Puerto Rico.

Qualifying taxpayers should attach a statement to the return indicating which of these two situations applies.

Extensions beyond June 16

Taxpayers who can't meet the June 16 due date can request an automatic extension to Oct. 15, 2025. This is an extension of time to file, not an extension to pay.

The fastest and easiest way to get an extension is to request it electronically. Several electronic filing options are available. Visit Get an Extension to File Your Tax Return for details. Taxpayers may also use IRS Free File to file an extension electronically.

Taxpayers who cannot request an extension electronically can complete and mail Form 4868 to the IRS. See About Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return for more information.

Taxpayers can also get an extension when paying a tax bill electronically. There is no need to file Form 4868 when selecting an extension when paying electronically.

Businesses that need more time must file Form 7004 to request an automatic 6-month extension. Visit About Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information and Other Returns.

Combat zone extensions

Members of the military in a combat zone during tax filing season may qualify for an additional extension of at least 180 days to file and pay taxes. More information, like who qualifies, can be found at Extension of Deadlines – Combat Zone Service Q&As.

Spouses of individuals who serve in a combat zone or contingency operation are generally entitled to the same deadline extensions with some exceptions. Extension details and tax information for members of the military are available in IRS Publication 3, Armed Forces' Tax Guide.

Special relief for terrorist attacks in Israel

Taxpayers who live or have a business in Israel, Gaza or the West Bank and certain other taxpayers affected by the terrorist attacks in the State of Israel have until Sept. 30, 2025, to file and pay. This includes most returns and taxes due from Oct. 7, 2023, through Sept. 30, 2025, including Form 1040 and 1120 series returns.

Filing required to get tax benefits

Many taxpayers living outside the U.S. qualify for tax benefits such as the Foreign Earned Income Exclusion and the Foreign Tax Credit, but these benefits are available only if a U.S. return is filed. Other deductions and tax credits may also be available. For details, see Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, available on IRS.gov.

Reporting required for foreign accounts and assets

Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to complete and attach Schedule B, Interest and Ordinary Dividends, to their Form 1040 series tax return. Part III of Schedule B asks about the existence of foreign accounts such as bank and securities accounts and usually requires U.S. citizens to report the country in which each account is located.

In addition, many taxpayers may also need to complete and attach to their return Form 8938, Statement of Specified Foreign Financial Assets. Generally, U.S. citizens, resident aliens and certain nonresident aliens must report specified foreign financial assets on this form if the aggregate value of those assets exceeds certain thresholds. For details, see the instructions for this form.

Reporting foreign financial accounts to Treasury

Foreign financial accounts, such as bank accounts or brokerage accounts, must be reported to the Treasury Department's Financial Crimes Enforcement Network (FinCEN) by electronically filing Form 114, Report of Foreign Bank and Financial Accounts (FBAR). The FBAR requirement applies to anyone with an interest in, or signature or other authority over, foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2024.

The IRS urges taxpayers with foreign assets, even relatively small ones, to check if this filing requirement applies to them. The form is available only through the Bank Secrecy Act E-Filing System. The deadline for filing the annual FBAR is April 15, 2025. However, FinCEN grants those who missed the April deadline an automatic extension until Oct. 15, 2025. There's no need to request this extension. See FinCEN's website for further information.

Report in U.S. dollars

Any income received or deductible expenses paid in foreign currency must be reported on a U.S. tax return in U.S. dollars. Likewise, any tax payments must be made in U.S. dollars.

Both FINCEN Form 114 and IRS Form 8938 require the use of a Dec. 31 exchange rate for all transactions, regardless of the actual exchange rate on the date of the transaction. Generally, the IRS accepts any posted exchange rate that is used consistently. For more information on exchange rates, see Foreign Currency and Currency Exchange Rates.

Making tax payments

To ensure tax payments are credited promptly, the IRS urges taxpayers to consider the speed and convenience of paying their U.S. tax obligation electronically. The fastest and easiest way to do that is via their IRS Online Account, IRS Direct Pay and the Electronic Federal Tax Payment System (EFTPS). Options to pay with debit or with credit card and digital wallets are available as well. Service providers charge a fee for this option. For details on these and other electronic payment options, visit IRS.gov/Payments.

Reporting for expatriates

Taxpayers who relinquished their U.S. citizenship or ceased to be lawful permanent residents of the U.S. during 2024 must file a dual-status alien tax return and attach Form 8854, Initial and Annual Expatriation Statement. A copy of Form 8854 must also be filed with the IRS by the due date of the tax return (including extensions). See the instructions for this form and Notice 2009-85, Guidance for Expatriates Under Section 877A, for further details.

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Tuesday, April 1, 2025

Consejo tributario del IRS 2025-22SP: Opciones gratuitas para la presentación de impuestos y ayuda tributaria

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Opciones gratuitas para la presentación de impuestos y ayuda tributaria

Los contribuyentes que buscan ayuda con sus impuestos tienen varias opciones gratuitas para la presentación y preparación de declaraciones.

Ayuda del IRS en persona para personas de edad avanzada y contribuyentes de bajos ingresos

Los contribuyentes elegibles pueden preparar sus impuestos en persona de manera gratuita con estos dos programas:

  • Asesoramiento tributario para ancianos – El programa TCE (por sus siglas en inglés) da prioridad a los contribuyentes de 60 años o más. TCE se especializa en preguntas acerca de pensiones y asuntos relacionados con la jubilación, exclusivos para personas de edad avanzada.
  • Ayuda voluntaria de impuestos – El programa VITA (por sus siglas en inglés) es generalmente para personas que ganan $67,000 o menos, personas con discapacidades y contribuyentes con dominio limitado del inglés.

Los contribuyentes pueden ir a la página de preparación gratuita de impuestos del IRS en IRS.gov y usar las herramientas de localización de sitios de TCE o VITA disponibles cerca de ellos.

Direct File del IRS

Los contribuyentes elegibles en 25 estados pueden presentar sus impuestos federales en línea de manera segura, fácil y gratuita directamente con el IRS a través de Direct File (en inglés).

El servicio a base de la web ofrece ayuda guiada en inglés y español para preparar y presentar una declaración de impuestos federales desde un teléfono inteligente, tableta o computadora. Los contribuyentes pueden incluso importar ciertos datos de su cuenta del IRS. Consulte esta hoja informativa para saber quién puede usar Direct File.

Presentación gratuita del IRS (Free File)

  • Muchas personas pueden presentar sus impuestos de manera gratuita con Free File del IRS. El programa ofrece software de preparación de impuestos en línea para contribuyentes con ingresos de $84,000 o menos en 2024.
  • A través de este programa, una asociación pública-privada entre el IRS y Free File Alliance, los principales proveedores de software tributario ponen a disposición sus productos en línea de manera gratuita. Este año, hay siete productos en inglés y uno en español.
  • Cada socio de Free File del IRS establece sus propios estándares de elegibilidad a base de los ingresos, la edad y el estado de residencia. Los contribuyentes pueden navegar por cada una de las ofertas o usar la herramienta Encontrar un Socio de Confianza para encontrar el producto adecuado para ellos.
  • El software del programa es compatible con los formularios más comunes que se pueden presentar electrónicamente, incluido el Formulario 1040-SR para personas mayores de 65 años.
  • Los proveedores del programa también ofrecen preparación de declaraciones de impuestos estatales, algunas gratis y otras por una tarifa. Los contribuyentes pueden usar la herramienta de búsqueda para encontrar el producto estatal correcto.
  • Todos los productos del programa están habilitados para dispositivos móviles para que los contribuyentes puedan usar su teléfono inteligente o tableta para hacer sus impuestos.

Formularios interactivos de Free File

Mientras que Free File del IRS tiene un límite de ingresos, cualquier persona puede usar los formularios interactivos de Free File. Los formularios interactivos no incluyen preparación guiada, por lo que los contribuyentes deben sentirse cómodos completando sus propios formularios de impuestos.

Algunos veteranos pueden presentar con MilTax

El software de MilTax en línea (en inglés) está disponible para algunos veteranos, independientemente de sus ingresos, y se ofrece a través del Departamento de la Defensa. MilTax permite a los contribuyentes elegibles preparar y presentar sus declaraciones de impuestos federales y hasta tres declaraciones de impuestos estatales de manera gratuita.

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