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Issue Number:  2025-05

Inside This Issue

• IRS issues fact sheet on One Big Beautiful Bill Act (OB3)
• Electronic Tax Administration Advisory Committee issues 2025 annual report
• Mid-year report from National Taxpayer Advocate sent to congress
• IRS and Security Summit launch new summer series to help tax pros
• Security Summit warns pros to watch out for phishing emails and other attacks
• Know your written information security plan
• IRS Alternative Media Center provides tax info and forms to meet many needs

    IRS issues fact sheet on One Big Beautiful Bill Act (OB3)

The IRS issued a fact sheet after the passage of the One Big Beautiful Bill Act outlining some of the act’s tax implications for taxpayers beginning in year 2025. You can read more about the no tax on tips, no tax on overtime, no tax on car loan interest and deductions for seniors in this fact sheet.

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    Electronic Tax Administration Advisory Committee issues 2025 annual report

The IRS issued a news release in late June providing links to the Electronic Tax Administration’s Advisory Committee report sent to the IRS and Congress with recommendations. The news release provides a direct link to the report and additional information regarding the committee and those who have terms that recently ended.

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    Mid-year report from National Taxpayer Advocate sent to congress

Each year, the National Taxpayer Advocate issues reports to congress about the state of the IRS and highlights successes and challenges facing the IRS. The News Release issued in late June provides in depth statistics and analysis and a direct link to the mid-year report and 2024’s Annual Report to Congress.

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    IRS and Security Summit launch new summer series to help tax pros

The IRS and Security Summit launched their summer series with the theme “protect your clients; protect yourself”. The News Release issued in early July outlines the five-week themes, provides ways to report security breaches and additional information regarding this year’s Security Summitt program that coincides with the Nationwide Tax Forums.

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    Security Summit warns pros to watch out for phishing emails and other attacks

The IRS and Security Summit partners issued a news release warning tax pros about phishing in the second of its five-part campaign for the summer. The news release provides details regarding warning signs of a scam, ways phishing schemes have evolved, additional protections put in place and resources of how to report a breach.

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    Know your written information security plan

Tax Professionals are required by law to create a Written Information Security Plan, or WISP, to ensure protection of their clients’ data. The IRS issued a Tax Tip to remind tax pros about the WISP requirements, including additional information for those looking to create one for the first time.

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    IRS Alternative Media Center provides tax info and forms to meet many needs

The IRS recently issued a Tax Tip reminding taxpayers and tax professionals about accessing alternative media options to meet the needs of people who rely on assistive technologies. The Tax Tip provides a call in number and links to IRS resources with directions about how to request the alternative formats. There is also an accessibility line that can answer questions taxpayers and professionals may have regarding help for those with disabilities.

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