As tax filing season begins, scammers are ramping up efforts to steal taxpayers’ personal information through increasingly sophisticated schemes. Below, we discuss the latest scam, what to look out for in general, and what to do if you suspect something malicious. New Scam of the Season The U.S. Treasury Inspector General for Tax Administration (TIGTA) recently issued an alert about a prevalent scam involving Economic Impact Payments. In this scheme, taxpayers receive texts claiming they’re eligible for a $1,400 Economic Impact Payment, requesting personal information and bank details for deposit. While the IRS is indeed processing some legitimate Recovery Rebate Credit payments from 2021 tax returns, they will never request personal information via text or social media. These legitimate payments will be automatically distributed by late January 2025, either through direct deposit or paper check, with official notification letters sent separately. Detecting Scam in General The cybersecurity firm Guardio reports a 77 percent increase in IRS-related spam messages, highlighting how scammers exploit taxpayers’ fears of making mistakes on their returns. Common manipulation tactics include urgent messages claiming: Tax return errors requiring immediate action to avoid penalties Unexpected tax refund eligibility requiring verification Account flags demanding immediate information verification to prevent legal action These fraudulent messages typically contain malicious links designed to steal sensitive information like Social Security numbers, banking details, and payment credentials. They often masquerade as official IRS forms or legitimate tax advisory companies. Key Warning Signs of Tax Scams: Requests for sensitive personal or financial information Links to suspicious websites (legitimate government sites end in .gov) Misspellings, grammatical errors, or inconsistent formatting Fuzzy or distorted official logos Initial contact via email, phone, text, or social media instead of postal mail What to Do if You Receive a Suspicious Message If you receive a suspicious message, don’t engage with…

As 2025 unfolds, U.S. tax policy is poised for significant shifts, particularly with a new Republican administration under President Donald Trump. The year ahead will likely see a range of tax reforms, largely driven by the GOP’s objectives and campaign promises. In this article, we’ll explore the major tax policy trends, legislative developments, and administration changes that may shape U.S. tax law in 2025. The Impact of Supreme Court Decisions 2024 also saw two major Supreme Court decisions with significant tax implications. In the Moore case, the Court ruled narrowly on the issue of wealth taxation, leaving open the possibility of revisiting the question in the future. While wealth tax proposals had gained some traction among Democrats, the Court’s decision, combined with the political climate, suggests that such proposals are unlikely to gain much momentum under the new administration. The Loper Bright decision, which questioned the deference given to government regulations, could have far-reaching effects on tax policy. The ruling makes it more difficult for agencies like the IRS to issue regulations without clear legislative guidance, potentially leading to more legal challenges to IRS regulations and shifting the balance of power between lawmakers and regulatory agencies. 2025: A New Republican Agenda With a Republican administration taking office in 2025, tax policy is expected to shift dramatically. President Trump, along with a Republican-controlled Senate and House, will likely push for several key changes to tax law. One of the primary objectives will be to extend provisions of the 2017 Tax Cuts and Jobs Act (TCJA) that are set to expire. This includes individual tax cuts, corporate rate reductions and changes to the state and local tax (SALT) deduction cap. The extension of other expiring provisions involving lifetime gift and estate tax exemptions, AMT, child tax credits, and the mortgage interest deduction…