These provisions go into effect in 2025:

Income tax relief and deductions

No tax on tips (Sec. 70201)

No tax on overtime (Sec. 70202)

No tax on car loan interest (Sec. 70203)

Deduction for Seniors (Sec. 70103)

Accounting updates

• The FASB has issued several Accounting Standards Updates (ASUs) in 2025, covering topics such as financial instruments, stock compensation, business combinations, and liabilities.
• The IASB is expected to issue a new accounting standard for rate-regulated activities in the second half of 2025, aiming to improve financial reporting for entities subject to rate regulation.
• The SEC has accepted the 2025 FASB Taxonomies, which include updates for accounting standards and improvements for tagging annual reports. 

Tax updates

• The “One Big Beautiful Bill Act” (OBBBA), signed into law in July 2025, makes many of the 2017 Tax Cuts and Jobs Act (TCJA) provisions permanent.
• Key changes for the 2025 tax year include increased standard deductions, lower tax brackets (now permanent), an increased child tax credit, and new temporary deductions for qualified tips, overtime compensation, seniors, and interest on car loans (all subject to income limits).
• The lifetime estate tax exemption amount for 2025 is $13.99 million per individual.
• The IRS has released inflation adjustments for tax year 2025, including changes to standard deductions, marginal tax rates, and alternative minimum tax exemption amounts.
• Certain tax items remain unchanged for 2025, such as the elimination of personal exemptions and the lack of adjustment for the Lifetime Learning Credit based on inflation.
• The IRS announced that individual information returns (Form W-2, Forms 1099) and withholding tables will remain unchanged for Tax Year 2025 under the One Big Beautiful Bill Act. 

Where’s my 2025 IRS tax refund?

Your IRS refund depends in part on your filing method. Below are estimated timeframes for when you may expect to receive your tax refund.

• E-filed returns can take up to 21 days to process a refund.
• Mailed returns take 4-8 weeks to process a refund.

Note: The above periods are after the IRS has accepted your return.

It’s also important to note that errors in your tax forms, IRS processing delays, or bank delays may extend the waiting period for your tax refund.

Tax refund timing can be delayed

Certain factors can affect the timing of your tax refund, including:

• When you filed. Filing during the busiest time of the tax season (roughly late March to mid-April) could delay your refund.
• Which credits you claimed. Certain credits, like the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), can delay tax returns due to the IRS needing more time to review. Refunds with these credits may not roll out until March.
• How you submitted your return. Electronically filed returns typically process 1-5 weeks faster than mail-in returns.
• If you owed the IRS any money. If you have an outstanding tax liability with the IRS, the tax agency may apply part or all of your refund to repay your debt.

Related: IRS Tax Refunds Are Bigger This Year. Here’s Why

IRS refund schedule

Your refund delivery is based partly on which filing method and refund delivery method you chose:

When to Expect Your Refund
Refund Delivery Time	Filing & Refund Delivery Methods
3 weeks	E-file and direct deposit
4 weeks	E-file and check
4 to 8 weeks	Mail in return and direct deposit
4 to 9 weeks	Mail in return and check

Note: The above estimates are after the IRS has accepted your return. Processing delays or errors in the return may cause you to receive your federal refund after these dates.

Tax refund status: How to check it

You can check the status of your tax refund by using the IRS “Where’s My Refund?” tool. The webpage will show you the status of your tax refund as early as 24 hours after the IRS has accepted your return.

You can also download the IRS2Go app to check your tax refund status. Or, you can call the automated IRS refund hotline at 800-829-1954.

State income tax refunds

Each state has a different tax refund schedule. For example, North Carolina paper filers may not receive a refund for up to three months, while Oklahoma taxpayers can expect a refund about five to six weeks after the state accepts the return.

However, some states may allow you to check your tax refund status. Visit your state’s Department of Revenue website for more information.

California tax extension deadline in 2025

The IRS announced tax relief in response to wildfires ravaging southern California beginning January 7, 2025. This measure, primarily benefiting Los Angeles County residents, pushes back various tax deadlines to later this year.

The Los Angeles wildfires rapidly escalated into one of the most devastating disasters. At least 30 lives have been lost, with 180,000 residents evacuated and over 17,000 damaged or destroyed structures.

As a result of the devastation, those impacted by the California wildfires have an extended IRS tax deadline of October 15, 2025. This extension applies to numerous key deadlines, including:

• Individual income tax returns and payments typically due on April 15, 2025.
• 2024 contributions to IRAs and health savings accounts for eligible taxpayers.
• Quarterly estimated income tax payments for 2025, including those normally due on January 15, April 15, June 16, and September 15, 2025.
• Quarterly payroll and excise tax returns, usually due on January 31, April 30, and July 31, 2025.
• Calendar-year partnership and S corporation returns normally due on March 17, 2025.
• Calendar-year corporation and fiduciary returns and payments typically due on April 15, 2025.
• Calendar-year tax-exempt organization returns normally due on May 15, 2025.

For more information, see California Tax Deadline Extension 2025: What You Need to Know. https://www.kiplinger.com/taxes/states-with-irs-tax-deadline-extensions#:~:text=Individual%20income%20tax%20returns%20and,%2C%20and%20September%2015%2C