Taxes November 25, 2025
State and local financial managers face the impact of federal aid cutbacks, plus new rules and even some opportunities. It’s a time to focus on what’s practical and necessary, both near and longer term.
Taxes November 21, 2025
The Treasury Department and the IRS issued guidance on Nov. 21 for employees who are eligible to claim the deduction for tips and for overtime compensation under the One Big Beautiful Bill Act for the 2025 tax year.
Taxes November 6, 2025
The Treasury Department and the IRS issued guidance on Nov. 5 providing penalty relief to employers and other payors for tax year 2025 on the new information reporting rules for cash tips and qualified overtime compensation in the tax-and-spending law.
Taxes September 23, 2025
Rep. Nicole Malliotakis (R-NY) announced Sept. 19 that she has introduced bipartisan legislation to ensure that all union workers benefit from the “no tax on overtime” provision that was included in President Donald Trump’s One Big Beautiful Bill Act.
Taxes September 15, 2025
Schedule 1-A, "Additional Deductions," for Form 1040 will be used during the 2026 tax season to calculate new deductions for tips, overtime, car loan interest, and senior citizens.
IRS August 26, 2025
The IRS released a draft W-2 form for 2026 on Aug. 15 that takes into account tax provisions in the One Big Beautiful Bill Act for deductions related to tip income and overtime pay.
Taxes August 5, 2025
Workers are cautiously optimistic about the tax code changes in the One Big Beautiful Bill Act, which allow some to deduct tips and overtime pay from their income up to certain limits.