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 October 21, 2025
The One Big Beautiful Bill Act created Internal Revenue Code sections 224 and 225, which temporarily allow a deduction for taxpayers for qualified tips and qualified overtime compensation.