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.
Taxes September 23, 2025
The new tax law—the One Big Beautiful Bill Act—creates a limited tax deduction for tips received by workers, starting in 2025. However, this new tax break is only temporary.