The IRS issued guidance for workers eligible to claim the temporary deductions for tip and overtime compensation for tax year 2025 and is updating some income tax forms and instructions to help ...
The new IRS guidance (Notice 2025-69) clarifies how workers can claim the One Big Beautiful Bill Act's recently enacted ...
Among other employment measures, July’s One Big Beautiful Bill Act gives FLSA non-exempt workers a limited ability to deduct overtime pay from ...
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IRS admits it lacks systems for new law and drops penalties tied to tips and overtime
The IRS says it cannot meet new OBBBA reporting rules, leading to a temporary suspension of penalties on tip and overtime reporting for 2025.
Taxpayers and tax professionals alike expected the IRS to issue new withholding tables and Forms W-2 to reflect changes under the One Big Beautiful Bill Act. The IRS now says that won’t happen in 2025 ...
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