The Internal Revenue Service and the Treasury Department issued guidance Wednesday giving penalty relief to employers and other payors for tax year 2025 on the new information reporting requirements ...

Deduction for overtime pay and tipped income: For tax years 2025 -2028, the OBBBA allows employees to take an above-the-line tax deduction on qualified overtime pay and qualified tips. Employer ...

The new “no tax on tips” and “no tax on overtime” deductions require additional reporting by employers and other payers. However, rather than require more reporting this late in 2025, the IRS is ...

The American Institute of CPAs is asking the Internal Revenue Service and the Treasury Department to provide more flexibility through guidance on a safe harbor for taxpayers who wish to claim tax ...

An IRS notice said employers and other payers will not face penalties for tax year 2025 if they do not provide a separate accounting of amounts reasonably designated as cash tips or the total amount ...

The new tax break on tips is good news for tens of thousands of New York waiters and housekeepers, who no longer pay federal taxes on up to $25,000 a year in tips they collect. But that benefit — a ...