Does your business employ individuals who receive tips or overtime pay? Do you make payments to self-employed individuals that include tips? If so, are you aware that under the One Big Beautiful Bill ...

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 IRS won’t require employers to separately report tips and overtime in 2025, which may be confusing for employees. New IRS guidance can help taxpayers figure the deductions. The IRS has released ...

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 ...

Traditionally, all tip income was taxable, and workers had to report any cash tips exceeding $20 per month to their employer. But in 2025, the One Big Beautiful Bill introduced temporary exemptions: ...

On July 4, 2024, President Trump signed the “Big Beautiful Bill,” which contains two provisions that provide federal income tax deductions on both tips and overtime compensation beginning January 1, ...

The U.S. Treasury released proposed regulations detailing how a “no tax on tips” deduction tied to former President Donald Trump’s policy idea could work. The move signals a major shift for millions ...