The IRS on Friday issued proposed regulations (REG-110032-25) on the new deduction for tip income contained in the sweeping tax legislation passed over the summer. The rules contain details on allowable payment forms and include a requirement that the tips be voluntary to be deductible. In a call with reporters Thursday, Treasury officials said more […]
Key Provisions of the “No Tax on Overtime” Rule: Effective Date: The new rule is retroactive to January 1, 2025, and is set to expire on December 31, 2028. Nature of the Benefit: This is a federal income tax deduction, not a complete exemption from all taxes on overtime. It allows eligible employees to deduct […]
Below are details of many of the tax provisions in the One Big Beautiful Bill Act, which was signed into law Friday by President Donald Trump. The House approved the measure Thursday in a 218-214 vote, after the Senate approved it Tuesday by a 51-50 vote, with Vice President JD Vance casting the tie-breaking vote. […]