Today, President Donald J. Trump joined top lawmakers and philanthropists Michael and Susan Dell to celebrate an extraordinary milestone for Trump Accounts: a historic $6.25 billion charitable commitment from the Dells. Trump Accounts are a new, historic savings tool made possible by President Trump’s landmark Working Families Tax Cuts Act. This landmark gift — one of the largest direct investments ever […]

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 […]