The U.S. Department of the Treasury and the Internal Revenue Service (IRS) are rolling out guidance on the new “No Tax on Tips” provision under the One Big Beautiful Bill Act (OBBB Act), ushering in a ...

On July 4, 2025, President Trump signed into law the so-called “One Big Beautiful Bill Act.” The Act established new above-the-line tax deductions for “qualified tips” and “qualified overtime ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

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 ...

When you start a new job, your employer will ask you to complete a W-4 form. The IRS W-4 helps determine the correct amount of income tax your employer will withhold from your wages. But how does it ...

Recipients of periodic or annuity retirement plan distributions provide a Form W-4P to payors of pension or annuity payments for the correct amount of federal income tax to be withheld from these ...

The IRS has released drafts of some 2026 tax forms, including a draft of Form W-2. The changes are intended to address tax reporting updates, particularly for tipped and overtime workers. Wondering ...

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 ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...