US Department of the Treasury and the Internal Revenue Service (IRS) released guidance to claim new tax deductions on tips ...

The new “no tax on tips” and “no tax on overtime” deductions require additional reporting by employers and payers. To help, the IRS is offering penalty relief in 2025.

Treasure Department’s tax collector said it was providing temporary ‘transition relief’ to workers in certain jobs that ...

The "no tax on tips" law was a provision included in President Donald Trump's signature "One Big Beautiful Bill Act," and was ...

The agency is delaying implementation of a provision of the new law that prevents workers in certain service businesses from ...

The IRS says it cannot meet new OBBBA reporting rules, leading to a temporary suspension of penalties on tip and overtime reporting for 2025.

The One Big Beautiful Bill (OBBB), enacted July 4, 2025, introduces a highly publicized provision exempting certain tips from federal income ...

In 2025, the IRS will implement a new tax break that allows certain workers to deduct up to $25,000 of tip income, potentially reducing their taxable income. USA Today reports that the tax break will ...

This week’s Tax Breaks newsletter also looks at fantasy football winnings, car-related tax deductions, stock options, IRS Chief Counsel nod, Taylor Swift tax, tax filing deadlines, and tax trivia.

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 ...

The new “no tax on tips” provision for U.S. workers doesn’t apply to mandatory tips, such as those some restaurants require of large parties, the Internal Revenue Service has clarified. Related ...

Plus: The IRS has reopened, some tariffs have been reversed, tax filing status and marriage, professional sports stadiums on the public dime, tax trivia and more.