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

IRS relaxes ‘no tax on tips law’ so more workers can take advantage. Here’s who will benefit - Treasure Department’s tax ...

The new guidance grants employees and employers “transition relief” until Jan. 1 of the first calendar year after final rules ...

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

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

The Trump administration threw a bit of a wrinkle into the implementation of the “no tax on tips” provision on Friday.

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

Employees have been wondering how they will determine the amount of their qualified tips and qualified overtime eligible for deduction under the ...

Under the new guidance, workers in specific occupations where tips were customarily and regularly received before 2025 may ...

The new tax break on tips and overtime has been sold as a windfall for workers who stay late, pick up extra shifts, or live ...

GOP budget reconciliation bill, which became law in July, created temporary tax deductions for tips and overtime compensation.

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.