President Trump discussed his "no tax on tips" plan in January. The IRS has released its guidance for the "no tax on tips" ...
Roughly 4 million “white collar” workers will lose out on a new tax exemption for overtime pay while Biden-era rules that ...
The Southern Maryland Chronicle on MSN
IRS Eases Tip, Overtime Reporting Rules for 2025
The U.S. Department of the Treasury and Internal Revenue Service announced penalty relief Monday for employers and payors facing new federal requirements to report cash tips and qualified overtime ...
The Daily Overview on MSN
IRS explains Trump-era tips and overtime write-offs
The Trump-era promise to shield service workers' tips and overtime from federal tax has finally arrived in the form of ...
Takeaways For tax years 2025 -2028, the One Big Beautiful Bill Act (OBBBA) allows employees to take an above-the-line tax deduction on qualified overtime pay and qualified tips.
If you received tips or overtime in 2025, this new deduction could reduce your federal tax burden significantly.
The Fair Labor Standards Act (FLSA) covered employers in retail and beyond, be they public or private, small or large, for-profit or even some nonprofit, schools, colleges and hospitals, worry the new ...
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