Why Your Tax Refund Could Be Bigger In 2026—And What Else You Need To Know When To Expect Your Forms W-2 & 1099 In 2026—And What To Do If They’re Missing The IRS has released new guidance to help ...

Quick-service restaurant (QSR) operators must immediately update payroll systems and job classifications to handle the complex tracking and reporting requirements of the 2025 One Big Beautiful Bill ...

Traditionally, all tip income was taxable, and workers had to report any cash tips exceeding $20 per month to their employer. But in 2025, the One Big Beautiful Bill introduced temporary exemptions: ...

If you earn tips at work, you may be able to deduct up to $25,000 of qualified tips on your federal income tax return. The tip deduction is gradually phased out – potentially to $0 – if your modified ...

The Internal Revenue Service and the Treasury Department issued guidance Wednesday giving penalty relief to employers and other payors for tax year 2025 on the new information reporting requirements ...

With the tax filing season already underway, revised 1040 instructions make the tips deduction more complicated and limited for the self-employed.

Deduction for overtime pay and tipped income: For tax years 2025 -2028, the OBBBA allows employees to take an above-the-line tax deduction on qualified overtime pay and qualified tips. Employer ...

Despite the simple and catchy sound-bites, the “no tax on tips” and “no tax on overtime” opportunities under the One Big Beautiful Bill Act (the “OBBBA”) have limits and require administration by both ...