The proposed regulations clarify points including the interaction of qualifying occupations for which tips are customarily ...

The latest changes to tax laws impacting tipped income introduce new considerations for hospitality businesses, particularly within the restaurant industry. With these changes starting this tax year, ...

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 ...

The IRS won’t require employers to separately report tips and overtime in 2025, which may be confusing for employees. New IRS guidance can help taxpayers figure the deductions. The IRS has released ...

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 ...

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 ...

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 ...