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 new “no tax on tips” and “no tax on overtime” deductions require additional reporting by employers and payers. To help, ...

An IRS notice says employers won’t face penalties if they don’t provide a separate accounting of cash tips and overtime ...

The new OBBB requires tip & overtime tax reporting, but the IRS has issued a penalty relief for 2025, as employers adjust.

The Internal Revenue Service (IRS) released guidance on November 5, 2025, granting employers relief from tax penalties for failing to provide employees information related to their (1) “qualified tips ...

The U.S. Department of the Treasury and Internal Revenue Service announced penalty relief Monday for employers and payors ...

The IRS issued guidance Wednesday providing penalty relief for employers from reporting requirements in President Donald Trump’s new tax law on tips and overtime.

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 IRS has unveiled the 2026 tax brackets, introducing significant changes under the One Broad-Based Bill (OBBB). These ...

Direct File has ended. Americans who used the free tax-filing program will have to find a new option. Here are some ...