The IRS has released new guidance to help taxpayers who are eligible to claim the deduction for tips and for overtime compensation for tax year 2025. (The guidance to help employers and other payers ...

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Under Notice 2025-62, the Internal Revenue Service provided guidance to employers whose employees receive tips or overtime as to the procedures to follow for documenting qualified tips and qualified ...

The tax break on tip income is not automatic. You need to file a new form. The U.S. Treasury Department has a list of dozens of occupations that 'customarily and regularly received tips' that qualify ...

South Carolina is giving taxpayers more time to file due to uncertainty as legislators sorted out whether to ...

Preparing a 2025 tax return is likely to take more time, as workers who received tips or overtime pay in 2025 figure out what qualifies for new tax breaks. IRS gives some very specific examples in ...

Preparing a 2025 tax return is likely to take more time, as workers who received tips or overtime pay in 2025 figure out what qualifies for new tax breaks. IRS gives some very specific examples in ...

The IRS issued guidance for workers eligible to claim the temporary deductions for tip and overtime compensation for tax year 2025 and is updating some income tax forms and instructions to help ...

Brand new rules for tax breaks on overtime and tip income are bound to drive taxpayers bonkers when trying to file their 2025 federal income tax returns next year. Expect to face far more work and ...