Under the new One Big Beautiful Bill Act (OBBB), which was signed into law in July 2025, employers are expected to report new details about cash tips and qualified overtime compensation on their tax ...
Tipped workers will be able to deduct up to $25,000 in tips from their taxable income beginning in 2025. To help sort out the details, the Treasury and the IRS are rolling out additional guidance.
An IRS notice said employers and other payers will not face penalties for tax year 2025 if they do not provide a separate accounting of amounts reasonably designated as cash tips or the total amount ...
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