The IRS has released its guidance for the "no tax on tips" and "no tax on overtime" provisions of the One Big Beautiful Bill Act (OBBBA), for workers who can claim the deductions for the 2025 tax year.President Donald Trump signed the OBBBA into law in July after Republican majorities in Congress passed the tax reform and spending bill on a party-line vote this summer.The law included "no tax on tips" and "no tax on overtime," and the Treasury Department and IRS are now providing guidance as the law directed to help workers determine their deductions.The IRS notice said that taxpayers who are...

2 weeks ago

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