Understanding Trump’s ‘no tax on tips’ as new IRS guidance on overtime rules is issued
IRS Guidance on One Big Beautiful Bill Act Tax Provisions The IRS has issued new information regarding the tax-free and overtime provisions under the One Big Beautiful Bill Act (OBBBA), which workers can use for the 2025 tax year. OBBBA was signed into law by President Donald Trump in July, following its passage through Congress […]
IRS issues updated guidance on tips and overtime deductions being tax-free
IRS Offers Guidance on New Tax Provisions for Tips and Overtime The IRS has issued new guidance concerning the “no tax on tips” and “no tax on overtime” provisions outlined in the One Big Beautiful Bill Act (OBBBA), which will be relevant for workers claiming credits for the 2025 tax year. This law, signed by […]
IRS issues advice on tips and overtime deductions for Trump workers. What employees should understand.
IRS Guidance on Tax Deductions for Workers As the tax season draws near, the IRS has shared new guidance regarding federal deductions that workers can claim for tips and overtime pay, a result of President Trump’s recent legislation. This guidance outlines how to report these deductions for the upcoming tax year. Yet, tax experts warn […]
Republican Senator Facing IRS Lawsuit Will Repay $5,000,000 in Taxes
Senator Jim Justice Settles Tax Debt Senator Jim Justice from West Virginia, along with his wife, Kathy, has agreed to pay over $5 million in unpaid income taxes that date back to 2009, as reported by the Internal Revenue Service (IRS). This settlement was reached shortly after the Department of Justice’s Tax Division filed a […]
Judge Appointed by Clinton Prevents Trump’s IRS from Assisting ICE in Finding Undocumented Immigrants
Judge Blocks IRS from Sharing Tax Info with ICE A federal judge appointed by Bill Clinton has temporarily halted President Donald Trump’s IRS from using tax records to aid ICE in locating undocumented immigrants. Last week, U.S. District Judge Colleen Koller Kotelly from Washington, D.C., issued a restraining order to stop the IRS from providing […]
The IRS verifies significant updates for the 2026 tax season, and countless taxpayers in the United States should start preparing now.
The IRS has revealed significant updates regarding taxes for 2026. This announcement includes new deductions for senior citizens, benefits for those purchasing U.S.-made vehicles, and insights into potential tax rebates, among other things. Let’s delve into the details. IRS Tax Adjustments for 2026 Changes are on the horizon for 2026, and it’s essential for taxpayers […]
IRS using Salesforce AI agents following job reductions
IRS Implements AI Program After Layoffs The Internal Revenue Service (IRS) is set to introduce Salesforce’s artificial intelligence (AI) agent program across several divisions after significant staff reductions earlier this year, as reported. Paul Tatum, who serves as the executive vice president of global public sector solutions at Salesforce, mentioned that the IRS intends to […]
IRS Provides Information on Tax for Tips and Overtime
IRS Clarifies Tax Deductions for Tipped and Overtime Workers The Internal Revenue Service (IRS) has recently provided updated guidance regarding the tax deductions accessible to millions of Americans who earn tips and overtime compensation. Importance of the Guidance This clarification arises from the provisions put in place by the One Big Beautiful Bill Act. According […]
New IRS reporting rules will make traditional crypto tax evasion risky starting with the 2025 return.
Planning for Year-End Taxes as a Crypto Investor With the year winding down, it’s an opportune moment to ensure your tax situation is well-organized. This is particularly crucial for those investing in cryptocurrencies, especially with new IRS requirements kicking in for transactions after January 1, 2025. The IRS generally classifies virtual currencies as assets, much […]
Abbe Lowell, attorney for Hunter Biden, resolves $20 million defamation lawsuit from IRS whistleblowers
A defamation lawsuit for $20 million, initiated by IRS whistleblowers Gary Shapley and Joseph Ziegler against attorney Abby Lowell for Hunter Biden, has been settled. This lawsuit was filed in September 2024 and accused Lowell of acting with “manifest malice” while harming the reputations of IRS agents involved in investigating Hunter. The matter arose after […]