Competing House and Senate bills have the potential to reshape how the IRS taxes tips and overtime wages. The Senate recently passed the “No Tax on Tips Act” while the House budget reconciliation bill proposes deductions for...more
5/29/2025
/ Fair Labor Standards Act (FLSA) ,
Income Taxes ,
New Legislation ,
Over-Time ,
Payroll Taxes ,
Proposed Legislation ,
Reporting Requirements ,
Tax Credits ,
Tax Deductions ,
Tax Reform ,
Tip Credit ,
Tipped Employees
In Notice 2024-72, the IRS provided relief for individuals and businesses affected by terrorism in the State of Israel beginning on September 30, 2024. The new notice provides additional relief to taxpayers in Israel, as well...more
The IRS expects to send out over 125,000 collection letters to high-income taxpayers who did not file one or more federal income tax returns between 2017 and 2021. As part of the new collection initiative, approximately...more
In Notice 2023-71, the IRS provided tax relief for individuals affected by Hamas’ terroristic action in the State of Israel beginning on October 7, 2023. Notably, this relief is not limited to eligible taxpayers in Israel,...more