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
An installment sale occurs when property is disposed of and at least one payment is received after the tax year of the disposition. See I.R.C. § 453. Under a standard installment sale, the buyer makes scheduled payments to...more