IRS Issues Final Regulations on Tipped Income Deduction
On April 10, the IRS released final regulations to implement and provide guidance regarding new Section 224, enacted as part of the One Big Beautiful Bill Act (P.L. 119-21). Section 224 allows single...
View ArticleIRS Notices Provides Relief from Qualified Tips and Qualified Overtime...
In Notice 2025-62, released on November 5, the IRS provided temporary relief to employers and payors for failing to comply with certain reporting requirements added to the Internal Revenue Code by the...
View ArticleNo Tax on “Qualified” Tips: IRS Issues Proposed Regulations on Tipped Income...
On September 19, 2025, the IRS published proposed regulations to implement and provide guidance regarding new Section 224, enacted as part of the One Big Beautiful Bill Act (P.L. 119-21). The proposed...
View ArticleAuto Loan Interest Deduction Comes with New Information Reporting Requirement...
Signed into law by President Trump on July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) (H.R. 1) adds section 6050AA to the Internal Revenue Code to adopt new information reporting requirement...
View ArticleReconciliation Bill Affects Pending ERC Claims; Cracks Down on ERC Promoters
The House today passed the Senate-passed version of the One Big Beautiful Bill Act (H.R. 1) (“OBBBA”), which includes a number of major tax provisions, including a number of provisions that would...
View ArticleSenate Reconciliation Bill Retains No Tax on Tips Provision with Some Changes
After being passed by the House of Representatives, this year’s reconciliation bill (H.R. 1) moved to the Senate, which passed its own version of the legislation today, July 1. The Senate bill would...
View ArticleSenate Reconciliation Bill Drops Unpopular UBTI Proposal for Transportation...
After being passed by the House of Representatives, this year’s reconciliation bill (H.R. 1) moved to the Senate, which passed its own version of the legislation today, July 1. The Senate bill would...
View ArticleSenate Reconciliation Bill Would Retain Tax Deduction for Overtime Pay,...
After being passed by the House of Representatives, this year’s reconciliation bill (H.R. 1) moved to the Senate, which passed its own version of the legislation today, July 1. The Senate bill would...
View ArticleHouse Reconciliation Bill Would Expand the Employees Covered by Excess...
Early this morning, the House of Representatives passed a reconciliation bill that would enact significant tax provisions and spending cuts. The House Bill now heads to the Senate, where changes are...
View ArticleHouse Reconciliation Bill Would Extend Tax Credits for Family and Medical...
Early this morning, the House of Representatives passed a reconciliation bill that would enact significant tax provisions and spending cuts. The House Bill (H.R. 1) now heads to the Senate, where...
View ArticleFinal 162(m) Regulations Make Few Changes
On Friday, December 18, the IRS released final regulations under section 162(m) implementing the statutory changes made in 2017 by the Tax Cuts and Jobs Act. Section 162(m), as amended, generally...
View ArticleIRS Issues Final Regulations on Commuting Expenses Deduction Disallowances
Yesterday, December 9, the IRS released final regulations implementing the Section 274(a)(4) and 274(l) deduction disallowances, adopted as part of the 2017 Tax Cuts and Jobs Act. Section 274(a)(4)...
View ArticleDraft Publication 15-T Provides Additional Details on Form W-4 Computations
As previewed by the recent final Form W-4 regulations published in October (see earlier coverage), the IRS released a draft of Publication 15-T (Federal Income Tax Withholding Methods) on November 17....
View ArticlePreamble to Final Regulations on the Mechanics of Income Tax Withholding...
On October 6, the IRS published final regulations addressing changes made by the Tax Cuts and Jobs Act of 2017 (the “TCJA”) to how an employee instructs an employer to withhold income taxes based on...
View ArticleFinal Regulations Address TCJA Disallowance for Meal and Entertainment Expenses
On October 9, the IRS published final Treasury Regulations addressing the deduction disallowance of expenses associated with providing entertainment, business meals, and other food and beverages in the...
View ArticleRegulations Addressing Section 958(b)(4) Repeal Provide Relief for U.S....
On October 2, 2019, Treasury and the IRS issued proposed regulations relating to the repeal of section 958(b)(4) by the Tax Cuts and Jobs Act (“TCJA”). On September 22, 2020, Treasury and the IRS...
View ArticleIRS Final Regulations on Default Withholding Rates for Periodic Deferred...
The Treasury and IRS have published final regulations governing federal income tax withholding from periodic payments of deferred income made after December 31, 2020. The new regulations follow changes...
View ArticleProposed Regulations Regarding TCJA Disallowance for Employee Commuting and...
On June 23, Proposed Treasury Regulations §§ 1.274-13 and 1.274-14 were published in the Federal Register addressing the disallowance of employer deductions for the cost of providing commuting and...
View ArticleNew Treasury Regulations Ease Payroll Administration Related to...
For decades, employers and employees have been effectively precluded from using two of the handiest special valuation rules—the fleet-average and vehicle cents-per-mile valuation rules—to value...
View ArticleIRS Releases Proposed Regulations on the Mechanics of Income Tax Withholding
Today, the IRS published proposed regulations addressing changes made by the Tax Cuts and Jobs Act of 2017 (the “TCJA”) to how an employee instructs an employer to withhold income taxes on his or her...
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