WASHINGTON — The Department of the Treasury and the Internal Revenue Service issued guidance providing penalty relief to employers and other payors for tax year 2025 regarding new information reporting requirements for cash tips and qualified overtime compensation...
The Department of the Treasury and the Internal Revenue Service issued guidance for workers eligible to claim the deduction for tips and for overtime compensation for tax year 2025. Notice 2025-69 clarifies for workers how to determine the amount of their deduction...
WASHINGTON — The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025. The IRS today also issued technical guidance regarding all cost‑of‑living adjustments...