This article was published by the IRS. The Department of the Treasury and the Internal Revenue Service have 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 without receiving a separate accounting from [...]
New changes to the adoption tax credit under the One Big Beautiful Bill mean more families will now be eligible to claim it. Part of the credit is now refundable, which means families can take home some extra money even if they don't owe any taxes. While there are different rules, the credit may apply to [...]
Thieves use email, telephone, and social media for various online scams. They also send fake text messages, known as "smishing." Taxpayers need to remember that the IRS will not contact them by text messaging or social media to ask for personal or financial information. The IRS will also not initiate contact by phone or email. If [...]
This article was published by the IRS. The Department of the Treasury and the Internal Revenue Service have 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 under the One, Big, Beautiful Bill. Transition penalty relief for tax year [...]
This article was published by the IRS. A change in a couple’s marital status, such as a separation or divorce, affects their tax situation. The IRS considers a couple married, for tax filing purposes, until they get a final decree of divorce or separate maintenance. Update tax withholding When a taxpayer divorces or separates, a new [...]
