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 [...]
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. The Department of the Treasury and the Internal Revenue Service have provided transitional guidance for businesses required to report car loan interest under the One, Big, Beautiful Bill. Notice 2025-57 provides penalty relief and guidance to certain lenders for new information reporting requirements for car loan interest received in [...]
It's important to think about hurricanes, tornadoes, and other disasters so you're prepared in case they happen. This includes safeguarding your tax forms and other financial records. First, you could take advantage of electronic record keeping. See if you can receive your bank statements and related documents by email. For paper documents such as W-2s and [...]
