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Treasury, IRS provide guidance on the new deduction for car loan interest under the One, Big, Beautiful Bill

The IRS reminds us with the issuance of IR-2025-129 that with the OBBBA act set to take effect Jan 1, 2025 new starting Jan 1, 2025 is the availability for taxpayers to deduct up to $10,000 of interest on new car loans (not leases) for passenger vehicle assembled in the US. The Department of the […]

Treasury, IRS provide guidance for individuals who received tips or overtime during tax year 2025

The IRS reminds us with the issuance of IR-2025-114 that with the OBBBA Act set to take effect Jan 1, 2025 new starting Jan 1, 2025 is the availability for taxpayers to Avoid US income tax on Tip income on certain listed occupations only for the Tip Deduction and Overtime Income, through a deduction of […]

Treasury, IRS issue guidance listing occupations where workers customarily and regularly receive tips under the One, Big, Beautiful Bill

The IRS reminds us with the issuance of IR-2025-92 that with the OBBBA Act set to take effect Jan 1, 2025 new starting Jan 1, 2025 is the availability for taxpayers to Avoid US income tax on Tip and Overtime income on certain listed occupations…the IRS now shares those Occupations. The Department of the Treasury […]

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