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On November 21, 2025, the Internal Revenue Service (IRS) and the US Department of the Treasury released guidance outlining how workers can calculate their tax deduction for tips and overtime pay for the 2025 tax year when their employer does not separately report the information. The guidance provides specific examples of how a tax deduction […]
The Internal Revenue Service (IRS) recently 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 also issued technical guidance regarding all cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2026. IRS:401(k) limit increases to $24,500 […]
The Internal Revenue Service (IRS) has unveiled proposed regulations listing 68 jobs that will qualify for the new “No Tax on Tips” deduction, which, effective 2025 through 2028, allows eligible employees and self-employed workers to deduct “qualified tips” received while working in “occupations that customarily and regularly receive tips” as specified by the IRS. Eligible […]
The One Big Beautiful Bill Act (OBBBA) requires employers to include on the Form W-2: (a) the total amount of cash tips reported by the employee, as well as the employee’s qualifying tipped occupation; and (b) the total amount of qualified overtime compensation. On August 7, 2025, the IRS announced that Form W-2 would remain […]
The IRS’s recently released Revenue Ruling 2025-4 provides significant guidance on the employment tax treatment of contributions to and benefits paid under state paid family and medical leave (PFML) programs and highlights important distinctions among the treatment of contributions and benefits for FICA, FUTA, and income tax withholding purposes. Littler:IRS Ruling Clarifies Employment Tax Implications […]
The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2025. Jackson Lewis:2025 Cost of Living Adjustments for Retirement Plans