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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