In Notice 2025-62, released on November 5, the IRS provided temporary relief to employers and payors for failing to comply with certain reporting requirements added to the Internal Revenue Code by the One, Big, Beautiful Bill Act (OBBBA) in conjunction with sections 224 and 225 of the Internal Revenue Code (see prior coverage).
Tax Withholding & Reporting Blog
Website:
https://www.twrblog.com/
Tax Withholding & Reporting Blog Blogs
Latest from Tax Withholding & Reporting Blog
No Tax on “Qualified” Tips: IRS Issues Proposed Regulations on Tipped Income Deduction
On September 19, 2025, the IRS published proposed regulations to implement and provide guidance regarding new Section 224, enacted as part of the One Big Beautiful Bill Act (P.L. 119-21). The proposed regulations define qualifying payment methods, jobs that customarily receive tips, and exclusions from the deduction.
Section 224 would allow single filers who earn…
Auto Loan Interest Deduction Comes with New Information Reporting Requirement for Lenders
Signed into law by President Trump on July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) (H.R. 1) adds section 6050AA to the Internal Revenue Code to adopt new information reporting requirement requiring businesses receiving interest on car loans from individuals to report specified information to the IRS (presumably on a new form in…
Reconciliation Bill Affects Pending ERC Claims; Cracks Down on ERC Promoters
The House today passed the Senate-passed version of the One Big Beautiful Bill Act (H.R. 1) (“OBBBA”), which includes a number of major tax provisions, including a number of provisions that would affect withholding and information reporting obligations (see prior coverage here, here, here, here, here, and here—note that…
Senate Reconciliation Bill Retains No Tax on Tips Provision with Some Changes
After being passed by the House of Representatives, this year’s reconciliation bill (H.R. 1) moved to the Senate, which passed its own version of the legislation today, July 1. The Senate bill would preserve without significant change many tax-related items from the House bill. There are several provisions, however, where the Senate bill…
Senate Reconciliation Bill Would Retain Tax Deduction for Overtime Pay, Subject to Certain Restrictions
After being passed by the House of Representatives, this year’s reconciliation bill (H.R. 1) moved to the Senate, which passed its own version of the legislation today, July 1. The Senate bill would preserve without significant change many tax-related items from the House bill. There are several provisions, however, where the Senate bill…
Senate Reconciliation Bill Drops Unpopular UBTI Proposal for Transportation Fringes
After being passed by the House of Representatives, this year’s reconciliation bill (H.R. 1) moved to the Senate, which passed its own version of the legislation today, July 1. The Senate bill would preserve without significant change many tax-related items from the House bill. There are several provisions, however, where the Senate bill…
Senate Passes Stand-Alone Bill to Enact “No Tax on Tips”
On May 20, 2025, the Senate unanimously passed S. 129, the No Tax on Tips Act (the “Senate Bill”) which differs in several substantive ways from the “No Tax on Tips” provision included the House reconciliation bill (H.R. 1) passed by the House of Representatives (the “House Bill”) (see prior coverage). …
House Reconciliation Bill Would Expand the Employees Covered by Excess Remuneration Rules for Nonprofit Organizations
Early this morning, the House of Representatives passed a reconciliation bill that would enact significant tax provisions and spending cuts. The House Bill now heads to the Senate, where changes are likely before passage. This article is one of a series of articles discussing various proposals in the legislation that touch on tax withholding, reporting,…
House Reconciliation Bill Would Extend Tax Credits for Family and Medical Leave and Child Care
Early this morning, the House of Representatives passed a reconciliation bill that would enact significant tax provisions and spending cuts. The House Bill (H.R. 1) now heads to the Senate, where changes are likely before passage. This article is one of a series of articles discussing various proposals in the legislation that touch on tax…