IRS Announces 2025 Transition Guidance for the Tips and Overtime Deductions
In Notice 2025-69, the IRS announced the full scope of transitional relief for claiming the new §224 qualified tips deduction and the new §225 qualified overtime deduction. Understanding this guidance is essential for tax professionals claiming these deductions on 2025 tax returns. Read more: https://www.tomtalkstaxes.com/p/2025-transition-tips-ot (November 21, 2025)
Draft 2025 Form 1040 Instructions Released
We are in the draft tax form season! Reviewing the 2025 draft and final forms, along with their instructions, will provide vital information for the upcoming tax season. On November 19, 2025, the IRS released the draft 2025 Form 1040 instructions. Below are some items of note for tax year 2025. Read more: https://www.tomtalkstaxes.com/p/draft-2025-form-1040-instructions (November 21, […]