The Internal Revenue Service (IRS) in Washington on March 10, 2025. Madalina Vasiliu /The Epoch Times
The Department of the Treasury and the Internal Revenue Service (IRS) issued guidance detailing how employees can calculate tax deduction amounts applicable to tips and overtime pay when submitting federal returns, the IRS said in a Nov. 21 statement.
The agency is in the process of updating income tax forms after President Donald Trump signed into law the One Big Beautiful Bill Act in July, which gave taxpayers certain provisions to claim such deductions.
