05 November 2025 IRS provides penalty relief for reporting qualified tips and overtime compensation On November 5, 2025, in Notice 2025-62, the IRS provided penalty relief under IRC Sections 6721 and 6722 for the 2025 tax year related to the new information reporting requirements for qualified tips and qualified overtime that were added by the "One Big Beautiful Bill Act" (OBBBA). According to the Notice, additional guidance is forthcoming that will address how individual taxpayers can claim the deductions for qualified tips and overtime. A Tax Alert is forthcoming. Document ID: 2025-2231 |