The IRS and U.S. Treasury have announced temporary penalty relief for tax year 2025 related to new information-reporting requirements under the One Big Beautiful Bill Act, which introduced the “No Tax on Tips” and “No Tax on Overtime” provisions.
As we approach the 2026 information-return filing season (for payments made during 2025), we want to highlight current filing requirements, IRS-published deadlines, best practices, and important changes scheduled to take effect in future years.