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U.S. Treasury Department and IRS Issue Proposed Regulations for the No Tax on Tips Deduction

|Approved Changes|United States
United States

The U.S. Treasury Department has announced the issuance of proposed regulations identifying the occupations that customarily and regularly received tips before 2025, and therefore may be eligible for the "No Tax on Tips" deduction introduced by the One Big Beautiful Bill Act. The proposed regulations also address the definition of "qualified tips" and other requirements taxpayers must comply w…

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