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Questions and answers about qualified overtime compensation

This Fact Sheet provides answers to frequently asked questions (FAQs) about the new deduction for qualified overtime compensation, such as who may be eligible to claim the deduction, including federal employees, and where to find supplemental…
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Important Tax Notice for W-2 Employees

Changes to Taxes on Overtime If you received a W-2 for tax year 2025 and worked overtime, an additional review may be required. Under the new tax laws, part of the One Big Beautiful Bill, overtime pay is not taxable up to $12,500. Important…
WXC Corporation Doral Miami
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Penalty relief for remittance transfer providers who fail to deposit excise tax

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance providing deposit penalty relief for the first three quarters of 2026 to remittance transfer providers. Notice 2025-55 PDF provides relief in…
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IRS opens new process to help incorrect claims for the Employee Retention Credit

WASHINGTON — The Internal Revenue Service announced today that the agency is opening a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the Employee Retention Credit. Third-party payers…
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Treasury, IRS release guidance on the prevailing wage and apprenticeship requirements

WASHINGTON — The Department of the Treasury and the Internal Revenue Service issued final regulations today on the prevailing wage and apprenticeship (PWA) requirements related to increased credit or deduction amounts for certain clean energy…
WXC Corporation Doral Miami
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IRS reminds gig workers, self-employed to pay quarter estimated taxes

WASHINGTON — The Internal Revenue Service sent a reminder to taxpayers who pay estimated taxes that the deadline to submit their third quarter payment was Sept. 15, 2023. Taxpayers not subject to withholding may need to make quarterly…
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Red flags for Employee Retention Credit claims

WASHINGTON — The Internal Revenue Service continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC) and urged people to watch out for red flags that can signal trouble. The…
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Make sure withholding is right on 2023 paychecks

WASHINGTON — The Internal Revenue Service today suggested taxpayers who filed or are about to file their 2022 tax return use the IRS Tax Withholding Estimator to help update the amount of tax to have taken out of their 2023 pay. The IRS…
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Employers urged to electronically file payroll tax returns by Oct. 31

WASHINGTON — The Internal Revenue Service today reminded employers to file the next quarterly payroll tax return by the approaching October 31, 2022, due date, and urged them to do so electronically. While paper filing is available, the…