With the passage of the new federal tax bill on July 4, 2025, unofficially referred to as the One Big Beautiful Bill Act (OBBBA), employers ...

A recent federal law OBBBA could offer major tax relief to some service workers, if they meet specific income and reporting ...

President Donald Trump's "big beautiful bill" includes a section for "no tax on tips." Now that the provision is enacted, ...

You must report the income you made from tips on your tax return. On its website, the IRS advises you to keep a "daily tip record" in order to have the full amount ready to report come tax season.

Yes. You must report the income you made from tips on your tax return. On its website, the IRS advises you keep a "daily tip record" in order to have the full amount ready to report come tax season.

How to report tips on an individual income tax return If tax time is upon you and you have unreported tips to your employer, you must complete an IRS Form 4137, Social Security Tax on Unreported ...

What ‘no tax on tips’ could mean for you Workers must pay federal income tax and payroll taxes on tip income, just as they do on regular wages. Employees are required to report monthly tips ...

President Donald Trump’s recently enacted tax legislation includes a provision that eliminates taxes on tips, a measure he ...

Many service workers are eagerly awaiting no longer paying taxes on their tips. Yet the fine print in Republicans’ new law could limit savings for some waiters, bartenders and others. Among the ...

ROCK HILL, SC / ACCESS Newswire / March 19, 2025 / TaxBandits, a leading e-filing platform for businesses and tax professionals, now supports Form 8027, making the process of reporting tip income ...