In April 2026, the IRS released updated FAQ (FS-2026-10) that supersedes the prior 2024 FAQ (FS-2024-22) addressing Section 127 educational assistance programs. While the core statutory framework remains largely unchanged, the updated guidance reflects both amendments made by the One Big Beautiful Bill Act (OBBBA) and additional IRS clarifications that may influence how employers evaluate
Takeaways
A provision of the One Big Beautiful Bill Act created “Trump Accounts,” a new type of individual retirement account (IRA) for children. Starting in 2026, a Trump Account may be opened for any child who is a U.S. citizen, has a Social Security number, and who will still be under age 18 by the
Takeaways
For tax years 2025 -2028, the One Big Beautiful Bill Act (OBBBA) allows employees to take an above-the-line tax deduction on qualified overtime pay and qualified tips.
On November 21, 2025, the Internal Revenue Service (IRS) released IRS Notice 2025-69, which explains how individual taxpayers can calculate and claim these deductions for the
Takeaways
The Internal Revenue Service (IRS) released guidance on November 5, 2025, granting employers relief from tax penalties for failing to provide employees information related to their (1) “qualified tips” and (2) “qualified overtime compensation” that is otherwise required under the One Big Beautiful Bill Act (OBBBA). The relief applies only to the reporting obligation