Taxpayers Offered Penalty Relief Regarding Cash Tip, Overtime Reporting: IRS

The IRS building in Washington on March 10, 2025. Madalina Vasiliu/The Epoch TimesEmployers and taxpayers will be provided penalty relief regarding new information reporting requirements for cash tips and qualified overtime compensation under the One Big Beautiful Bill Act (OBBB), according to a Nov. 5 announcement by the IRS.The OBBB was signed into law by President Donald Trump on July 4 and includes provisions related to taxes. The IRS had earlier issued relief statements for numerous reporting requirements as part of giving taxpayers time to adjust to the new changes brought about by the act.