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The One, Big, Beautiful Bill Act (OBBBA) created a federal deduction for qualified overtime compensation and introduced new IRS reporting expectations.
The IRS finalized the redesigned 2026 Form W‑2 — including the new Box 12 code “TT” for total qualified overtime compensation — with the agency posting the final 2026 W‑2 on or about January 9–12, 202...
The includes new box 12 codes — notably TP for qualified tips and TT for qualified overtime compensation in draft guidance — and released a final 2026 form that incorporates changes tied to recent fed...
Beginning with tax year 2026 the will revise W-2 and multiple 1099 forms so employers and payers must separately report qualified tips and qualified overtime compensation, a change driven by the and i...
-fiscal-choices">Federal fiscal choices in 2025 — a mix of one-time and permanent tax changes, robust federal spending projections, tariff measures and episodic disruptions from a prolonged government...
is the only state identified in the provided reporting that enacted a state-level income tax exemption for covering part of 2024–2025, and it paired that exemption with specific employer reporting ins...
depends on which measure and time window is used: by most mainstream calculations the federal debt rose roughly $2.2–$2.3 trillion over 2025, with fiscal‑year and measures producing slightly different...
If the top 1 percent were required to “” — in practice, if the special preferential treatments that lower their effective tax rates were removed — the short-term effect would be a sizable revenue boos...
Employers must update payroll systems to separately track and report "qualified overtime compensation" so it can be output to W‑2 Box 12 using new code TT beginning with tax year 2026 (W‑2s issued Jan...
The is a progressive, marginal-rate system with seven primary brackets for tax year 2026—10%, 12%, 22%, 24%, 32%, 35% and 37%—and income thresholds adjusted for inflation and recent law changes (One B...
Since 2025, federal revenues rose materially while outlays also climbed, producing a 2025 deficit that was marginally smaller than 2024’s but still historically large; CBO reports the FY2025 deficit a...
Making the temporary 2025 tax and spending provisions permanent—whether those in the One Big Beautiful Bill Act (OBBBA), parts of H.R.1, or reconciliation proposals—would materially worsen U.S. debt t...
The Department of Education’s 2026 proposed definition sharply narrows which graduate programs count as “professional,” explicitly excluding a swath of health and social‑service degrees while listing ...