Federal Tax Updates

No Tax on Tips: Who Made the List and What It Means

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Roger and Annie break down the preliminary list of occupations qualifying for tax-free tips, including some unexpected entries like plumbers and digital creators. They discuss the compliance headaches ahead with retroactive implementation but no updated forms until 2026. The conversation shifts to serious concerns about proposed IRS budget cuts and workforce reductions that could undermine tax enforcement when it's needed most.

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  • (00:00) - Introduction and Greetings
  • (01:25) - Upcoming Tax Deadlines
  • (02:41) - No Tax on Tips: New Guidelines
  • (04:16) - Industries and Occupations Affected
  • (12:25) - Compliance and Documentation Challenges
  • (16:24) - W-4 and W-2 Form Changes
  • (26:04) - Call to Action: Comment on Proposed Forms
  • (30:27) - Upcoming Changes to W2 Forms
  • (31:16) - New Codes for Tips and Overtime
  • (33:38) - IRS Budget Cuts and Workforce Reduction
  • (36:42) - Impact of Budget Cuts on IRS Operations
  • (39:29) - Challenges in IRS Enforcement and Compliance
  • (48:12) - The Role of Practitioners and IRS Communication
  • (55:00) - Future of IRS and Tax Law Changes
  • (56:40) - Conclusion and Listener Engagement

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    Roger Harris
    Annie Schwab

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    The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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    Federal Tax UpdatesBy Roger Harris, EA and Annie Schwab, CPA
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