A major update just reshaped the landscape for millions of U.S. workers - and tax professionals need to be ready. The Big Beautiful Bill Act, signed on July 4, 2025, introduces a brand-new temporary deduction that allows eligible taxpayers to exclude up to $12,500 ($25,000 MFJ) of qualified overtime pay from taxable income from 2025 through 2028. Below is a quick breakdown to help you stay ahead of the changes and guide your clients with confidence. 🆕 What the New Overtime Deduction Offers For tax years 2025–2028, eligible individuals can deduct: - $12,500 for Single, HOH, or MFS - $25,000 for Married Filing Jointly This applies only to the premium portion of overtime pay - not the entire OT wage.

The #IRS has just launched the 2025 Nationwide Tax Forum Online, providing access to seminars recorded at this year's IRS Nationwide Tax Forum and continuing education credits for a fee of $29.00 per credit. Courses can also be reviewed for free. https://ow.ly/JXPF50Xmx6z

The #IRS has announced tax relief for individuals and businesses in parts of Missouri who were affected by severe storms, straight-line winds, tornadoes and flooding that began on March 30, 2025. Affected individuals and businesses will have until March 30, 2026, to file returns and pay any taxes that were originally due during this period. https://ow.ly/E6kG50Xt4fG

IRS announces e-file shutdown for both business and individual returns will be 12/26/25.

The #IRS has announced the 2026 annual contribution limits have increased to $24,500 for 401(k) plans and $7,500 for IRAs. Learn more about the rise in pension limits at https://ow.ly/usIS50Xr80z. You may update your tax withholding for the remainder of your paychecks in 2025 to account for the One, Big, Beautiful Bill changes. The #IRS offers information on how you may go about it at: https://www.irs.gov/forms-pubs/how-to-update-withholding-to-account-for-tax-law-changes-for-2025?fbclid=IwRlRTSAOC-n5leHRuA2FlbQIxMQBzcnRjBmFwcF9pZAo2NjI4NTY4Mzc5AAEe3XTKKLiPCD6CqTA6SFjpC-J283fznefiyGC0NBiaBADN4aY-IgrZ2JzvrPY_aem_1hT6-0rMCecYAbvazom7Dg The #IRS has announced tax relief for individuals and businesses in the Sisseton-Wahpeton Oyate Tribal Nation who were affected by severe storms and flooding that began on June 12, 2025. Affected individuals and businesses will have until Feb. 2, 2026, to file returns and pay any taxes that were originally due during this period. https://ow.ly/Ie9050XquoI