The IRS has released draft 2025 tax forms, including Schedule 1-A relative to new law on taxing tips and overtime. A reminder that while “no tax on tips” and “no tax on overtime” have become slogans for the new law, they oversimplify things—e.g., there are dollar limits on tip and overtime deductions. As we make our way through Q4, contact us if you have questions about the draft forms and related laws, and consider revisiting the IRS fact sheet (most recently updated in July).