Topic · 3 episodes
Taxes Policy New On USA
Every Onpode episode on Taxes Policy New On USA.
Episodes
The IRS just replaced First Time Abate with automatic penalty relief this summerOn July 8, 2026, the IRS issued IR-2026-83, replacing its 25-year-old First Time Abatement program with the Automatic Exemption from Penalty (AEP). Eligible taxpayers with three years of clean compliance now receive penalty relief automatically — no form required. Estimated tax penalties remain excluded, and reasonable cause relief faces new visibility risks.
The IRS just spelled out which waiters, bartenders, and salon workers can deduct tipsTipped workers — waiters, bartenders, hairdressers, and 70+ other occupations — can deduct up to $25,000 in qualified tips from federal income taxes for tax years 2025–2028 under Section 224 of the One Big Beautiful Bill Act. The deduction is above-the-line, but payroll taxes still apply and state conformity remains unresolved.
The federal government just started depositing $1,000 into Trump Accounts for American babiesTrump Accounts launched July 4, 2026, but only about 1.4 million of the 6 million registered children — those born between January 1, 2025 and December 31, 2028 — qualify for the $1,000 federal seed deposit under IRC § 6434. The accounts function as traditional IRAs for minors, with no earned-income requirement.