U.S. Department Of The Treasury And IRS Issue FAQ On Deductions For Qualified Overtime Compensation Under The One Big Beautiful Bill Act

The Department of the Treasury and the Internal Revenue Service (IRS) issued a Frequently Asked Questions (FAQ) addressing the new deduction for qualified overtime compensation under the One, Big, Beautiful Bill Act. The FAQ provides clarification on eligibility requirements for deductions as well as supplemental information on eligibility, reporting, limitations, and related rules. This guidance is informal, subject to revision, and does not carry the same authority as published IRS guidance.