Paul Baccas Tax & Accounting

12/30/2025

Navigating the complexities of taxes can be daunting, but expert insights are just a click away. Unlock your financial potential by visiting paulbaccastax.com for tailored advice and strategies that can help you thrive.

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12/15/2025

Qualified tips (not subjected to tax) must be paid in cash, checks, credit card, debit card. Qualified tips must be received from customers or tip sharing arrangement, such as tip pool. Qualified tips must be paid voluntarily by the customer. Qualified tips do not include some service charge. In the case of a restaurant that impose 18% service charge

09/30/2025

The One Big Beautiful Bill (OBBB) Act’s
§225, the section that makes FLSA-qualified overtime compensation tax free.
Taxes you must continue to apply to overtime pay:
FITW, F**A, Medicare and FUTA.
Maximum overtime pay deduction for marrieds filing jointly: $25,000, phasing out at
$300,000; singles: $12,500, phasing out at $150,000.

The tax-free part kicks in when employees complete their 1040, where they can take an “above-the-line” deduction for their overtime pay. Above-the-line deductions are taken before adjusted gross income is computed and are available regardless of whether the filer itemizes deductions on Schedule A. Expect a new line on the 1040 before filing season.

06/20/2025

An ETA Offer-in-Compromise is an Offer in which the taxpayer can full-pay the tax but where, for public policy reasons, the IRS should not require them to do so and should accept less than the full amount due. A DCSC is an Offer-in-Compromise where the taxpayer does not have the ability to full pay the tax liability and has proven special circumstances that warrant acceptance for less than the amount of the calculated RCP. The factors considered by the IRS for both an ETA and DCSC include the following: economic hardship, public policy or equity grounds and the compromise would not undermine compliance with the tax laws.

06/12/2025

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Paul Baccas EA, CB Accounting Services and Tax Preparation, IRS Representation.

11/25/2024

You must pay employees for travel time among job sites during the work day and for travel time from the last job site to your office (or other company location) before they return home—

Employees required to report to a meeting place before going to a work site must be paid for travel time between the meeting place and work site