IR-2025-129, Dec. 31, 2025 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today provided guidance on the “No Tax on Car Loan Interest” provision enacted under the One, Big, Beautiful Bill. The proposed regulations issued today relate to a new deduction for interest paid on vehicle loans incurred after Dec. 31, 2024, to purchase new made-in-America vehicles for personal use. This new tax benefit applies to both taxpayers who take the standard deduction and those...

The Food and Beverage Tax is 4% of the total cost of food and beverages sold by restaurants, caterers, or other designated establishments defined as a restaurant in the  Code of Virginia § 35.1-1 . The tax is imposed on food and beverages sold as meals by a restaurant, caterer, or other designated establishment within Fairfax County. However, the tax does not apply to food establishments situated in the Towns of Clifton, Herndon, or Vienna, or in the Cities of Fairfax, or Falls Church, as...

IR-2025-114, Nov. 21, 2025 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance for workers eligible to claim the deduction for tips and for overtime compensation for tax year 2025. Notice 2025-69 PDF clarifies for workers how to determine the amount of their deduction without receiving a separate accounting from their employer for cash tips or qualified overtime on information returns such as Form W-2 or Form 1099, as those forms remain...