Millions Miss Out on Overtime Tax Breaks Under Trump Labor Rules

Roughly 4 million “white collar” workers will lose out on a new tax exemption for overtime pay while Biden-era rules that expanded that pool of eligible employees remain in legal limbo and the Trump administration gears up to replace them.

Washington Must Break Its Promise on Social Security: Editorial

If there’s one thing Democrats and Republicans have agreed on in recent years, it’s to ignore the rapidly deteriorating finances of Social Security and keep its unsustainable benefits intact. The longer they dither, the worse the problem will get.

Ohio Municipalities, School Districts Pass Tax Changes

Voters in several Ohio municipalities and school districts approved income tax increases at Nov. 4 general elections, official election results showed.

IRS Releases Adjusted Retirement Contribution Amounts for 2026

The Internal Revenue Service increased retirement plan contribution limits for 2026 in a Nov. 13 notice.

State Tax Decoupling Sets Off Scramble Ahead of Filing Season

The handful of states that have already severed themselves from the federal tax code following President Donald Trump’s signature tax law enacted in July are throwing another wrench into an already complicated tax filing season.

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Netflix’s $5.8 Billion Breakup Fee for Warner Among Largest Ever

Netflix Inc.’s $72 billion acquisition of Warner Bros. Discovery Inc. includes one of the biggest breakup fees of all time — a $5.8 billion penalty that Netflix has agreed to pay its target if the deal falls apart or fails to win regulatory approval.

IRS Releases Draft Form 941 Instructions, Final Form 943

A draft of the instructions for the quarterly employer’s federal tax return with a March 2026 revision date, released Dec. 4 by the Internal Revenue Service, indicate that the same revision of the form is planned to be used for all four quarters of 2026.

Tax Developments

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Bahrain Tax Agency Announces Entry Into Force Date of DTA With Guernsey

The Bahraini National Bureau of Revenue Dec. 3 announced that the DTA with Guernsey, signed Sept. 29, 2024, entered into force Nov. 26, 2025. [Bahrain, National Bureau for Revenue, 12/03/25] ...

Estonia Parliament Considers Bill to Ratify DTA, Protocol With Andorra

The Estonian Parliament (Riigikogu) Dec. 2 accepted for consideration Bill No. 765 SE, to ratify the DTA and protocol with Andorra, signed Sept. 23. [Estonia, Parliament, 12/02/25]

Guernsey Gazettes Ordinance Amending Social Insurance Rates

The Guernsey Official Gazette Nov. 26 published an ordinance amending social insurance contribution rates and thresholds for income classes 1 to 3. The ordinance generally enters into force Jan. 1, ...

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